Research has limits. So does reliance on it.

Scope and acceptance

This Legal & Financial Disclaimer applies to Quant Research Desk (QRD), quantresearchdesk.com, and all research papers, notes, charts, models, datasets, simulations, backtests, software examples, strategy descriptions, communications, downloads and other material made available by QRD (the Content).

QRD is operated by Coccaro Roberto Ignacio and Amin Hydarali (the Founders). By accessing or using the Website or Content, you acknowledge this Disclaimer. If you do not agree, do not rely on or use the Content.

Research and educational purposes only

All Content is provided solely for general informational, academic, analytical, research and educational purposes.

Nothing on the Website constitutes investment advice, financial advice, trading advice, legal advice, tax advice, accounting advice, portfolio-management advice, a personalised recommendation, an offer, solicitation, invitation or inducement to buy, sell, hold or transact in any security, derivative, cryptocurrency, commodity, currency or other asset.

Discussion, testing or publication of a security, strategy, portfolio, model or signal does not mean QRD or either Founder recommends that any person trade or invest in it.

No personalised advice or fiduciary relationship

The Content is not prepared having regard to any person's financial circumstances, objectives, experience, risk tolerance, investment horizon, liquidity requirements, tax position or personal needs. QRD does not assess suitability or appropriateness for individual users.

Nothing creates an adviser-client, broker-client, investment-manager-client, fiduciary, agency, partnership or other professional relationship between any user and QRD or either Founder.

No regulated service represented

Unless expressly provided under a separate legally compliant arrangement, QRD does not through the Website accept or execute client orders, manage client accounts, exercise discretionary authority over client assets, hold client money or securities, provide personalised securities recommendations, or represent itself as a broker, dealer, investment firm or portfolio manager.

A disclaimer cannot turn conduct that is legally a regulated activity into an unregulated activity. QRD and the Founders remain subject to mandatory laws and regulatory requirements that apply to their actual conduct.

Investment and trading risk

Financial markets involve substantial risk. A user may lose some or all capital invested and, for certain leveraged or derivative transactions, may lose more than the amount initially invested where applicable.

Risks include market, leverage, short-selling, derivatives, volatility, liquidity, gap, overnight, counterparty, currency, interest-rate, model, execution, technology, data, operational, regulatory and unexpected-event risk. No methodology can eliminate those risks.

Past, simulated and backtested performance

Past performance, hypothetical results, backtests and simulations are not reliable indicators or guarantees of future results. Market conditions, liquidity, costs, regulation and relationships between securities can change.

No Sharpe ratio, CAGR, alpha, win rate, drawdown, probability, statistical significance level or other metric published by QRD is a promise of future performance.

Limitations of backtests and models

Backtested or simulated results may be affected by overfitting, multiple testing, data mining, selection bias, survivorship bias, look-ahead bias, universe bias, corporate-action treatment, data errors, assumptions about fills, estimated spreads, commissions, slippage, market impact, borrow costs, liquidity, financing, availability and other modelling choices.

Walk-forward testing, out-of-sample testing, Monte Carlo analysis, multiple-testing corrections, cost stress tests, parameter stability tests and similar techniques can improve research discipline but cannot eliminate model risk or ensure live profitability.

Use of words such as validated or realistic

Terms such as realistic, robust, validated, out-of-sample, institutional, investable, production-ready, forward-tested or similar expressions describe a research process or assumption only. They are not guarantees of accuracy, regulatory status, suitability, profitability or future performance.

Accuracy, completeness and third-party data

QRD seeks to conduct careful research but does not warrant that Content is complete, accurate, current, error-free or fit for any particular purpose. Data may be supplied by brokers, exchanges, vendors, APIs, public sources or other third parties and may contain delays, omissions or inaccuracies.

Users must independently verify information before using it for investment, trading, programming or commercial decisions.

Software and code

Any code, algorithm, notebook, configuration, pseudocode or implementation example is supplied as-is for research and educational purposes. QRD does not warrant correctness, security, compatibility, uninterrupted operation, profitability, regulatory compliance or suitability for live trading.

Software defects, connectivity failures, broker/API errors, exchange outages, latency, configuration mistakes and programming errors can cause financial losses. Users are responsible for independent testing, controls, supervision and risk limits.

Independent decision-making

Any decision to invest, trade, allocate capital, use leverage, deploy code or implement a model is made solely by the user. Users are responsible for due diligence, professional advice, legal compliance, suitability assessment, risk understanding and ongoing monitoring.

Conflicts of interest

The Founders or contributors may from time to time own, trade, buy, sell or otherwise have interests in securities or assets discussed in QRD research. Positions may exist before, during or after publication. Material conflicts should be disclosed where legally required or appropriate, but users should make independent decisions.

Third-party links and services

Links, references or integrations involving brokers, exchanges, data providers, software providers, academic sources and other third parties are provided for convenience or research. QRD does not control and is not responsible for third-party availability, accuracy, security, legality, products, services or practices. A reference does not imply sponsorship or endorsement.

Jurisdictional restrictions

The Website may be accessible in jurisdictions where financial communications or activities are regulated differently. QRD does not represent that its Content is lawful or suitable everywhere. Users are responsible for local-law compliance and must not use or distribute Content where prohibited.

Limitation of liability

To the maximum extent permitted by applicable law, QRD, the Founders, and their contributors, contractors and agents shall not be liable for losses, damages, claims, expenses, lost profits, lost opportunities, loss of data, trading losses, business interruption, or indirect, incidental, consequential or special damages arising from access to, inability to access, use of, or reliance on the Website or Content.

Nothing in this Disclaimer excludes or limits liability that cannot lawfully be excluded or limited, including mandatory consumer rights and liability arising from fraud, wilful misconduct, gross negligence or other non-excludable grounds where applicable.

Indemnity

To the maximum extent permitted by law, a user who unlawfully misuses the Website or Content, infringes intellectual-property rights, violates these terms or causes third-party claims through unauthorised conduct agrees to indemnify the Founders and QRD for resulting third-party liabilities, losses and reasonable costs. This does not remove non-waivable consumer rights.

No duty to update or warn

QRD is not obliged to update old research merely because market conditions, data, regulation or later research change. Publication does not create an ongoing duty to monitor users or warn them when a strategy stops working, risks increase or conclusions change.

Intellectual property and publications

Original QRD text, reports, graphics, research frameworks and other original materials are protected by applicable intellectual-property laws unless stated otherwise. Publication does not grant a right to commercially reproduce, sell, sublicense or misrepresent the work.

This Disclaimer also applies, where relevant, to QRD PDFs, newsletters, LinkedIn posts, social media, presentations, videos, code repositories, emails and other publication channels.

Severability and mandatory law

If a provision is invalid or unenforceable, it shall be limited to the minimum extent necessary and the remainder shall continue to apply. Nothing is intended to waive rights or duties imposed by mandatory law.

Final warning

Do not make an investment decision solely because of something published by Quant Research Desk. Conduct your own research and, where appropriate, obtain advice from an appropriately authorised professional.

Research and educational material only. No personalised investment advice. No solicitation or offer to trade. Past, simulated and backtested performance does not guarantee future results. Investing involves risk, including possible loss of all invested capital.