Legal

Risk disclosure

Effective 2 October 2026.

Equities can lose some or all of their value. A short position can lose more than the amount invested, because a share price has no upper limit. Mid-cap shares can be less liquid and more volatile than large caps, and any share can be expensive or impossible to borrow.

A research note is a view at a date, built from the latest annual and quarterly reports, one closing price and stated assumptions. Base cases, bear cases and bull cases are scenarios, not predictions, and the probabilities attached to them are the desk's judgment. Break points and sensitivities hold every other input fixed. A discount rate, a growth path or a multiple that looks reasonable can still be wrong.

The research is produced largely by automated systems. Their reading of a filing can be mistaken in ways a checker cannot catch, because the software reproduces calculations, not judgment. The desk keeps a scorecard of its calls precisely because it expects some of them to be wrong.

Nothing here accounts for your objectives, horizon, tax position, liquidity needs or ability to bear loss. Do your own work, or take advice from someone who is licensed to give it to you.