Terms of Service & Privacy Policy

Systems Capital

Effective Date: April 16, 2026

INVESTMENT DISCLAIMER

Systems Capital is NOT a registered investment advisor, broker-dealer, or financial advisor. Nothing provided constitutes investment advice or a recommendation to buy or sell any security. Past performance does not guarantee future results. All investments involve substantial risk, including potential loss of principal. Consult a qualified investment professional before making any investment decisions.

These Terms of Service ("Terms") govern your use of the Systems Capital website, services, and products. By accessing or using our website and subscribing to our services, you agree to be bound by these Terms.

1. Services Description

Systems Capital provides subscription-based access to educational content, market analysis, investment research, daily market statistics, and analysis tools. Our services are provided on an "as-is" basis and are updated during regular business hours and trading days.

2. Not Investment Advice

Systems capital does not provide investment advice. All content provided on this website—including but not limited to market statistics, investment research, historical data, investment theses, investment journal entries, commentary, and analysis—is for educational and informational purposes only.

Nothing on this website constitutes:

• Investment advice or recommendations to buy, sell, or hold any security
• An offer or solicitation to purchase or sell any investment product or security
• A suggestion that you should take any particular investment action
• Personalized advice based on your financial situation, goals, or risk tolerance
• Professional investment, legal, tax, or financial advice

You must conduct your own due diligence and consult with qualified, registered investment advisors, financial planners, and tax professionals before making any investment decisions.

3. Not a Registered Investment Advisor

Systems Capital is not registered as an investment advisor with the Securities and Exchange Commission (SEC), any state securities regulator, or the Financial Industry Regulatory Authority (FINRA). Systems Capital:

• Is not a broker-dealer or investment bank
• Does not manage investment accounts or handle client funds
• Does not provide wealth management or financial planning services
• Does not hold itself out as a financial advisor or investment professional
• Cannot provide personalized investment advice tailored to your situation

4. No Fiduciary Duty

Systems Capital does not have a fiduciary duty to you. A fiduciary is legally required to act in the client's best interest ahead of their own interests. Systems Capital is not your fiduciary and owes you no fiduciary duty. You are not a "client" of Systems Capital in any legal or professional sense.

5. Investment Risks - Past Performance Disclaimer

Past performance doesn't guarantee future results. Historical market data, return statistics, and performance information provided on this website reflect what occurred in the past and should not be relied upon as an indication of future performance.

All investments involve risk, including:

• Potential loss of principal
• Market volatility and price fluctuations
• Company-specific risks and business failure
• Liquidity risk (inability to sell when needed)
• Interest rate risk and inflation risk
• Economic and political risks
• Sector and industry risks
• Risks specific to concentrated portfolios

Systems Capital's own investment strategy and portfolio performance does not mean similar results can be replicated by users. Results may differ substantially based on individual circumstances, timing, and market conditions.

6. Data Accuracy and Limitations

Systems Capital strives to provide accurate market data and statistics. However, Systems Capital does not guarantee that all data is error-free, complete, or up-to-date in real-time.

Data limitations include:

• Market data is sourced from third-party providers and is subject to their accuracy and availability
• Data may contain errors, omissions, or delays in updating
• Historical data may be adjusted by data providers after publication
• Statistics are calculated using methods that may differ from industry standards
• Data does not account for all corporate actions, dividends, or adjustments
• Real-time data may lag actual market prices

Systems Capital shall not be liable for any inaccuracies, delays, errors, or omissions in data provided. You should independently verify any data before relying on it for investment decisions.

7. Investment Journal Disclaimer

Systems Capital publishes an investment journal documenting its own real capital allocation decisions and portfolio holdings. This journal is provided for educational and transparency purposes only.

The investment journal is not:

• A recommendation for you to replicate Systems Capital's investments
• An offer to manage your money or execute trades on your behalf
• A guarantee that Systems Capital's strategy will work for you
• A replacement for your own research and due diligence

Systems Capital's portfolio strategy reflects the company's specific investment philosophy, risk tolerance, and goals. Your investment goals, risk tolerance, time horizon, and financial situation are likely different. What is appropriate for Systems Capital may not be appropriate for you.

