Prism Research Inc., doing business as Portfolio123.com or Portfolio123, does not offer its own trading or investing advice. Instead, we provide a website and platform where users may develop models that uncover trading and investing ideas as well as a section, Designer Model, where users may offer the ideas generated by their models to the public.

There are many considerations and risks associated with investing and trading. We want to warn you about these.

By subscribing to a Designer Model strategy you will gain access to the current holdings of the models and future transactions announcements via the Designer Model page and via emails. Premium Designer Model strategies subscriptions are billed monthly. Your first month is billed immediately upon subscription and renews automatically on a monthly basis. You can cancel at any time and your subscription will continue until the expiration of the current billing cycle.

The price of model subscription are established by the model developers. Each subscription is monthly and will renew automatically on the monthly anniversary of the initial billing and will continue to renew each month thereafter unless the subscriber cancels or unless terminated by the model developer as described below. Monthly payments, once made, cannot be refunded assuming the model remains in effect. Model developers and Portfolio123 reserve the right to terminate any Designer Model strategy, whether it's free or premium. If a premium Designer Model strategy is terminated, the strategy will be removed once all subscriber monthly cycles are expired.

Model Developers are subscribers to and users of Portfolio123; some may be associated with Portfolio123. Models presented in Designer Model have been developed and tested on Portfolio123.com subject to the Terms of Use and Privacy Policy posted on Portfolio123.com.

Designer Models, as with all other models developed on Portfolio123, are based on sets of screening and ranking criteria. There is no assurance that securities identified by these models will produce profits or that future outcomes will equal past performance. Although all models are developed and tested using data which is believed to be reliable, accuracy cannot be guaranteed.

Except as discussed below regarding investment advisers, Designer Models are offered to the public at large. The strategies and the ideas that flow therefrom have not been developed based on knowledge of or with reference to your particular circumstances such as financial position, goals, risk-reward preferences, tax situation, brokerage arrangement, investment or trading experience, and so forth. Hence no content or model published on Portfolio123 constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

Portfolio123 does not provide tax, legal, insurance or investment advice, and nothing on Portfolio123 including Designer Model should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Portfolio123. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. For advice that is specifically addressed to your needs, you should personally consult an appropriate professional (e.g. registered investment advisor, attorney, financial planner, tax professional, etc.) regarding your specific situation.

Unless the model developer is an investment adviser and has complied with any applicable federal or state registration requirements, the developer will not and cannot provide tax, legal, insurance or investment advice, and nothing on Portfolio123 including Designer Model should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Portfolio123 or any other party. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. For advice that is specifically addressed to your needs, you should personally consult an appropriate professional (e.g. registered investment advisor, attorney, financial planner, tax professional, etc.) regarding your specific situation.

If the model developer gives any personalized or individualized advice, recommendation, guidance or provides any other substantive investment-related information to you and is being compensated directly or indirectly for doing so (including through the receipt of Designer Model subscription fees), it is likely that the developer can be considered an investment adviser within the meaning of the law.

If the model developer is an investment adviser, then your relationship with the developer and the developer's obligations to you are as defined by applicable federal and state law. In many cases, advisers are required to register with federal or state authorities. A developer/adviser is responsible for determining whether he/she is required to register or whether the developer/adviser is covered by a specific regulatory exception to the registration requirements. If you seek or receive any personalized advice from a developer, you and the developer should make sure you are aware of the impact, if any, of laws governing advisers and that your communications are in compliance with same. In any case, Portfolio123 is not an investment adviser and does not participate in any aspect of an adviser-client relationship.

Simulated performance of Designer Models based on data covering a minimum of 10-years is presented and analyzed using the Portfolio123.com platform. Note that simulated performance has certain inherent limitations. Simulated results do not represent actual trading. Because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Model developers make efforts to account for such distortions through model rules (such as liquidity constraints) and testing assumptions (such as adjustments for price slippage), but there can be no assurance that such measures will be capable of eliminating the differences between hypothetical and actual trading.

In addition, simulated investing and trading does not involve financial risk, and simulated performance test cannot completely account for the impact of financial risks of actual trading and investing. For example, the ability to withstand losses or to adhere to a particular strategy in spite of losses are material factors that can adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific strategy which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual outcomes.

Strategies supported by simulated performance testing are also subject to the fact that they are designed with the benefit of hindsight. Hence no representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.

Past performance is no guarantee of future results.

There is always a risk of loss associated with trading or investing in stocks. Note, too, that such risks are greater when trading or investing in shares of very small companies and/or in thinly traded stocks that entail limited market liquidity and potentially wide bid/ask spreads.

In addition to simulated performance, Designer Model tracks and presents ongoing, live, 'out of sample' performance of the strategies subsequent to the date the models were launched for use by subscribers. Such post-launch performance information will reflect certain assumptions as to the prices at which the strategy buys and sells securities (i.e. a specific protocol will be used to determine which, among many different execution prices that may occur over the course of a single trading day will be assumed by the Designer Model tracking protocol) and trading costs (implemented in Designer Model through a pre-set slippage assumption).

Subscriber results may differ even if they buy and sell the same securities on the same days as the model. Subscriber performance will be subject to market prices subscribers are able to obtain at the times they submit their orders and by the nature of their orders (limit, market, etc.), by the sizes of their orders (which for some sites may influence the price) and the costs associated with whatever trading arrangements they choose. Further variation can be expected if subscribers vary the position weightings from those of the model, trade on days different from those assumed in the tracking of the model, and so forth.

Last Updated March 9 2015