Disclaimer

Last updated Aug 26, 2026

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Educational, not advice

All content is educational commentary and opinion about publicly available information. It is impersonal: it is not tailored to any reader's financial situation, objectives or risk tolerance and does not take them into account. It is not investment advice, financial advice, mortgage or lending advice, legal advice or tax advice, and it is not a recommendation or an offer or solicitation to buy, sell or hold any security, cryptocurrency, loan product, commodity, derivative or other asset.

No professional relationship

The author is a former derivatives trader speaking from personal experience. He is not currently a registered investment adviser, broker-dealer, commodity trading advisor, lender, mortgage broker, attorney or accountant, and no adviser-client, broker-customer, attorney-client or other professional relationship is created by reading, watching or subscribing. Consult a licensed professional who knows your circumstances before making any financial decision.

Positions

The author may hold long or short positions in assets discussed and may trade them after publication without notice. Where a position is material to a piece, it is disclosed in that piece.

Accuracy, sources and timing

Figures are sourced from company filings, government data, exchange data and reputable news reports and are cited where practical. Sources can be wrong or revised, and market data changes constantly. Content reflects the author's understanding on the date published and is not updated as facts change. Nothing here should be treated as complete.

Forward-looking statements

Any statement about what may happen to a price, rate, company or market is an opinion, not a forecast or guarantee. Scenarios, "tripwires" and levels are analytical devices for discussion, not signals to act.

Risk

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Third parties

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Limitation of liability

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