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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.

By downloading from, or viewing material on, this website you agree to the following Terms of Service. If you download or receive the contents of this report as an agent for any other person, you are binding your principal to these same Terms of Service. You agree and acknowledge that the materials, opinions and contents available on this website (or any other Bonitas social media platform, including Twitter), are not investment recommendations or recommendations of any kind.

You represent to Bonitas that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this site. You further agree to do your own research and due diligence before making any investment decision with respect to securities covered herein. You further agree that you will not communicate the contents of this report to any other person unless that person has agreed to be bound by these same Terms of Service.

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 collected and analyzed, which we set out in our research reports to support our opinions. We conduct 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 on our website or that we relied on to write our reports.  Think critically about our reports and do your own homework before making any investment decisions.

You should assume that as of the publication date of our reports and research, Bonitas (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has an investment position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered therein (either long or short depending on our investment opinion), and therefore stands to realize significant gains in the event that the price of changes in conjunction with our investment opinion. We intend to continue transacting in the securities of issuers covered on this site for an indefinite period after any report is published, and we may be long, short, or neutral at any time hereafter regardless of our initial investment opinion.

This is not an offer to sell or a solicitation of an offer to buy any security. Bonitas is registered as an exempt reporting advisor in the State of Texas. Bonitas does not render investment advice to anyone unless it has an investment adviser-client relationship with that person evidenced in writing. You understand and agree that Bonitas does not have any investment advisory relationship with you or does not owe fiduciary duties to you. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Bonitas has no such knowledge of you.

If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of: (a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or (b) high net worth entity falling within Article 49 of the FPO.

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.

In no event shall Bonitas or any of its affiliates be liable for any claims, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or, consequential damages, arising out of or in any way connected with any information on this website. This limitation of liability applies regardless of any negligence or gross negligence of Bonitas or any of its affiliates or related persons. You agree that use of Bonitas reports are at your own risk.

You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link: or a sublink to a specific report. If you have obtained a Bonitas research report in any manner other than by download from such links, you may not read such research without going to that link and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the Bonitas website or viewing the material hereon shall be governed by the laws of the State of Texas, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of Texas and waive your right to any other jurisdiction or applicable law, given that Bonitas has offices in Texas. The failure of Bonitas to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.

Bonitas and the terms, logos and marks included on this website that identify Bonitas services and products are proprietary materials.  Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by Bonitas unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by Bonitas and is subject to copyright and trademark laws.  Logos and marks contained in links to third party sites belong to their respective owners. Users of the Bonitas website and any material contained therein shall not use the site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using the site.

Any links from our site or our reports are provided for viewer convenience.  Bonitas is not associated or affiliated with any linked sites.