Privacy & cookies

The short version

This site is a static archive of research reports, essays, and free spreadsheets. It has no accounts and no logins. You can read every page and download every file without giving up an email address. There is one optional exception: a newsletter you can choose to join, described below. If you never touch the signup box, 2 Comma Investor collects no personal information from you at all.

The exception is advertising. This site uses Google AdSense to display ads, and Google and its partners set cookies and use similar technologies to do that. Everything below explains what that means and how to opt out.

Current status: as of the date above, advertising has not yet gone live on this site and no advertising cookies are being set. The section below describes what happens when it does, and takes effect at that point.

What is collected directly

Nothing, unless you choose to subscribe to the newsletter. There are no accounts and no first-party tracking cookies set by twocommainvestor.com. The site does not ask for your name or any personal information in order to read anything. If you email the address at the bottom of this page, that message is held in an ordinary mailbox and is not added to any list.

The newsletter

Most pages carry a signup box for an email newsletter. Subscribing is optional, and nothing on this site is gated behind it.

The box is embedded from beehiiv, the platform that hosts and sends the newsletter. If you enter your email address, it is transmitted to and stored by beehiiv, not on this site's servers, and 2 Comma Investor accesses it only through beehiiv's dashboard for the purpose of sending the newsletter. It is not sold, rented, or shared with anyone else, and it is not used for advertising. beehiiv processes it under its own privacy policy, and the embedded form may set cookies from beehiiv when it loads.

Every issue includes an unsubscribe link, and unsubscribing takes one click and works immediately. You can also email the address at the bottom of this page and your address will be deleted from the list.

Advertising

Google AdSense and third-party vendors

This site uses Google AdSense, an advertising service operated by Google LLC, to display advertisements.

Third-party vendors, including Google, use cookies to serve ads based on your prior visits to this site or other sites on the internet. Google's use of advertising cookies enables it and its partners to serve ads to you based on your visit to this site and other sites on the internet.

Google uses cookies, including what has historically been referred to as the DoubleClick cookie, along with device identifiers and similar technologies. Third-party vendors and ad networks other than Google may also serve ads on this site and may likewise use cookies, web beacons, or similar technologies to collect information about your visits in order to measure and target advertising.

2 Comma Investor does not control these cookies, does not receive the personal data they collect, and cannot read them. They are set and read by the advertising vendors under their own privacy policies.

Personalized and non-personalized advertising

Advertising served here may be personalized, meaning it is selected using information about your prior browsing activity, or non-personalized, meaning it is selected using only general information such as the content of the page you are reading and your approximate location. Non-personalized ads still use cookies for frequency capping, aggregated ad reporting, and fraud prevention.

How to opt out

You can turn off personalized advertising at any time, and you do not need to ask this site to do it:

• Google Ads Settings controls personalization across Google's own advertising products.
• optout.aboutads.info (Digital Advertising Alliance) covers many vendors at once in the United States.
• optout.networkadvertising.org (Network Advertising Initiative) is a comparable multi-vendor opt-out.
• youronlinechoices.eu is the equivalent for the European Union.
• aboutads.info/appchoices covers mobile applications.
• Your browser's own settings can block or delete cookies entirely. Doing so may affect how other websites behave, but it will not affect your ability to read anything here or download any file.

For more information on how Google uses data when you use a partner's site or app, see Google's partner sites policy and the Google Privacy Policy.

Consent in the EEA, the UK, and Switzerland

If you are visiting from the European Economic Area, the United Kingdom, or Switzerland, you will be asked for consent before advertising cookies are set, through a consent message. You can decline, and you can change your choice later. Declining does not restrict access to any content on this site.

Advertising does not influence coverage

Advertisers do not choose what gets covered, do not see reports before publication, and have no input into any rating, price target, or fair value estimate. No advertiser has ever been shown a report in advance. Ratings are scored on a published schedule against a benchmark whether they work or not. See Disclosures and how calls are scored.

Cookies used on this site

To be explicit about the categories involved:

• Strictly necessary: none. This site works with cookies fully disabled.
• Functional: none. There are no preferences to remember.
• Analytics: none at present. If analytics are added, this policy will be updated first and the provider named.
• Advertising: set by Google and other advertising vendors, as described above.

Analytics

This site currently runs no analytics package. If one is added, it will be named here before it goes live, along with whether it sets cookies. The intention is to use a privacy-preserving, cookieless provider where possible.

Server logs

This site is hosted on Netlify, a third-party static host, which automatically records standard technical information such as IP address, browser type, referring page, and time of request, for security and operational purposes. This is standard for any website and is governed by Netlify's privacy policy. 2 Comma Investor does not use these logs to identify individual readers.

Your rights under GDPR and UK GDPR

If you are in the European Economic Area or the United Kingdom, you have the right to access, correct, delete, restrict, and port personal data held about you, to object to processing, and to withdraw consent at any time where processing is based on consent. You also have the right to lodge a complaint with your national supervisory authority.

For newsletter subscriptions, the personal data held is your email address, stored by beehiiv as processor. Exercising any of the rights above is as simple as unsubscribing via the link in any issue, or emailing the address at the bottom of this page to have your address deleted. Requests about advertising identifiers and cookies should generally be directed to the vendor that holds them, which in most cases means Google. You can withdraw consent for advertising cookies at any time using the consent message or the opt-out links above.

Your rights under CCPA and CPRA

If you are a California resident, you have the right to know what personal information is collected, to request deletion, to correct inaccurate information, and to opt out of the sale or sharing of personal information.

2 Comma Investor does not sell personal information for money. However, the use of third-party advertising cookies may constitute "sharing" for cross-context behavioral advertising as that term is defined under the CPRA. You can opt out using the mechanisms listed above, and by enabling a Global Privacy Control signal in a browser that supports it.

Children

This site is not directed at children under 13, does not knowingly collect information from them, and its content is not designed to appeal to them. If you believe a child has provided information, contact the address below and it will be deleted.

Data retention

Newsletter email addresses are retained by beehiiv for as long as you remain subscribed, and removed from the active list when you unsubscribe. Beyond that, 2 Comma Investor holds no reader database, so there is nothing to retain. Host logs are retained by Netlify under its own schedule. Advertising identifiers are retained by the relevant vendor under its own policy.

External links

Reports and notes link to company filings, regulatory sources, news outlets, and market data providers. Those sites have their own privacy policies and are outside the control of 2 Comma Investor. A link is not an endorsement.

Changes

This policy may be updated as the site changes, particularly when advertising or analytics are switched on or off. The date at the top reflects the most recent revision. Material changes will be reflected here before they take effect.

Contact

Questions about this policy, or requests relating to any of the rights described above, can go to contact@twocommainvestor.com or @2commainvestor.