Disclaimer

Not investment advice

Convex is a financial publication. Nothing on this site, in any newsletter, in any Telegram channel, or in any other communication associated with Convex constitutes investment, legal, tax, or accounting advice. Content is for informational and educational purposes only.

No advisory relationship

Subscribing to Convex does not create any advisory, fiduciary, broker-dealer, or similar relationship between you and the author. No content is personalized to your financial situation, goals, or risk tolerance. You are solely responsible for your investment decisions.

Publisher's exemption

The author operates Convex in reliance on the publisher's exclusion from the definition of "investment adviser" under Section 202(a)(11)(D) of the Investment Advisers Act of 1940, as interpreted by Lowe v. SEC, 472 U.S. 181 (1985), and confirmed in subsequent decisions including the August 2024 dismissal in Pluralsight LLC / Mangrove Partners v. Seeking Alpha. Convex publishes non-personalized commentary on a regular schedule and does not provide individualized advice, manage subscriber accounts, accept performance-based fees, or operate any auto-trading integration.

Position disclosure

The author currently holds positions in some of the securities discussed in Convex content. All positions are disclosed in the body of the relevant publication or Telegram post and may change without notice. The author commits to a 24-hour cooling-off period: no positions in a security will be added or reduced within 24 hours of writing about that security in long-form (newsletters, deep dives, archive posts). Real-time pre-trade alerts disclose intent at least 30 minutes before execution.

Past performance

Past performance does not guarantee future results. Trading and investing involve substantial risk, including the possible loss of principal. Hypothetical, simulated, or backtested performance is not actual performance, and has inherent limitations. Individual subscribers' results will vary based on entry and exit timing, position sizing, fees, taxes, and other factors. Headline returns describe the author's own account only and are not representative of typical subscriber outcomes.

No third-party compensation

The author does not accept compensation from any issuer, securities promoter, or third party in exchange for mentioning a security in Convex content. Subscription fees from readers are the sole revenue source for the publication. If this ever changes, all material connections will be disclosed in compliance with Section 17(b) of the Securities Act of 1933 and the FTC Endorsement Guides.

Do your own due diligence

Always conduct your own research and consult a licensed financial professional before making any investment decision. Convex is one input among many — never the basis for an investment.

Jurisdictional restrictions

Convex is published from the United States. Subscribers are responsible for ensuring their participation complies with the laws of their jurisdiction. Convex currently restricts subscriptions from certain jurisdictions; see Terms for details.

Last updated: 2026-05-31. This document will be revised after review by securities counsel. Email any questions about regulatory posture to the address listed in Terms.