First Principles Finance

Terms and Conditions

Last updated: July 19, 2026

1. What this site is

First Principles Finance publishes educational content about finance. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security or financial instrument. Content reflects the personal views of the author.

2. Your account

Reading full letters requires a free account. You are responsible for keeping your login credentials secure. We may suspend accounts that abuse the service.

3. No advice, no warranty

Content is provided "as is", for educational purposes only. Examples use real-world mechanics but simplified numbers. Past or hypothetical results do not guarantee future outcomes. Always do your own research and consult a licensed professional before making investment decisions. Investing involves risk, including possible loss of principal.

4. Intellectual property

Letters and site content are the author's intellectual property. You may share links and quote short excerpts with attribution; republishing full letters requires permission.

5. Changes

We may update these terms; continued use after changes constitutes acceptance. Material changes will be noted on this page.

First Principles Finance

Finance, from first principles.

Content is for educational purposes only and is not investment advice or a recommendation to buy or sell any security. The views expressed are solely those of the author. Investing involves risk, including possible loss of principal. By accessing or reading this content, you agree to our terms and privacy policy.