Disclaimers let you know what you’re getting into We invest for two reasons: to make money, and to have fun with the markets. When we do this, we end up risking real money (unless you’re using a paper trading account). That risk is inherent to the process, and the excess returns you’re seeking would be impossible without it. However, we’ve collected disclaimers below, to help you know what you’re getting into. The effect of these disclaimers is to reiterate the fact that you’re on your own: we provide data we hope is correct, along with strategies we hope will work, and techniques that we hope are useful. We may have reasons for that hope, but we live in a fallible world, and we will spend a lot of time being wrong. Also, we aren’t offering any investment advice or advice, solicitation or offers to buy specific securities. We’re reporting on the results our data, tools, and techniques have produced, along with what we’ve found in our research. Any of these could be wrong, and could cause you to lose money, and we’re not responsible for that. We don’t have a fiduciary responsiblity to our customers, and are not managing their money. Instead, we’re providing you a tool to help you manage yours.
Generic DisclaimerTHE SERVICE AND ANY OTHER SERVICES PROVIDED IN CONNECTION WITH THIS AGREEMENT (COLLECTIVELY, “SERVICES”) AND ALL DATA PROVIDED IN CONNECTION WITH THE SERVICES ARE PROVIDED STRICTLY ON AN “AS IS” BASIS. EQUITIES LAB DOES NOT WARRANT THE COMPETENESS OR ACCURACY OF DATA PROVIDED, AND CUSTOMER SHOULD INDEPENDENTLY VERIFY SUCH INFORMATION. ALL CONDITIONS, REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY, TITLE, FITNESS FOR A PARTICULAR PURPOSE, OR SATISFACTORY RESULTS ARE HEREBY DISCLAIMED TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW BY EQUITIES LAB, ITS SUPPLIERS AND ITS LICENSORS.
7.3 Internet Risk.CUSTOMER ACKNOWLEDGES AND AGREES THAT SERVICE MAY BE SUBJECT TO INTERRUPTION, LIMITATIONS, DELAYS, AND OTHER PROBLEMS INHERENT IN THE USE OF INTERNET APPLICATIONS AND ELECTRONIC COMMUNICATIONS. EQUITIES LAB IS NOT RESPONSIBLE FOR ANY SUCH DELAYS, DELIVERY FAILURES, OR ANY OTHER DAMAGE RESULTING FROM EVENTS BEYOND EQUITIES LAB’S REASONABLE CONTROL, WITHOUT REGARD TO WHETHER SUCH EVENTS ARE REASONABLY FORESEEABLE BY EQUITIES LAB.
7.4 Limitation.CUSTOMER’S EXCLUSIVE REMEDY AND EQUITIES LAB’S, ITS SUPPLIERS’ AND LICENSORS’ TOTAL AGGREGATE LIABILITY RELATING TO, ARISING OUT OF, IN CONNECTION WITH, OR INCIDENTAL TO THIS AGREEMENT, WHETHER FOR BREACH OF CONTRACT, BREACH OF WARRANTY OR ANY OTHER CLAIM SHALL BE LIMITED TO THE ACTUAL DIRECT DAMAGES INCURRED BY CUSTOMER, UP TO THE GREATER OF THE AGGREGATE AMOUNTS PAID BY CUSTOMER AND RECEIVED BY EQUITIES LAB HEREUNDER DURING THE TWELVE MONTHS IMMEDIATELY PRECEDING THE APPLICABLE CLAIM OR ONE HUNDRED US DOLLARS ($100). THE EXISTENCE OF MULTIPLE CLAIMS OR SUITS UNDER OR RELATED TO THIS AGREEMENT WILL NOT ENLARGE OR EXTEND THIS LIMITATION OF DAMAGES. CUSTOMER HEREBY RELEASES EQUITIES LAB, ITS SUPPLIERS AND LICENSORS FROM ALL OBLIGATIONS, LIABILITY, CLAIMS OR DEMANDS IN EXCESS OF THIS LIMITATION. THE PROVISIONS OF THIS SECTION DO NOT WAIVE OR LIMIT EQUITIES LAB’S ABILITY TO OBTAIN INJUNCTIVE OR OTHER EQUITABLE RELIEF FOR BREACH OF THIS AGREEMENT.
Backtest related disclaimer
The performance numbers created with strategies and backtests use historical prices and they do not take into consideration commissions or any other fees your brokerage account may be subject to. They may or may not account for “trading costs or slippage”, but they may over or under estimate these costs. Backtests highlighted in articles generally show uncommon performance, which cannot be guaranteed in the future. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical performance results are generally prepared with the benefit of hindsight, which you can’t benefit from while trading. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Strategy related disclaimers
Markets go through regimes and fads, where strategies that worked may no longer continue to work. This means that strategies that worked in the past may not work in the future, even for years. In addition, there’s fierce disagreement in the investment community about how quickly strategies cease working after being discovered, and whether these “arbitraged” strategies will start working again. This means that your perfectly good strategy, that is meticulously researched and validated, may fail for no apparent reason. It may then start working just after you have given up on it. Equities Lab can’t prevent that from happening, and is not responsible for any costs or trading losses that may happen as a result of strategies not working as expected or projected. This is one reason we don’t make any claims as to your future performance.