PRODUCT DISCLAIMERS
Revised February 22, 2021
Use of all Hedgeye Risk Management, LLC (“Hedgeye”) products and services is subject to the Terms of Service available at https://www.hedgeye.com/terms_of_service. The below product-specific disclaimers must always be read in connection with, and are intended to supplement, the Terms of Service, including the disclaimers found therein, as well as any information or disclaimer communicated directly through Hedgeye products and services.
REAL-TIME ALERTS
Important – please read carefully before using this service
Hedgeye Real-Time Alerts ("Alerts" or an “Alert”) are not an investment advisory service and do not purport to tell or suggest which financial instruments a subscriber should buy, sell or hold for his/herself or on behalf of anyone else. Rather, Alerts provide hypothetical quantitative pricing signals in a virtual setting to illustrate how an investor might employ certain Hedgeye investment ideas. Alerts are not actual trades and do not represent an actual portfolio of investments; Alerts are “Long” and “Short” signals across various time durations, based on Hedgeye’s fundamental analysis, coupled with a proprietary technical model. Alerts are posted on the Hedgeye website (“Product Website”) and available to all subscribers of Alerts at the same time. Subscribers to Alerts may also choose to receive email notifications (“Email Notifications”) and other forms of notifications, including, but not limited to, those made available through third-party applications (“App Notifications”), when an Alert has been issued. A subscriber’s election to receive Email Notifications or App Notifications is in the subscriber’s sole discretion (see Hedgeye Terms of Services regarding Third-Party Platforms, the definition of which includes email servers, email providers and third-party applications). An Alert “time stamp” represents the time the Alert was submitted to the Product Website. Subscribers may experience delays between the time an Alert is issued on the Product Website and when the subscriber receives the Email Notification or App Notification (“Latency Periods”). Hedgeye makes no guarantee related to Latency Periods, delivery, or failure to deliver, any Email Notification or Application Notification to any subscriber. At times, Latency Periods may exceed several minutes and Latency Periods may differ across Third-Party Platforms or as between Email Notifications and App Notifications.
Alerts reflect only current bid and ask prices Hedgeye receives from a third-party provider (“Third-Party Feed Price”) and may not correspond to actual transactions executed in the marketplace. Hedgeye is not responsible for the accuracy of Third-Party Feed Prices. Moreover, actual market conditions, including the price at which a transaction may be executed (including transaction costs), are likely to differ from information communicated through an Alert, which merely represents estimated or indicative Third-Party Feed Price information available to Hedgeye at the time Hedgeye issues an Alert. Third-Party Feed Prices communicated through Alerts may not represent prices available to subscribers. Periods of fast markets and specific individual financial instruments’ characteristics (such as liquidity, market cap and market interest) may cause significant slippage, less than ideal fills or general unavailability to execute a desired order. Markets may move particularly fast for smaller cap, less liquid financial instruments. Hedgeye does not offer any brokerage services and is not responsible for, and cannot control, a subscriber’s ability or inability to achieve specific entry or exit points. Hedgeye makes no guarantee that a subscriber will have access to any or all financial instruments listed in Alerts. It is important to understand that there may be periods of data outages and server failures that may have an impact on Alerts, Email Notifications, Application Notifications, your use of Alerts and market conditions generally.
Actual results are likely to differ from the “realized returns,” “unrealized returns”, and “performance” (collectively the “Alert Statistics”), which are simple mathematical calculations based on Third-Party Feed Prices. The hypothetical “cost basis” or “average cost basis” reflected in Alerts are the Third-Party Feed Price for that financial instrument at the time the signal was issued. In the instance in which a second or third signal (referred to as a “double” or “triple” signal) is issued on an “open signal”, Hedgeye will average the “cost basis” from the instance in which the “open signal” was initiated and the Third-Party Feed Price quoted for that financial instrument at the time of the second or third, as the case may be, signal’s issuance. This latter calculation will become the new “average cost basis” for the “open signal”. The hypothetical “performance” is the percent difference between the “cost basis” or “average cost basis” and the Third-Party Feed Price at the time a signal is issued which closes the “position” for that financial instrument. “Unrealized return” represents current “performance” of “open signals”, while “realized return” represents “performance” of “closed signals.”
Differences between the Alerts Statistics and actual results in the marketplace or actual transactions may arise for a number of reasons, including but not limited to: The Alerts Statistics do not account for transaction costs; the Alerts Statistics do not account for margin interest costs; the Alerts Statistics do not account for time delays between the Third-Party Feed Price delivery and the issuance of the Alerts; the Alerts Statistics do not account for the time it takes to effect an actual market transaction, or Latency Periods in the delivery of Email Notifications, App Notifications or other messages or any other delay outside of Hedgeye’s control; the Alerts Statistics do not account for cash dividends; the Alerts Statistics generally do not account for corporate actions such as stock splits, rights, and warrants, though the “cost basis” or “average cost basis” of positions in Alerts may occasionally be adjusted for the sake of accuracy (with all such adjustments being described in notes accompanying the positions in Alerts); the Alerts Statistics do not consider possible lack of liquidity or whether the Third-Party Feed Price is actually available as a transaction price, or how different the Third-Party Feed Price may be from a transaction price available to any subscriber; Alerts do not consider tax consequences; Alerts do not indicate size of position; and Alerts do not give asset allocation guidance. Hedgeye is not responsible for the accuracy of Third-Party Feed Prices. Hedgeye may, from time to time, make corrections to account for technical errors. YOU SHOULD ALWAYS BE AWARE OF THE ACTUAL COSTS OF ANY TRANSACTION BEFORE EFFECTING SUCH TRANSACTION.
