Disclosures

Last updated: September 30, 2026

Let’s get the obvious part out of the way

Mostly Nothing is personal investment research, commentary, and portfolio documentation. It is not individualized investment advice.

I do not know your income, taxes, liabilities, time horizon, risk tolerance, other holdings, or whether a 35% drawdown would make you calmly reopen the thesis or stare at Fidelity at 2:13 a.m.

That context is basically the whole ballgame, which is why anything here is only one input into a decision that belongs to your own portfolio.

I own some of this stuff

That is kind of the point.

When I own a company I am writing about, the relevant company page should make that clear. I also have an obvious financial interest in securities I own going up. You should know that before deciding how much weight to put on anything I say.

Owning something does not make the research wrong. It does mean I have money on the line and am therefore perfectly capable of liking my own thesis too much, same as everyone else.

Positions can change after publication. An old Article or Research Note records what I owned, believed or decided at that time; it is not a promise that my current position or opinion is identical.

Current ownership belongs on Holdings. Current company status belongs in Research.

My conclusion is about my assumptions, not your portfolio

If I call something a Buy, Watch, No thanks at this price, or use another plain-English conclusion, that label comes from the assumptions in that piece.

It is my conclusion from my assumptions. It is not me reaching through the screen and pressing Buy for you.

The same goes for sizing. A model range can show how I think about uncertainty, upside and permanent-loss risk, but there is no universal percentage that somehow fits every portfolio.

My own action is shown separately for the same reason. I can think a company is attractive and still put exactly $0 into it because something else deserves the capital more.

A $0 allocation from me is not shorthand for “this investment fails for everyone else.” Another portfolio can reasonably reach a different action because its existing holdings, concentration, taxes, time horizon and opportunity set are different.

The models can be wrong

Bear/base/bull values, growth rates, margins, terminal multiples, expected returns and other forward-looking figures are my scenarios unless I explicitly identify them as company guidance or an external estimate.

They can be spectacularly wrong.

Stock prices move. Estimates change. Companies miss guidance. I change my mind. Sometimes the business itself changes before the spreadsheet has a chance to look stupid.

Publishing the assumptions is not me pretending the future is precise. It is me showing the bridge so you can see exactly where the conclusion falls apart if an assumption is stupid.

The process behind those models lives in Playbooks. The rules for preserving old views and correcting the record live in Methodology.

Sources are evidence, not magic

I prefer primary sources for material company facts, especially SEC filings, earnings releases, investor presentations and company announcements.

Primary sources help. They do not make me infallible. Filings get amended, market data gets stale, I can misread something, and math can still be wrong.

If I find a factual or calculation error, I correct it. If the investment opinion changes because the evidence changed, I preserve the old view and record the new one instead of quietly renovating history.

Compensation and conflicts

As of this update, Mostly Nothing is a free project documenting a personal portfolio and research process.

If that changes, the disclosure changes with it.

If the publication ever receives sponsorship money, affiliate revenue, free products, compensation from an issuer, or another material benefit connected to something being discussed, I will disclose that relationship where it matters.

If there is a financial incentive, it belongs where the reader can actually see it. Hiding it after the glowing conclusion would be ridiculous.

Where that leaves the reader

Mostly Nothing can show you the research, assumptions, sources and the reasoning behind my own decisions. It cannot know what the next dollar means inside somebody else’s portfolio better than they do.

The useful version of this site is one where the assumptions are visible enough to disagree with and the sources are easy enough to check. If you land somewhere different from me after doing that, that is completely fine.

Probably worth remembering on the days I sound extremely confident too 😂.

For how the public record, corrections and performance bookkeeping work, see Methodology. For reader-data handling, see Privacy.