Disclaimer

1. Research, not advice

Everything Bacon shows you — briefs, ideas, analyses, lens readings, chat answers, alerts and track records — is general information for research and education. It is not investment, financial, tax, accounting or legal advice, and it isn't a recommendation, offer or solicitation to buy, sell or hold any security, currency, commodity or other asset.

Bacon doesn't know your circumstances — your finances, goals, time horizon or tolerance for risk — and doesn't take them into account. Something reasonable for one person can be wrong for another.

2. Not a licensed adviser or broker

Bacon is not registered or licensed as an investment adviser, financial adviser or broker-dealer in any jurisdiction. Using Bacon doesn't make you our client and creates no fiduciary or advisory relationship. We don't execute trades or hold your money. If you need advice, speak to a professional who is licensed where you live.

3. AI-generated content can be wrong

Bacon uses large language models. They can produce statements that are fluent, confident and false. We build against that: real figures come from data providers rather than the model's memory, sources are shown, and any figure the AI states without a source is flagged in a data check. Those safeguards reduce mistakes; they don't remove them.

Errors can include misattributed or stale data, a misread filing, the wrong company for a symbol, or reasoning that doesn't hold. Check anything that matters against primary sources — filings, the company's own reports, your broker's quotes — before you act on it.

4. Market data

Prices, movers, macro series, filings and headlines come from third parties. They may be delayed — closing prices are labelled as such — incomplete or wrong, and they aren't suitable for decisions that need real-time data. Headlines are paraphrased and attributed to their source. Charts are provided by TradingView.

5. Ideas, calls, kill conditions and convergence

• An idea or call describes what a set of signals suggests on the day it's made. It is not a prediction or a promise.
• A kill condition is a note of what would break the thesis, to help you monitor it. It is not a stop-loss, an order or a risk control, and alerts about it can arrive late or not at all.
• Convergence — several independent lenses agreeing — raises or lowers conviction in an idea. It doesn't make an outcome likely, let alone certain.
• Horizons (“3–6 months”) describe when a thesis might play out, not when it will.

6. Track records and performance

Track records in Bacon, including the public house record, are hypothetical. They measure how a call would have done using recorded prices — for example a notional amount compared with the same amount in an index fund tracking SPY over the same period. They don't reflect actual trades, and leave out fees, taxes, spreads, slippage and the effect of acting on the call.

Every graded call is included; nothing is hand-picked. But the method that generates and grades calls can change over time, and past performance doesn't guarantee future results.

7. Investing involves risk

The value of investments can go down as well as up, and you can lose some or all of the money you invest. Leveraged, concentrated, illiquid and foreign-currency positions carry extra risk. Only invest what you can afford to lose.

8. Your decisions are yours

You are solely responsible for your investment decisions and their results. To the extent the law allows, we aren't liable for any loss arising from using or relying on Bacon — see the limitation of liability in our Terms.

9. No paid placement

Bacon doesn't accept payment from companies or anyone else to include, rank or describe any security or asset. What appears in a brief comes from the data and the method, not from a sponsor.

10. Third-party content and links

Bacon summarises and links to third-party sources. We don't control them and linking isn't an endorsement of their content.