Risk warning

Please read this carefully. It sets out how our services are meant to be understood.

Information and education — not advice

Value Investing Club provides an information and education service on value investing. The rankings, scores, letters and analyses are produced by deterministic computation, for educational purposes. They do not constitute personalized investment advice, a recommendation to buy or sell, or portfolio management. They take no account of your financial situation, your objectives or your tolerance for risk.

Risk of capital loss

Investing in equities carries a risk of capital loss, up to and including the entire amount invested. Share prices move down as well as up. You alone are responsible for your investment decisions, and it is for you to consult a regulated professional where appropriate.

Past performance and simulations (backtests)

Past performance is no guarantee of future results. Our method is built on historical analysis. Some of the references in our materials may involve backtests — simulations applying the method to real historical data, point-in-time (selection using only the data known at each date, with no hindsight). A backtest remains a simulation: no real capital was committed, and actual results may differ materially through costs, liquidity, execution and bias. No portfolio performance or track record is shown on the public pages of the service; any figures presented to members are simulations, not a live track record.

Market data

Data comes from third-party providers. It is believed reliable but carries no guarantee of accuracy or completeness, and may contain delays or errors.

Regulatory status

The publisher does not hold CIF (Conseiller en Investissements Financiers) status and does not carry out the activity of financial investment advisor within the meaning of French regulations.

Where you are

The service is published from France and its terms are governed by French law. Depending on your country of residence, local consumer or financial-promotion rules may also apply to you. The French version of our terms is the authoritative text.

By using our services you acknowledge that you have read and understood this warning. Investing carries a risk of capital loss.