The Alerts are not representative of all of Hedgeye’s investment ideas and are based on market factors and strategies that may vary from other Hedgeye products and services, which at times, may result in a “position close” in the Alerts while Hedgeye may continue to have an opinion about a financial instrument or company in other products or services.
U.S. GOVERNMENT REQUIRED DISCLAIMER—CFTC. Forex, futures and options trading offers large potential rewards, but also large potential risk. Subscribers must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Do not trade with capital you cannot afford to lose.
Alerts are neither a solicitation nor an offer to buy or sell futures, options or any other financial instrument.
No representation is being made that any account will or is even likely to achieve profits or minimize losses similar to those disclosed or discussed by Hedgeye or illustrated through Hedgeye’s products or services.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. PAST PERFORMANCES DO NOT GUARANTEE FUTURE RESULTS. UNLIKE AN ACTUAL PERFORAMCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, ALL FACTORS LISTED ABOVE AND ANY OTHER FACTORS, THE VOLUME OF WHICH ARE TOO VAST TO LIST EXHAUSTIVELY. SIMLULATED TRADING RECORDS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNATED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL RISKS AND OTHER ASPECTS OF TRADING IN FINANCIAL INSTRUMENTS. YOU SHOULD CONSULT YOUR FINANCIAL ADVISOR PRIOR TO UNDERGOING A TRADING STRATEGY.
THE ARENA (HEDGEYE DISCUSSION BOARD)
Important – please read carefully before using this service
Hedgeye’s The Arena ("The Area") is a live, real-time, interactive discussion board hosted on Hedgeye’s website which includes posts from Hedgeye subscribers and Hedgeye representatives. The Arena is intended for informational and educational purposes. It is very important that you conduct your own analysis before making any investment decisions based on your own personal circumstances. The Arena is not a forum to receive, solicit or provide investment advice, nor is it a forum to receive, solicit or provide investment advisory services, nor does it purport to suggest which financial instruments a subscriber should buy, sell or hold and you should not expect that any post, whether specifically directed to you, or in general, is investment, legal or tax advice tailored to your specific situation. The Arena is provided to subscribers at no additional charge.
HEDGEYE DOES NOT PROVIDE INVESTMENT ADVISORY SERVICE THROUGH THE ARENA. NO CONTENT IN THE ARENA SHOULD BE CONSTRUED AS A RECOMMENDATION TO ENTER IN ANY SECURTIES TRANSACTION OR TO ENGAGE IN ANY INVESTMENT STRATEGY PRESENTED. THE OPINIONS EXPRESSED IN THE ARENA ARE THOSE OF THE POSTER, AND NOT NECESSARILY THOSE OF HEDGEYE. THE OFFICIAL SOURCE OF HEDGEYE’S OPINION REGARDING A SPECIFIC SECURITY IS OUR PUBLISHED RESEARCH.
THE ARENA IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY THAT THE SERVICES ARE ACCURATE, COMPLETE, RELIABLE, CURRENT, OR ERROR FREE. HEDGEYE DOES NOT CONTROL, ENDORSE, OR TAKE RESPONSIBILITY FOR ANY CONTENT AVAILABLE ON OR LINKED TO THE SERVICES OR THE ACTIONS OF ANY THIRD-PARTY OR USER, INCLUDING MODERATORS. WHILE HEDGEYE ATTEMPTS TO MAKE ACCESS TO AND USE OF OUR SERVICES SAFE, WE DO NOT REPRESENT OR WARRANT THAT OUR SERVICES OR SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. HEDGEYE IS NOT RESPONSIBLE FOR ANY USE, STORAGE OR SHARING OF ANY INFORMATION YOU WILLINGLY POST IN THE ARENA.
The Arena Community Guidelines prohibits use which intends to impersonate another individual or entity or imply endorsement or affiliation where no such relationship exists; however, Hedgeye is not responsible for verifying any identity, affiliation or endorsements posted in The Arena.
By using The Arena, you understand that you are solely responsible for complying with all applicable laws, rules and regulations, include privacy, intellectual property and securities regulations and Hedgeye cannot, and will not, take any responsibility, nor will Hedgeye provide you any defense or indemnity for your failure to comply.
Any reference to past results of a Hedgeye investment recommendation is not a representation of performance or monetary returns achieved by Hedgeye; Hedgeye does not affect securities transactions, nor does Hedgeye manage any accounts. References to past recommendations are a reference to Hedgeye published research notes. Past performance or results are not indicative of future performance and investing in the financial markets is inherently risky.
In addition to this Product Specific Disclaimer, Hedgeye’s Terms of Service, Privacy Policy and The Arena Community Guidelines available at https://arena.hedgeye.com/faq, all apply to your use of The Arena.