TERMS OF SERVICE
The reports on this website have been prepared by Bonitas Research LLC’s (“Bonitas”). All reports are for information purposes only. Under no circumstances should any of these reports or any information herein be construed as investment advice, or as an offer to sell or the solicitation of an offer to buy any securities or other financial instruments.
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This website contains solely our opinions. We are invested behind our opinions. Material on this website and all statements contained therein are solely the opinion of Bonitas and are not statements of fact. Our opinions are held in good faith, and we have based them upon publicly available evidence which we set out in our research report to support our opinions. We conducted research and analysis based on public information in a manner that any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in this report, or that we relied on to write this report. Think critically about our report and do your own homework before making any investment decisions. We are prepared to support everything we say, if necessary, in a court of law.
As of the publication date of our reports, Bonitas (possibly along with or through our members, partners, affiliates, employees, and/or consultants) may have a position in the stock, bonds, derivatives or securities covered herein, and therefore stand to realize significant gains if the price of the securities move. Following publication of any report or letter, Bonitas intends to continue transacting in the securities covered therein and may be long, short, or neutral at any time thereafter regardless of Bonitas’ initial position or views. Bonitas’ investments are subject to its risk management guidance, which may result in the derisking of some or all its positions at any time following publication of any report depending on security-specific, market, or other relevant conditions. Like any investor, we attempt to maximize potential gains and minimize potential losses consistent with our risk tolerance on a case-by-case basis. That means that, depending on market conditions, we may exit our position at any time for any reason.
To the extent that we may expressly or implicitly suggest that a company is misvalued, that does not mean that we will continue to hold securities of the company until the company’s stock price reaches any specific valuation. We try hard to think about valuations in a smart and non-arbitrary way. But our valuations, like all other valuations (including yours), are entirely and hopelessly subjective and constantly subject to change based on several external factors, including market conditions, our risk appetite, portfolio considerations, and investor sentiment. Our valuations are merely an indicative opinion of good faith analysis at a snapshot in time and can change, for any reason, including our risk tolerance, at any moment. We will not update the market on any valuation. In our opinion, no investor can hope to exit a position at a specific target valuation, because markets and prices are always changing, so readers should never assume that we will trade or hold to any price based on the valuation. Our trading is influenced by a multitude of factors, including market conditions and our own risk tolerance and parameters. We can and will trade our underlying position, including the exit in whole or in part, at any time for any reason, including market conditions and risk management. You should not assume any minimum holding period.
You agree that the use of Bonitas reports is at your own risk. You should do your own research and due diligence before making any investment decision with respect to the securities covered herein. The opinions expressed in this report are not investment advice nor should they be construed as investment advice or any recommendation of any kind. Bonitas makes no representation, expressed or implied, as to the accuracy, timeliness, or completeness of any such information or with regards to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Bonitas does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.
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Our research and reports express solely our opinions, which we have based upon generally available information, field research, inferences and deductions through our due diligence and analytical process. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Bonitas makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Bonitas does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.
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