Terms of Use
Effective date: October 23, 2026
These Terms of Use govern your use of philsteptoe.com (the “Site”), a personal website operated by Philip P. B. Steptoe (“I,” “me,” or “my”). By using the Site, you agree to these Terms. If you do not agree, please do not use the Site.
1. Information only; not investment advice
Everything on the Site, including essays, charts, tables, backtests, and other materials (the “Content”), is provided for general informational and educational purposes only. It is not investment, financial, legal, tax, or accounting advice, and it is not a recommendation to buy, sell, or hold any security, fund, or strategy. The Content is general and impersonal; it does not take into account your objectives, financial situation, or needs. Reading the Site does not create an adviser–client, fiduciary, or other professional relationship with me. Before making any financial decision, consult a qualified professional who knows your circumstances.
2. No offer or solicitation
Nothing on the Site is an offer to sell, or a solicitation of an offer to buy, any security, fund interest, or other investment product, or an offer to provide investment advisory or other services.
3. Opinions, risk, and performance information
Essays reflect my personal opinions as of the date they are written. They may change without notice, and I have no obligation to update them. Investing involves risk, including the possible loss of principal. Some strategies discussed, such as managed futures, may use leverage, derivatives, and short positions, which carry additional risks.
Past performance does not guarantee future results. Hypothetical and backtested results have inherent limitations: they are prepared with the benefit of hindsight, do not reflect actual trading, and may not account for all fees, costs, taxes, or market conditions. Data from third-party sources is believed to be reliable but is not guaranteed.
4. Positions and conflicts
I, members of my household, or entities I am associated with may hold positions in securities, funds, or strategies discussed on the Site and may buy or sell them at any time without notice. Essays disclose relevant positions as of the time of writing. If I am ever compensated by a company, fund, or issuer that I write about, the essay will say so.
5. Accuracy
I take care to keep the Content accurate, but I do not guarantee that it is complete, current, or free of errors. I may correct or change Content at any time without notice.
6. Third-party links
The Site links to websites and sources operated by others. Those links are provided for reference only; I do not control or endorse those sites and am not responsible for their content, policies, or practices.
7. Intellectual property
Unless otherwise noted, the Content and the Site’s design, including the crest artwork, are owned by me or used with permission and are protected by copyright and other laws. You may view the Site, print or save pages for personal, non-commercial use, link to any page, and quote brief excerpts with attribution and a link to the source. Without my written permission, you may not republish essays in full, use the Content for commercial purposes, systematically copy or scrape the Site, remove copyright notices, or use my name or crest in a way that suggests endorsement.
8. Acceptable use
Do not use the Site in any way that is unlawful, that could damage, disable, or impair it, or that interferes with anyone else’s use of it, including attempting to gain unauthorized access to the Site or its hosting systems.
9. Disclaimer of warranties
The Site and Content are provided “as is” and “as available,” without warranties of any kind, express or implied, including warranties of merchantability, fitness for a particular purpose, accuracy, and non-infringement, to the fullest extent permitted by law.
10. Limitation of liability
To the fullest extent permitted by law, I will not be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or for any trading or investment losses, lost profits, or lost data, arising from or related to your use of, or reliance on, the Site or its Content, even if advised of the possibility of such damages. My total liability for any claim relating to the Site will not exceed one hundred U.S. dollars (US$100). Some jurisdictions do not allow certain limitations, so some of them may not apply to you.
11. Indemnification
You agree to indemnify and hold me harmless from any claims, losses, or expenses, including reasonable attorneys’ fees, arising from your misuse of the Site or your violation of these Terms.
12. Governing law and venue
These Terms are governed by the laws of the State of West Virginia, without regard to its conflict-of-law rules. Any dispute relating to the Site or these Terms will be resolved exclusively in the state or federal courts located in West Virginia, and you consent to the personal jurisdiction of those courts.
13. Changes
I may update these Terms from time to time by posting a revised version on this page with a new effective date. Your continued use of the Site after a change means you accept the revised Terms.
14. General
If any provision of these Terms is found unenforceable, the remaining provisions will remain in effect. My failure to enforce a provision is not a waiver of it. These Terms, together with the Privacy Policy, are the entire agreement between you and me regarding the Site.