Terms of use
The terms, in plain English.
This is a student research project, not a financial service. This page sets out what that means for you and what you can rely on.
1. Who runs this
Margin & Co. is an independent research project run by Adam Benghalia in the United Kingdom. It is not a company, not a registered firm, and not regulated by the Financial Conduct Authority. Contact: hello@marginco.co.uk.
2. This is not financial advice
Read this section even if you skip the rest.
Everything published here is research and education. It is not investment advice, not a personal recommendation, and not an offer to buy or sell anything. Nothing here accounts for your circumstances, your goals, or your tolerance for loss, because I know none of those things.
The live paper portfolio is a simulation. No real money is invested. Its results are what a set of rules would have produced under stated assumptions — not what anyone actually earned.
Past performance does not predict future results. Trading and investing can lose you money, including more than you put in if you use leverage. If you need advice, speak to someone authorised by the FCA to give it. I am a student, and I am not.
3. What I do promise
Not much legally, but these are real commitments:
- Every number published here is produced by code that is public, using data anyone can obtain.
- Results are published whether or not they are flattering. Negative findings are the point, not an embarrassment.
- Published figures are never quietly edited. Corrections appear as corrections.
- The limitations of the method are stated in every report.
4. What I don't promise
The research is provided "as is". I do not guarantee it is free of errors. Market data comes from third parties and may itself be wrong. Methods have known limitations, and those are described in each report.
To the extent the law allows, I am not liable for any loss arising from decisions you make after reading this site. Nothing here limits liability for death, personal injury, or fraud, because that cannot lawfully be excluded.
5. Using the content
The code is open source under the MIT licence and you can do what that licence permits.
For the written reports and charts: quote them, cite them, or use them in your own work, provided you credit Margin & Co. and link back. You may not republish reports wholesale as your own, or present the figures as though they came from a professional research firm.
6. The email list
Subscribing is free. You get the weekly research report and nothing else — no advertising, no third-party offers, no selling your address. Unsubscribe at any time and your record is deleted, not merely deactivated. See the privacy policy for detail.
There are currently no paid subscriptions, no accounts, and no payments taken anywhere on this site. If that changes, these terms will be updated before it does.
7. Availability
This is a personal project. It may go down, change, or stop entirely without notice. Nothing here is a service you are entitled to rely on being available.
8. Law
These terms are governed by the law of England and Wales, and the courts of England and Wales have jurisdiction over any dispute.
9. Changes
Updates appear here with a new date at the top. Every change is visible in the public git history — you can see exactly what was altered and when, which is more than most sites offer.