Use of all Hedgeye Risk Management, LLC (“Hedgeye”) products and services is subject to the Terms of Service available at https://www.hedgeye.com/terms_of_service. The below product-specific disclaimers must always be read in connection with, and are intended to supplement, the Terms of Service, including the disclaimers found therein, as well as any information or disclaimer communicated directly through Hedgeye products and services.
Hedgeye Real-Time Alerts (the "Alerts") provides hypothetical quantitative pricing signals in a virtual setting to illustrate how an investor might employ certain Hedgeye investment ideas. The Alerts are not actual trades and do not represent an actual portfolio of investments; rather, the Alerts are “Long” and “Short” signals across various time durations, based on Hedgeye’s fundamental analysis, coupled with a proprietary technical model. The Alerts reflect only current bid and ask prices Hedgeye receives from a third-party provider (“Third-Party Feed Price”) and may not correspond to actual transactions executed in the marketplace.
Actual market conditions are likely to differ from information communicated through the Alerts, which merely represents estimated or indicative Third-Party Feed Price information available to Hedgeye at the time Hedgeye issues a signal. Actual results are likely to differ from the “realized returns,” “unrealized returns”, and “performance” (collectively the “Alert Statistics”), which are simple mathematical calculation based on Third-Party Feed Prices. The hypothetical “cost basis” or “average cost basis” reflected in the Alerts are the Third-Party Feed Price for that financial instrument at the time the signal was issued. In the instance in which a second or third signal (referred to as a “double” or “triple” signal) is issued on an “open signal”, Hedgeye will average of the “cost basis” from the instance in which the “open signal” was initiated and the Third-Party Feed Price quoted for that financial instrument at the time of the second or third, as the case may be, signal’s issuance. This latter calculation will become the new “average cost basis” for the “open signal”. The hypothetical “performance” is the percent difference between the “cost basis” or “average cost basis” and the Third-Party Feed Price at the time a signal is issued which closes the “position” for that financial instrument. “Unrealize return” represents current “performance” of “open signals”, while “realized return” represents “performance” of “closed signals.”
Differences between the Alerts Statistics and actual results in the marketplace or actual transactions may arise for a number of reasons, including but not limited to: The Alerts Statistics do not account for transaction costs; the Alerts Statistics do not account for margin interest costs; the Alerts Statistics do not account for time delays between the Third-Party Feed Price delivery and the issuance of the Alerts; the Alerts Statistics do not account for the time it takes to effect an actual market transaction, or delays in the delivery of email or other messages; the Alerts Statistics do not account for cash dividends; the Alerts Statistics generally do not account for corporate actions such as stock splits, rights, and warrants, though the “cost basis” or “average cost basis” of positions in the Alerts may occasionally be adjusted for the sake of accuracy, with all such adjustments being described in notes accompanying the positions in the Alerts; the Alerts Statistics do not consider possible lack of liquidity or whether the Third-Party Feed Price is actually availability as a transaction price, or how different the Third-Party Feed Price may be from a transaction price available to you; the Alerts do not consider tax consequences; the Alerts do not indicate size of position; and the Alerts do not give asset allocation guidance. Hedgeye cannot be responsible for inaccuracies in price provided by its Third-Party Price Feed, and may, from time to time, make corrections to account for technical errors. YOU SHOULD ALWAYS BE AWARE OF THE ACTUAL TRANSACTION COSTS OF ANY SECURITIES TRANSACTIONS BEFORE EFFECTING SUCH TRANSACTION.
The Alerts are not representative of all of Hedgeye’s investment ideas and are based on market factors and strategies that may vary from other Hedgeye products and services, which at times, may result in a “position close” in the Alerts while Hedgeye may continue to have an opinion about a financial instrument or company in other products or services.
HYPOTHETICAL OR SIMULATED PERFORAMCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORAMCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMLULATED TRADING RECORDS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNATED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSS SIMILAR TO THOSE SHOWN.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL RISKS AND OTHER ASPECTS OF TRADING IN FINANCIAL INSTRUMENTS. YOU SHOULD CONSULT YOUR FINANCIAL ADVISOR PRIOR TO UNDERGOING A TRADING STRATEGY.