Tuesday, October 22, 2013

Legal Disclaimer

Legal Disclaimer

Lazarus Management Company LLC, funds managed by Lazarus Management Company LLC, and related entities and their employees and principals (“we”) have investment exposure to publicly traded securities, including, without limitation, some of the securities we write about on this blog, on Twitter, and elsewhere.  We may benefit from the appreciation in the market value of certain securities, and the increase in their trading volume and liquidity.  We are not compensated for writing by the companies we write about. 

Everything we publish is provided for informational purposes only, and nothing is to be deemed financial or tax advice, nor a solicitation to transact in any security, nor a solicitation to invest in any fund we manage.  We offer no indication that any investment view we express is appropriate for any particular person, entity, or portfolio.

All information is presented on an as-is basis, and believed be accurate at the time of publication, but we provide no warranty or guarantee, express or implied, as to the accuracy or completeness of anything we write.  Some of the information we provide may include or reference forward-looking statements that may turn out to be wrong.  We undertake no obligation to update, correct, amend, or edit anything we write nor to advise of any change in our views or opinions. 

We can publish information regarding companies without having any approval or input from them or their representatives.  The investment views and opinions we express are subject to change at any time and without notice, and may turn out to be wrong, inaccurate, or untimely.  No reliance should be placed on anything we write when making an investment decision.  We have no control over readers’ interpretation of our writings which may lead them to a different conclusion than we intended.

In the event that we provide a security specific disclosure, such as that we are long a particular stock at the time of publication of a particular posting, such disclosure is limited to the time of publication.  We undertake no obligation to update our investment disclosures for any security at any time.  No instance of our providing a security specific disclosure shall obligate us to continue providing similar disclosures for any security. 

Unless otherwise prohibited, we reserve the right to trade in any security that we write about, including those that may have had a change in value as a result of our writing and any trade may be contrary to the views that we previously expressed.  There are many reasons we trade securities including but not limited to reasons specific to the companies we write about (such as the company reaching a target price or a change in our view of the company as an investment as a result of additional analysis or information) and reasons not specific to the companies we write about (such as liquidity management, portfolio rebalancing, and risk controls).  Neither prior to nor post the publication of anything we write do we know the impact, if any, of our publication on any particular security. 

Our publications may have an impact on the trading activity of publicly traded securities.  Many of the companies we write about are thinly traded, illiquid, and/or smaller capitalization companies.  This may result in our publications having an outsized impact on the trading activities of such securities.  These companies have inherent risks both shared with and unique to other investments.

We do not accept inquiries requesting additional information concerning any of the companies or securities we write about.  If you have any questions of this type, we encourage you to contact the companies directly.  We do not accept inquiries from companies, investor relations professionals, or any other individuals or entities who request that we write about any particular company or industry, even if there is compensation for doing such.

If other organizations, persons, or corporations use content we create for further publication, we may have no or limited control over that.  This includes, without limitation, any changes to our content, such as changes to the titles of our writings, changes to our disclosures, changes to the content or formatting of our writings, and other changes.  If we believe there is the violation of our copyright or intellectual property rights, we reserve the right to pursue legal action, but provide no warranty or guaranty, express or implied, that we will do so. 

We reserve the right to benefit from advertising revenues received in exchange for content or internet traffic or actions (such as clicks or sign ups) we generate and from publication revenues received from content companies that use our content for further publication.

We do not own or control some of the technology used to host, publish, and/or distribute our publications.  This technology may fail at any time, including, without limitation, displaying content we published in a manner that distorts its original intent or makes it unusable, deleting some or all of the content we publish, or altogether ceasing to host, publish, and/or distribute the content we have published.  Despite measures to avoid it, it is possible that access to our systems can be compromised and content can be published by malicious individuals or entities, and we have no guarantee that we will be able to restore access to our systems.

Unless otherwise noted, everything we publish is copyright to Lazarus Management Company  LLC. We make effort to attribute credit to the owners of intellectual property we cite, such as reports we reference and images we use in our publications.  If you believe we have made any errors in this regard please contact us.

We may change our disclaimer and/or our disclosure policies at any time, and without notice.  We may edit, delete, or otherwise change any or all of our publications (including but not limited to blog posts and tweets) at any time, and without notice.

Last edited: 5/26/16