Terms of use

Nothing on this site is a recommendation to buy, sell or hold any investment, and nothing here is tailored to your circumstances. We do not know your finances, your obligations or your tolerance for loss, and we are not attempting to.

Studio is a tool for thinking. It shows you how to read a company’s numbers, works out what they imply, and tells you what they cannot tell you. A figure it calculates is the arithmetic of what you typed, not a judgment about whether something is worth owning. The judgment is yours, and so is the outcome.

If you want advice about your own money, ask someone qualified and regulated to give it.

Open Portfolio Studio is not a registered investment adviser, a broker-dealer, or a financial institution of any kind. Using this site creates no advisory relationship, no fiduciary duty, and no professional relationship of any sort between us.

We cannot place a trade for you and we never will. Studio can help you write down what you intend to do; carrying it out happens somewhere else entirely.

Company figures come from filings published by the U.S. Securities and Exchange Commission. Industry cost of capital comes from Aswath Damodaran at NYU Stern. Both are identified on screen with their date wherever they are used.

Those sources can be wrong, out of date, or restated later, and our reading of them can be wrong too. Where we know a figure is doubtful, we say so rather than hiding it. We do not warrant that anything here is accurate, current or complete.

Much of what Studio calculates rests on figures you look up and enter. We check what can be checked — a profit larger than the revenue it came from, a cash balance in the wrong units, a measure that does not apply to the kind of business you chose — but we cannot confirm that a number you typed is the right one from the right year. A confident answer built on a wrong input is still wrong.

Historical returns, scenarios and projections describe what has happened or what would follow from assumptions you choose. None of them forecasts what will happen. Investments can lose value, including all of it.

What you write here stays in your browser and belongs to you. We have no copy of it and no claim to it. See privacy for what that means in practice, including that clearing your browser data deletes it.

The site’s own content — its lessons, explanations, wording and code — remains ours. You are welcome to use it to learn, and to quote it with attribution. Republishing it as your own, or reselling it, is not permitted.

Use it as intended. Do not attempt to break it, overwhelm it, scrape it wholesale, or use it to mislead other people. We may restrict access if the site is being abused.

The site is provided as it is, without warranty of any kind. We do not promise it will be available, uninterrupted, or free of errors.

To the fullest extent the law allows, we are not liable for any loss arising from your use of this site — including investment losses, lost profits, or decisions you make on the basis of anything you read or calculate here. Some jurisdictions do not allow parts of this to be excluded, and where that is so, this paragraph applies only as far as it lawfully can.

These terms may change as the site does. The date at the top says when they last did. Continuing to use the site after a change means you accept the current version.

Questions about these terms, about privacy, or about anything the site gets wrong: e02.lu@outlook.com.

If you find a number here that is wrong, please say so. Corrections are the most useful thing anyone can send.