Legal
Membership Terms
Summary of key terms. The complete membership agreement is provided at signup. This page is under legal review and may be updated.
1. What Almanac is — and is not
Almanac is an impersonal investment research publication. It provides the same model portfolio, trade notices, research and performance reporting to every member. It is not a registered investment adviser, does not provide personalized advice, does not manage money, does not hold client assets, and does not execute trades. Nothing published constitutes a recommendation tailored to any individual member.
2. Membership and payment
Membership is prepaid for a fixed term of 3 or 6 months. It does not auto-renew. Founding membership is capped at approximately 50 members; renewal is offered at the Portfolio Manager's discretion subject to capacity.
3. Your responsibilities
You decide independently whether and how to act on published information. You execute in your own brokerage account, bear your own costs and taxes, maintain your own emergency liquidity, and accept the results of your decisions. Almanac's published performance will differ from any individual member's results.
4. Risk
Investing involves risk, including possible loss of principal. The strategy is concentrated and contrarian: drawdowns of 25–30% and extended periods of benchmark underperformance are possible and consistent with the strategy operating as designed. Past performance does not guarantee future results.
5. Conduct and community
Member content and questions are handled one-to-many in the common channel. Members may not redistribute member-only content, alerts or research outside the membership. Membership may be declined or ended where the fit described in the published record is absent.
6. Service continuity and wind-down
Planned absences, coverage interruptions, pauses and wind-down follow the published record: advance notice, a final update for every open thesis, at least 90 days notice on wind-down, pro-rata refund of the unused portion of prepaid fees, and a readable archive for at least 12 months.