Disclaimer

1. Not investment advice

All content produced by Cipher — including sentiment scores, bull and bear drivers, forward outlooks, price-target context, confidence levels, and any Buy / Hold / Sell language — is provided for informational and educational purposes only. It does not constitute, and must not be relied upon as, investment, financial, legal, tax, or accounting advice, nor a recommendation, offer, or solicitation to buy, hold, or sell any security or to adopt any investment strategy.

Cipher does not consider your personal financial situation, objectives, risk tolerance, or needs. Any decision you make is yours alone.

2. No advisory or fiduciary relationship

Cipher is not a registered investment adviser, broker-dealer, or financial planner, and is not registered with or endorsed by the U.S. Securities and Exchange Commission, FINRA, or any other regulatory body. Using Cipher does not create an advisory, brokerage, fiduciary, or other professional relationship between you and the operator of Cipher. Consult a licensed financial professional before making any investment decision.

3. AI-generated content may be wrong

Cipher’s reports are generated by large language models and automated data pipelines. Although the system is designed to ground every claim in a retrieved source, AI systems can still misread data, draw faulty inferences, surface outdated information, or produce content that is incomplete or simply incorrect. Source citations indicate where information was drawn from; they are not a guarantee of accuracy. Always verify any figure or claim against the primary source before acting on it.

4. Third-party data is provided “as is”

Market data, fundamentals, filings, analyst commentary, and social or community sentiment are obtained from third-party providers. Cipher does not warrant the accuracy, completeness, timeliness, or availability of this data. Prices and other figures may be delayed, estimated, adjusted, or in error, and should not be treated as real-time or definitive.

5. Backtests and past performance

Cipher reports historical calibration metrics — hit rates, alpha-versus-sector estimates, Brier scores, and reliability diagrams — to be transparent about how its engine has performed. These are research artifacts. Past performance and backtested results are hypothetical, are not indicative of future results, and do not represent actual trading. Backtests are subject to limitations including, without limitation, survivorship bias, look-ahead bias, and overfitting.

6. You assume all risk

Investing in securities involves substantial risk, including the possible loss of principal. You are solely responsible for your own investment decisions and for conducting your own due diligence. To the fullest extent permitted by law, the operator of Cipher disclaims all liability for any loss or damage arising from your use of, or reliance on, the service or its output.

7. Contact

Questions about this disclaimer can be sent to tjameswalsh@icloud.com.