A Dispatch is a piece of editorial commentary on a single business, a sector pattern, or a methodological choice. It is written by the editors. It is signed “by the editors” without an individual byline because every Dispatch is reviewed by at least one editor other than the writer before it is published. We do not publish unsigned commentary from outside contributors.

A Dispatch is not a recommendation. It is a narration. The protocol marks every business BUY, WATCH, or PASS; the Dispatch explains the reasoning behind the flag and the caveats that surround it. Decisions to buy or sell remain the reader's.

• Price targets. Price targets are guesses about where the market will trade, which we have no informational advantage on. We publish intrinsic value, which is a different (and slower) question.
• Earnings predictions. We use forward analyst consensus as an input to the protocol, but we do not publish our own quarterly earnings calls.
• Macro forecasts. We do not have a view on the next Fed move, the inflation print, or the election. Where macro inputs enter the protocol (Treasury yields, GDP growth) we use observable data, not predictions.
• Cryptocurrency, gold, options strategies, FOREX, or any asset class outside U.S. public equities. The protocol is not built for those.
• Sponsored content of any kind. We do not accept advertising, paid placements, or affiliate links.
• “Hot picks” or “top ten stocks for the next decade.” If a stock's reckoning hasn't changed materially, we don't write about it. The Tape does the daily reporting; the Dispatch is for editorial framing of specific businesses or specific methodological choices.

The editors do not hold positions in individual stocks that appear in the universe we cover. We invest, where we do, in broad index funds and, in some cases, in the businesses that pay our salaries when we have salaries. This is not a virtue claim — it is a practical decision designed to make the publication's recommendations independently defensible. If this policy changes (for example, if we add an editor who already holds positions in covered names), we will disclose the holdings on this page within thirty days.

We do not accept gifts, hospitality, or paid travel from the companies we cover. We have not been contacted by, paid by, or in dialogue with the investor-relations teams of any of the businesses on the Tape. If that changes, we will say so.

We make mistakes. When we discover a material mistake — in a number, in a citation, or in a claim about a business — we correct it on the original page and append a dated correction note at the bottom. We do not silently rewrite history. If a Dispatch is materially revised, the revision date is visible at the top of the page. If a Dispatch is retracted (i.e., we no longer stand behind its conclusion), the page remains live with the retraction noted.

If you spot an error, please write to the editors with a link and a clear description. We will respond.

The subscription buys the publication, not the methodology. The methodology is free in The House Style; the underlying data sources are listed openly; and the live reckoning on at least one business (currently Coca-Cola) is fully open to non-subscribers as a thorough sample. What the subscription buys is the daily application of the methodology to the universe — pulling each business's most recent filings, running the protocol, comparing the result to the price the market is asking, and delivering it in your inbox at nine o'clock each weekday morning. Plus the watchlist, the full Dispatch archive, the unblurred backtests, and the sector-specific valuation variants for businesses where the standard protocol is structurally weak.

• The Daily Tape email, weekdays at 9:00 AM Eastern.
• Watchlist alerts when one of your tracked stocks crosses the buy line or the sell line.
• A weekly Dispatch round-up on Friday evenings.
• A quarterly state-of-the-screen note documenting protocol changes and backtest performance.
• Nothing else. We will not send promotional emails, partner offers, or “we miss you” campaigns. We will not sell or share your email address.

Some of our commentary — specifically the longer-form Dispatches — is drafted with assistance from large language models, then edited and signed off by the human editors. We disclose this here, plainly, because we believe readers should know how the work is made. The math, the data, and the protocol are entirely human-authored. The editing standard is the same as for any draft: every claim is independently verified before publication, every number is checked against the source filing, and every dispatch is reviewed by an editor other than the drafter.