8. Investment Theses Disclaimer

Systems Capital publishes detailed investment theses and equity research on specific companies. These theses represent Systems Capital's analysis and viewpoint and are provided for educational purposes only.

Investment theses are not:

• A recommendation to buy or hold any specific stock
• Complete financial analysis (they reflect Systems Capital's perspective, not comprehensive research)
• Current or up-to-date (companies, markets, and circumstances change; past theses may be outdated)
• Substitute for professional investment research and independent analysis

Company circumstances, management, business models, competitive positions, and market conditions change over time. Information in investment theses may become inaccurate or outdated. You must conduct current, independent research before making any investment decisions.

9. Market Statistics Disclaimer

Systems Capital provides daily return statistics (mean, median, standard deviation, kurtosis, skewness, max/min returns) for large-cap market constituents. These statistics are calculated from historical price data and are provided for analysis and educational purposes.

Market statistics do not:

• Predict future stock performance or price movements
• Indicate which stocks to buy or sell
• Account for dividends, splits, or other corporate actions (unless noted)
• Reflect trading costs, taxes, or other real-world investment expenses

High volatility statistics do not necessarily indicate high risk or low opportunity. Low volatility does not guarantee safety. You must understand what each statistical measure means and interpret it correctly in the context of your investment strategy.

10. No Offer or Solicitation

By providing content, data, and research, Systems Capital is not offering to sell or soliciting offers to buy any security or investment product. This website is not an offering document and should not be used as the basis for any investment decision.

11. Subscription and Billing

For all Subscription details and billing policy including cancellation, see our billing policy. Systems Capital publishes prices in USD unless otherwise stated.

12. Account Responsibility

You are responsible for maintaining the confidentiality of your account login credentials and for all activity that occurs under your account. You agree to notify us immediately of any unauthorized access or use of your account.

13. Acceptable Use

You agree not to use our services for any illegal or unauthorized purpose. Prohibited activities include:

• Sharing your account or login credentials with others
• Scraping, crawling, or automated access to our data beyond what's permitted in our privacy policy
• Attempting to reverse-engineer or decompile our services
• Using our data for commercial purposes without explicit written permission
• Transmitting viruses, malware, or harmful code

14. Intellectual Property

All content, data, and materials on Systems Capital (including market statistics, research, analysis, and code) are the property of Systems Capital or our data providers and are protected by copyright and intellectual property laws. You may view and download content for personal, non-commercial use only. Unauthorized reproduction, distribution, or use is prohibited. Business that would like to use our data are welcome to reach out to us via email through our about page.

15. Limitation of Liability

Systems Capital provides its services "as-is" and "as-available" without warranties of any kind, express or implied. Systems Capital does not warrant that our services with be uninterrupted, error-free, or that defects will be corrected.

To the fullest extent permitted by law, Systems Capital shall not be liable for:

• Any investment losses, whether direct or indirect
• Decisions made based on Systems Capital's content, data, or research
• Inaccuracies or delays in data
• Errors in calculations or statistics
• Indirect, incidental, special, consequential, or punitive damages arising from your use of our services
• Third-party actions or events beyond our control

16. Assumption of Risk

By using Systems Capital's services and content, you acknowledge and agree that you are making your own independent investment decisions. You assume all risk associated with those decisions. Systems Capital is not responsible for any investment losses, underperformance, or negative outcomes resulting from your use of our services.

17. Privacy and Data Collection

Your use of our services is governed by our Privacy Policy. By using Systems Capital, you consent to the collection and use of your information as described in our Privacy Policy.

18. Termination

Systems Capital reserves the right to suspend or terminate your access to our services at any time, for any reason, with or without notice. Grounds for termination include but are not limited to: violation of these Terms, illegal activity, or breach of our Acceptable Use policy.

19. Changes to Terms

Systems Capital reserves the right to modify these Terms at any time. Continued use of our services following notification of changes constitutes your acceptance of the updated Terms.

Last updated: April 16, 2026