Terms of Service

You agree to the terms of service below, and the Terms of Use for Substack, the technology provider.

By subscribing to or accessing this publication (the “Content”) or affiliated social media accounts, you confirm that you understand and accept these Terms & Conditions, the Disclaimers, the Privacy Notice, and any policies referenced herein (collectively, the “Agreement”). Your continued access or use constitutes ongoing acceptance of the Agreement as amended from time to time. If you do not agree to the Agreement, you must cease using the Content immediately.

1. About This Publication:

The Journal of a Macro Speculator and all associated publications (the “Content”) are produced and distributed by PANMAC Ltd (Company Reg No. 16840459), a company registered in the United Kingdom, (“the Publisher”). The Publisher and the Author are NOT authorised, licensed or regulated to conduct business in investment or financial services or provide financial advice. The Content is meant purely for information and educational purposes only. The information published on this site and the views expressed are the personal opinions of the Author and do not represent investment advice. The information published is general and does not cater to individual recipient needs.

2. Not Investment Advice

The Content is provided strictly for information, discussion and educational purposes only.

The Content:

• does not constitute investment advice or a personal recommendation,

• does not constitute an inducement or invitation to engage in investment activity, or buy and sell any shares, securities or any other financial instruments,

• should not be relied upon for the purpose of making investment decisions.

Readers must perform their own analysis and should seek advice from an authorised financial adviser before making any investment decisions.

3. Paid Subscription Restricted Audience

Paid subscription material is intended solely for Professional Investors, Sophisticated Investors and High Net Worth Individuals, as defined in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”).

By accessing the paid Content, you confirm that you fall within one of the permitted categories. If you do not meet these criteria, you must not access the paid content.

4. Subscriber Eligibility & Access Control

Subscriber Eligibility

You must be at least 18 years old to subscribe to this publication. By subscribing, you represent that you have the legal capacity to enter into a binding agreement and that all information you provide is accurate and complete.

Account Access

You are responsible for maintaining the confidentiality of your login credentials and for all activity arising from your account. Sharing paid content or account access with third parties is strictly prohibited.

Right to Restrict Access

The publisher reserves the right to suspend or terminate access to the publication if fraudulent activity, unauthorised sharing, or abusive behaviour is detected.

5. Assignment

You may not assign, transfer, or subcontract any of your rights or obligations under these Terms without the prior written consent of the publisher. The publisher may assign or transfer its rights and obligations under these Terms to another entity or individual, including in connection with a restructuring or sale of the publication, provided such assignment does not materially reduce your rights under these Terms.

6. No Client Relationship

Nothing in the Content, including paid or free material, creates or shall be construed as creating any form of professional, advisory, fiduciary, or client relationship between you and the Author or Publisher.

Accessing or subscribing to the Content:

• does not establish a financial advisory, investment management, or client–advisor relationship,

• does not create any obligation for the Author or Publisher to act in your best interests,

• does not give rise to any duties of care, suitability, or professional responsibility, or

• does not constitute personalised advice, guidance, or services of any kind.

The Author and Publisher do not provide investment management, financial planning, or regulated advisory services to subscribers. Any correspondence, comments, messages, or interactions do not alter this position.

Your use of the Content is strictly for educational purposes and at your sole risk.

7. Conflicts of Interest

The Author and the Publisher may enter, hold, increase, decrease or exit positions in financial instruments mentioned in the Content. They may trade such positions without notice.

The Author and Publisher are under no obligation to disclose updates to such positions or to maintain the accuracy of the Content after publication.

8. No Liability

To the fullest extent permitted by law, under no circumstances shall the Author, Publisher or its employees, affiliates, partners or suppliers be liable for any direct, indirect, incidental, consequential, special or exemplary loss or damages arising from the use or not of, or reliance upon, the Content.

Under no circumstances do the Author, Publisher or its employees, affiliates, partners or suppliers make any representation or warranty regarding the accuracy, completeness, or reliability of the Content.

Financial markets involve risk, including the risk of total capital loss. Users must seek advice from an authorised financial adviser before making any investment decisions.

9. Timeliness of Information

The Content provided is produced on a best-efforts basis and may not always reflect the most current market developments or events. While reasonable efforts are made to ensure accuracy and timeliness, delays, omissions, or inaccuracies may occur. You acknowledge that market conditions can change rapidly and that the publisher has no obligation to update previously published content.

