Scope disclaimer

This is not investment advice

In Italy, investment advice is a reserved activity: it is carried out by those entered in the single register of financial advisers, kept by the supervisory body for that register (OCF) under the supervision of Consob, in accordance with the Consolidated Law on Finance (Legislative Decree 58/1998). We are not on that register and we do not carry out that activity.

The boundary is not tone, it is personalisation: advice means putting a particular transaction in particular financial instruments to a particular person, presented as suitable for them. We do not know the circumstances of the person reading, we do not ask about them and we will not — no form on this site collects anything about wealth, open positions, risk appetite or time horizon, and that is a design decision before it is a precaution.

It follows that nothing we publish is calibrated to whoever reads it, and that nothing here is “suitable for you”: we do not have what it would take to say so, and we do not want it.

This is not an investment recommendation

Under Regulation (EU) 596/2014 on market abuse (MAR) and Delegated Regulation (EU) 2016/958, an investment recommendation is content that suggests, explicitly or implicitly, an investment strategy concerning a particular financial instrument or issuer.

Our content does not do that, and it can be checked against three elements the Delegated Regulation names expressly: we express no operational verdict of the “buy”, “hold”, “sell” kind; we state no target price, in any form — text, table, figure or caption; and we present no result as an operational signal.

When we describe how a method behaves on a historical series we are describing the method, not forecasting the future of an instrument. That distinction has to be one the reader can draw unaided, which is exactly why we publish the code: a claim you can re-run does not need to be believed.

This is not the promotion of crypto-assets

Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) governs offers to the public and marketing communications relating to crypto-assets, and Article 66 requires such communications to be fair, clear and not misleading, and identifiable as marketing communications.

This site does not offer crypto-assets, does not promote their purchase, and does not point to trading platforms under affiliate or referral arrangements. We describe methods of analysis, and we describe them on crypto markets too, because that is where the method applies — not because there is anything to place.

This is the field we work in, and the threshold is one you cross without noticing: the section exists for that reason, not because there is an offer to cover up.

What we are instead, and how you can check it

A boundary drawn only in the negative tells the reader what to be wary of and never tells them what they are looking at. There are three things we do, and all three can be checked from the outside.

• Methodological research, published together with the code and the data. The strong claim of this site is not “we are right”, it is “you can check it”: every figure and every number comes from code you can reopen and re-run, and an error found by a reader is a contribution, not an accident;
• Education. The book, the twenty-nine labs, the calculators: teaching material, with reproducibility as the teaching method rather than as an ornament;
• Development of analysis software. Tools to be used, with the judgement and the responsibility of whoever uses them.

How to check it, concretely: open a lab, run the code, change the parameters and watch what happens. If a result does not hold, it fails in front of you — and that is the only way research on markets can be honest with the person reading it.

How we identify our analyses

Every piece of analytical content on this site carries its author, its date, the source of its data and a description of the method that produced it. That is not editorial courtesy: it is what makes it possible to attribute a claim to someone and to place it in time, and without those four elements an analysis cannot be checked at all.

The discipline by which those elements are applied to the analytical pages is described where those pages live, and is not repeated here: two copies of the same rule drift apart, and the copy that drifts is always the one nobody rereads.

If a piece of content on this site looks to you as though it crosses one of the three boundaries above, tell us: a report from a reader is worth more than a disclaimer, because we are the ones who wrote the disclaimer.

The Italian and English versions of this document say the same thing: should a discrepancy emerge, the Italian version prevails.