Terms of Use

1. Who we are

The Proving Ground (“we”, “us”) publishes investment research. In these terms, “the service” means this website, The Proving Ground letter, the Strategy Vault and our email alerts. By using the service, you agree to these terms.

2. Research and education, not personal advice

We publish general research for a general audience, on a regular schedule. Nothing we publish is personal investment advice, and nothing is a recommendation that any security or strategy is suitable for you. We don’t know your finances, your goals or how much risk you can take.

We are not a broker-dealer or a registered investment adviser, and we don’t manage money. We can’t answer questions about your personal situation. Before acting on anything we publish, consider your own circumstances, and talk to a licensed professional if you need advice.

3. Hypothetical results

Unless we say otherwise, strategy results on this site and in our letters are hypothetical. They were produced by applying fixed rules to past prices, after modeled trading costs, with the benefit of hindsight. They are not the results of real accounts. Real trading can differ because of prices, costs, taxes, timing and other factors.

Past results, real or simulated, do not guarantee future results. Every strategy can lose money, and some of ours have fallen sharply in the past.

4. Our own trading

The strategies we publish are ones we build and may trade ourselves. Our editors and staff may own, buy or sell the securities we write about, including before or after an alert goes out, and we don’t tell readers when we do. We never trade against our own alerts, and we never buy a security in order to profit from the price move an alert might cause.

5. Membership and billing

Membership is billed in advance, monthly or yearly, and renews automatically until you cancel. The price, the renewal terms and how to cancel are shown before you pay and set out in our Refunds & Cancellation policy. Payments are processed by Stripe; we never see or store your full card number.

6. Your account

Your membership is for you alone. Please don’t share your login, and don’t forward, post or republish alerts, letters or Vault content. We may suspend or close accounts that do.

7. Our content

Everything we publish is protected by copyright and belongs to The Proving Ground. You may keep copies for your own personal use. You may not copy, sell, republish or distribute it without our written permission.

8. Accuracy and availability

We work hard to keep our research accurate and our alerts on time, but we can’t promise the service will be free of errors or interruptions. Email alerts can be delayed by email providers and other things outside our control. Always check current prices before you trade.

9. Limitation of liability

To the fullest extent the law allows, we are not liable for any investment losses, or for any indirect, incidental or consequential damages, arising from your use of the service. Our total liability to you for any claim is limited to the amount you paid us in the 12 months before the claim.

10. Changes to these terms

We may update these terms from time to time. If a change is material, we’ll email members before it takes effect. If you keep using the service after that, you accept the updated terms.

11. Governing law

These terms are governed by the laws of the State of Alabama, USA.

12. Contact

Questions about these terms go to support@provinggroundletter.com.