10. Jurisdiction and Distribution

The Content is not directed at any person in any jurisdiction where such distribution would be unlawful or would require additional registration or licensing.

Users are responsible for ensuring that accessing the Content complies with local laws and regulations.

11. Intellectual Property

All Content is the property of the Publisher or is used under licence.

You may not reproduce, redistribute, or sell the Content without prior written permission.

Subscribers receive a personal, non-transferable licence to access the material for their own use only.

12. Forward-Looking Statements

The Content may contain forward-looking statements, including opinions, estimates, projections, expectations, hypothetical scenarios, or other statements regarding future events, market conditions, economic developments, or potential performance of financial instruments (“Forward-Looking Statements”).

Forward-Looking Statements are inherently uncertain, involve significant risks and assumptions, and are subject to change without notice.

No assurance is given that any Forward-Looking Statement will prove accurate, complete, or reliable. Actual outcomes may differ materially from those expressed or implied due to market volatility, economic shifts, geopolitical events, changes in policy, or other factors beyond the control of the Author or Publisher.

All Forward-Looking Statements are provided solely for educational and informational purposes and should not be interpreted as investment advice, a recommendation, or a forecast upon which to base investment decisions.

The Author and Publisher disclaim any obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events, or otherwise. The Author and Publisher accept no liability for any losses or damages arising from reliance on any Forward-Looking Statements.

13. Past Performance and Illustrative Examples

From time to time, the Author may refer to the performance of held investment positions, trading activity, portfolio outcomes, or historical examples (“Performance Information”). All such Performance Information is provided solely for illustrative, educational and informational purposes to illustrate the Author’s thought process, risk management framework, or macroeconomic interpretation.

Past performance is not a reliable indicator of future results. Nothing in the Content should be interpreted as a forecast of future performance or a recommendation to replicate any position or strategy.

Performance Information may be incomplete, unaudited, simplified, or presented in a manner intended only to communicate general concepts. No representation, warranty or guarantee is given as to the accuracy, completeness, or reliability of any performance-related data, whether expressed or implied.

Performance figures are provided on a best-efforts basis. They are not prepared in accordance with any performance reporting standard.

The Author and Publisher are under no obligation to update, correct or maintain any Performance Information, and actual outcomes may differ materially from any examples provided.

Under no circumstances does any reference to past or current positions constitute investment advice, an inducement, or a financial promotion. Neither the Author nor the Publisher shall be liable for any losses or damages arising from reliance on any Performance Information.

14. External Links and Third-Party Websites

The Content may include links to third-party websites, publications, resources, tools, or external materials (“External Sites”). These links are provided purely for convenience or educational context only.

The Author and Publisher have no control over, and accept no responsibility or liability for, the content, accuracy, availability, security, or operation of any External Sites, nor for any products, services, or information offered through them.

The inclusion of a link to an External Site does not constitute endorsement, approval, recommendation, or affiliation. Accessing External Sites is entirely at your own risk, and you should review the terms and privacy policies of any third-party site you visit.

15. Third-Party Content

From time to time, the Author may review books or refer to third-party materials. These reviews are provided solely for educational and informational purposes. The Author and Publisher do not receive compensation, benefits, or inducements from authors, publishers, or any third parties in connection with such reviews. References to third-party materials do not constitute endorsements, and no warranty is made regarding their accuracy or suitability. Nothing in any book review constitutes investment advice or a recommendation.

16. Subscription Fees, Billing & Cancellation Terms

Refund Policy:

Due to the immediate delivery of digital content and research, subscription payments are non-refundable unless required by applicable law.

Fees & Payment:

Subscription fees are charged in advance. The publisher may change subscription pricing with reasonable notice; continued use of the publication after such notice constitutes acceptance of the new pricing.

Auto-Renewal:

Subscriptions automatically renew on a monthly or annual basis depending on the user’s chosen plan, until cancelled.

Cancellation:

You may cancel your subscription at any time through your Substack account settings. Cancellation takes effect at the end of the current billing period; no partial refunds are provided for unused time.

17. Changes to the Content and Service

The Author and Publisher reserve the right to modify, suspend, or discontinue, temporarily or permanently, any aspect of the Content, publication schedule, subscription structure, format, features, or any other part of the Content at any time and for any reason, without obligation to provide prior notice.

The Author and Publisher also reserve the right to update or amend these Terms from time to time.

Where changes are material, reasonable efforts will be made to notify subscribers, but continued access to or use of the Content after any changes constitutes acceptance of the updated Terms.

