What we are, and what we're not.

Plain-English explanation of our regulatory posture, how we make money, what we own, and what could bias our outputs.

We are a publisher, not an advisor

Alpha Foundation publishes general-circulation research about publicly traded companies — coverage initiations, earnings synthesis, scenario probabilities, thesis tracking, sentiment scoring. Our outputs are produced by AI systems running over public market data and licensed data feeds, and are distributed identically to every subscriber on the same tier. We do not tailor outputs to the financial situation, holdings, risk tolerance, or objectives of any individual subscriber.

Under the U.S. Supreme Court's decision in Lowe v. SEC, 472 U.S. 181 (1985), and the publisher's exclusion in Section 202(a)(11)(D) of the Investment Advisers Act of 1940, a bona-fide research publisher that meets each of three conditions — (i) it offers only impersonal advice not tailored to individual subscribers; (ii) the publication is genuine, of regular and general circulation; and (iii) it is disinterested, not promoting any particular security in exchange for compensation — is not an investment advisor under federal law. We operate under this posture and structure our product to satisfy each condition:

• Impersonal. Subscribers on the same tier see the same coverage on the same cadence. We never ask for and never collect information about your portfolio, holdings, risk tolerance, time horizon, tax situation, or investment objectives, and we never customize outputs to such factors.
• Genuine and general circulation. Our daily memo, research surfaces, and decks are published on a regular daily cadence to all subscribers, not assembled in response to individual requests.
• Disinterested. Alpha Foundation does not accept compensation from any company we cover, any broker, exchange, or third party to influence the content of our research. See "Compensation arrangements" below for the full statement.

State law may impose additional registration requirements. If you are a resident of a state that regulates impersonal research publishers, you should consult counsel before relying on our publisher posture.

Compensation arrangements

Alpha Foundation's revenue comes entirely from subscription fees paid by our subscribers (Foundation and Pro tiers). We do not:

• Accept payment from companies we cover, in exchange for coverage, favorable framing, scenario weighting, or any other form of placement.
• Accept payment from brokers, custodians, or trading platforms for traffic, routing, or referrals.
• Sell, license, or share subscriber data with any third party for marketing or advertising purposes.
• Take affiliate, referral, or commission revenue from any financial product mentioned in our research.

Positions held by Alpha Foundation and its founders

The Alpha Foundation entity does not hold securities in any company we cover. Our founders may, from time to time, hold long-only positions in covered companies for their personal accounts, subject to a written personal-trading policy that prohibits trading around the publication of new coverage, new earnings memos, or material revisions. Detailed founder holdings are available on request to our compliance contact.

[Lawyer fill in: whether to publish a routinely-updated founder-holdings disclosure, and how granular it must be.]

Data sources and AI

We integrate the following data sources into our research pipelines:

• Financial fundamentals: Financial Modeling Prep (FMP), SEC EDGAR (10-K, 10-Q, 8-K filings).
• Market data: Massive.com (OHLCV bars, earnings transcripts, corporate actions).
• News: Event Registry / NewsAPI.ai for article ingestion and entity resolution.
• Macro: FRED (Federal Reserve Economic Data) for macro time series.
• AI generation: Anthropic Claude (Opus 4.x for thesis generation; Sonnet 4.x for enrichment, scoring, and synthesis; Haiku 4.x for triage and gating).

AI-generated content is subject to model limitations including hallucination, stale context, and source error. We expose source attribution and trust tiers on output where possible and run nightly retrospective calibration against realized outcomes to identify systematic bias in our scoring. None of this eliminates the need for your own diligence.

Forward-looking statements

Our research includes forward-looking statements: scenario probabilities, scenario price targets, expected-return calculations, catalyst forecasts. These are not predictions of future stock prices. They are illustrative outputs from probabilistic models with inputs that change as new information lands. Realized outcomes may differ materially from any scenario published. We do not warrant or guarantee any forward-looking statement we publish.

Backtesting and track record

Some of our outputs reference our internal track record — historical hit rates, calibration of scenario probabilities to realized outcomes, attribution of past calls. Past performance is not indicative of future results. Where we publish track-record numbers, they reflect a synthetic portfolio constructed under specific rules (described on the track-record page) that may differ from the way any individual subscriber would construct their portfolio. Track-record figures do not include trading costs, taxes, slippage, or other frictions a real investor would face.

Risk warning

Investing in securities involves risk, including the loss of principal. Equity prices fluctuate; the entire value of an investment can be lost. Past returns are not indicative of future returns. Diversification does not eliminate risk. You should not invest in securities discussed in our research unless you can afford the loss of the entire investment and have consulted a qualified professional.

Privacy of subscriber data

How we handle the personal data you provide to us (email, profile information, payment metadata) is covered in our privacy notice. We do not collect, store, or analyze your portfolio holdings, your trading activity, or any other information that would be required to personalize our research to you.

Jurisdictional notes

Alpha Foundation is operated from the United States. We make the product available globally where lawful but make no representation that the product is appropriate for use in any particular jurisdiction. It is your responsibility to ensure that your use of the product complies with the laws of your jurisdiction. Residents of jurisdictions that regulate research publishers more strictly than U.S. federal law should consult local counsel.

Contact

Compliance and disclosure questions: compliance@alpha-foundation.ai (alias to founder until a compliance team is in place).