The Author and Publisher shall not be liable to you or any third party for any modification, suspension, or discontinuation of the Content.

18. Copyright, IP Protection & Sharing Restrictions

All content published, including articles, charts, analysis, research notes, commentary, models and other materials (“Content”), is the intellectual property of the publisher unless explicitly stated otherwise.

Permitted Use:

Content is provided for your personal, non-commercial use only. You may not reproduce, distribute, publicly display, or create derivative works from the Content without prior written consent.

Monitoring of Unauthorised Sharing:

The publisher reserves the right to track unusual access patterns or distribution activity and take action, including revoking access or pursuing legal remedies, in the event of unauthorised sharing.

19. No Repackaging / No Resale / No Redistribution

You may not resell, redistribute, republish, scrape, store, or package the Content — in whole or in part — for use in newsletters, commercial research, trading groups, investment services, social media channels, or similar platforms without prior written permission.

20. User Conduct & Prohibited Use

You agree not to use the publication:

• to transmit harmful, unlawful, or misleading material

• to reverse-engineer, scrape, mine or extract data

• to attempt to bypass access controls or technical protections

• to interfere with or disrupt the service

• to use Content in a manner that violates any law or regulation

21. Limitations on Results, Interpretations & Suitability

All commentary is general in nature and does not consider your personal circumstances. Nothing in the Content should be interpreted as:

• a personalised investment recommendation

• a guarantee of performance

• a representation that any strategy is suitable for any individual

• a recommendation to buy or sell any security, currency, commodity or instrument

The publisher accepts no responsibility for decisions made based on the Content.

22. Hypothetical Examples & Backtest Disclaimer

Any hypothetical performance, simulated returns, back-tests, scenario analyses, or forward-looking statements are illustrative only. Hypothetical results have inherent limitations and do not represent actual trading. Actual results may differ significantly.

23. Market Data & Third-Party Data Disclaimer

Some charts, datasets, quotes, indicators, or market information may be sourced from third-party providers. Accuracy is not guaranteed. The publisher accepts no liability for errors, delays, omissions, or inaccuracies in third-party data.

24. Service Availability & Technical Interruptions

The publisher does not guarantee continuous or error-free access to the publication. Service interruptions, delays, or technical issues may occur. No compensation or refunds will be provided for downtime or access disruptions.

25. User Feedback, Comments & Submission Licence

If you submit comments, questions, feedback, or replies, you grant the publisher a non-exclusive licence to use, display, reproduce, or distribute such material for the operation of the publication. The publisher is not obligated to respond to or publish any user submissions.

26. Contact Process

Subscribers may contact the Publisher and Author via the messaging function on Substack profile for general enquiries. The publisher is not required to provide personalised responses or engage in extended correspondence regarding the Content.

27. General Risk Warning

Financial markets involve risk, including the potential loss of capital. Past performance does not guarantee future results. You should consider seeking advice from a licensed financial adviser if you are uncertain about the suitability of any investment.

28. Governing Law

These Terms are governed by the laws of England and Wales, and any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.

29. Class Action Waiver

To the fullest extent permitted by applicable law, you agree that any dispute or claim arising out of or relating to the Content, subscription services, or these Terms shall be resolved on an individual basis. You waive any right to participate in, join, or consolidate claims in any form of class, collective, representative, or group litigation or arbitration. If this waiver is found unenforceable in any jurisdiction, the relevant claim must be brought exclusively in the courts of England and Wales.

30. General Waiver:

No failure or delay by the Publisher in exercising any right or enforcing any provision of these Terms shall constitute a waiver of that right or provision. Any waiver will be effective only if expressly stated in writing. A single or partial exercise of any right shall not prevent the publisher from exercising that right or any other rights in the future.

31. Entire Agreement & Severability

These Terms & Conditions, together with the Disclaimers, Privacy Notice, and any policies referenced herein, constitute the entire agreement between you and the Publisher in relation to your access to and use of the Content.

This Agreement supersedes all prior or contemporaneous understandings, discussions, representations, or agreements, whether written or oral, relating to the Content.

No other terms, conditions, warranties, or representations shall be binding unless expressly agreed in writing by the Author or Publisher.

If any provision of this Agreement is found to be invalid, unlawful, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid and enforceable. If modification is not possible, the relevant provision shall be deemed deleted, and the remaining provisions shall continue in full force and effect.

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