Disclosures.

The full set of disclaimers, risk disclosures, conflict policies, and operational terms governing the Navaratnas publication and your use of it.

Last updated: May 10, 2026 · Effective immediately upon publication.

1. Educational nature of content

All content published by Navaratnas — including but not limited to the website, weekly digest, real-time alerts, watchlist, monitor list, sample emails, calibration reports, and any supplementary materials (collectively, the "Service") — is provided for informational, educational, and analytical purposes only.

Nothing in the Service constitutes a recommendation, endorsement, or solicitation to buy, sell, hold, or otherwise transact in any security, derivative, fund, or other financial instrument. No content should be interpreted as personalized investment advice for any individual subscriber.

2. Publisher status & legal framework

Navaratnas operates as a financial publisher under the publisher exemption of Section 202(a)(11)(D) of the Investment Advisers Act of 1940, as established by the United States Supreme Court in Lowe v. SEC, 472 U.S. 181 (1985).

Under that exemption, Navaratnas:

• Publishes content of a general and impersonal nature, equally available to all subscribers at the same tier;
• Does not provide individualized investment advice tailored to any subscriber's specific financial situation;
• Does not manage, custody, or have discretionary authority over any subscriber's assets;
• Is not registered as an investment adviser with the U.S. Securities and Exchange Commission or any state securities regulator, nor is it required to be under the publisher exemption;
• Is not a broker-dealer, investment company, financial planner, or fiduciary.

3. No fiduciary relationship

No subscription to, communication with, or use of the Service creates an adviser-client, fiduciary, principal-agent, or any other special relationship between Navaratnas (or any of its principals, employees, or contractors) and any subscriber.

4. Performance figures & backtest results

Any performance figures cited in the Service — including but not limited to backtest results, hypothetical returns, win rates, alpha measurements, drawdown statistics, and verdict tiers — are based on historical data and analytical models. They do not represent actual trading results and do not guarantee future performance.

Backtest results are subject to known limitations:

• They do not reflect transaction costs, brokerage fees, market-impact slippage, taxes, or behavioral execution variance.
• They depend on the universe selected; the published 2024–2026 backtest used a 7-symbol mega-cap universe that is not representative of the broader market.
• They cover a single market regime — a strong bull market — and have not been validated against major drawdowns, recessions, or volatility spikes.
• Look-ahead bias and survivorship bias risks may be present despite efforts to enforce point-in-time data correctness.
• Methodology may be revised based on live forward-tracking results; revisions may render prior backtest figures non-comparable.

Past performance does not guarantee future results. Live forward results are expected to differ from backtest figures, often materially.

5. Risk of loss

Investing in publicly traded securities involves substantial risk, including the partial or total loss of invested capital. Stock prices can decline rapidly and remain depressed for extended periods regardless of analytical signals.

The Navaratnas methodology has been tested, to date, only across a single regime (May 2024 – May 2026) and has not yet been validated in extended drawdowns. The historical top alignment tier produced an approximate 71–78% win rate over the tested forward windows, which means roughly 22–29% of picks lost money even when subscribers followed the published playbook correctly. Position sizing should account for this.

Subscribers should not invest funds they cannot afford to lose.

6. Forward-looking statements

The Service contains forward-looking statements, including but not limited to expectations about future market behavior, methodology efficacy, hit rates, alpha generation, subscription counts, and product roadmap. Forward-looking statements are speculative and inherently uncertain. Actual results may differ materially from expectations.

7. Conflict of interest policy

Navaratnas maintains the following conflict-of-interest policies:

• The Navaratnas team will not initiate or close positions in any published name within forty-eight (48) hours before or after a release containing that name.
• Any positions held by the team in published names are disclosed within the email containing that release.
• Compensation comes solely from subscription fees. Navaratnas does not accept payment, soft-dollar arrangements, or other consideration from issuers, third parties, or any party with an interest in securities discussed in the Service.
• The team does not engage in front-running or scalping in any form.

8. No tax, legal, or accounting advice

Navaratnas is not a tax advisor, attorney, accountant, or licensed financial planner. Nothing in the Service constitutes tax, legal, or accounting advice. Subscribers should consult their own qualified tax advisor, legal counsel, and accountant regarding the specific tax, legal, and accounting consequences of any investment.

9. Personal circumstances

Whether any investment is appropriate depends on each individual's financial situation, objectives, time horizon, risk tolerance, liquidity needs, and tax circumstances. The general analytical content provided by the Service cannot account for these personal factors. Subscribers should consult a licensed investment adviser, broker-dealer, or financial planner before making any investment decision.

10. Jurisdictional limitations

The Service is designed for and directed to residents of the United States. Securities laws vary by jurisdiction, and the publication may not be appropriate for, or available to, residents of other countries.

Subscribers outside the United States are responsible for complying with applicable local laws regarding the receipt and use of investment-related publications. Navaratnas makes no representation that the content is appropriate or available for use in any particular jurisdiction.

11. No solicitation

Nothing on this website or in subscriber emails should be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell, any security, derivative, fund, or other financial instrument in any jurisdiction where such an offer or solicitation would be unlawful.

12. Privacy and data

Subscriber email addresses and any other voluntarily provided personal information are used solely to deliver the Service and communicate about it. Navaratnas will not sell, trade, rent, or otherwise transfer subscriber personal information to third parties for marketing purposes.

The website uses Google Analytics 4 to measure aggregate site usage, including pageviews and conversion events. No personally identifiable information is collected by these analytics beyond what is configured by Google's standard implementation. See our privacy policy for the complete data-handling description.

13. Third-party data sources

Navaratnas relies on data from multiple third-party providers spanning publicly available market data, regulatory filings, macroeconomic series, and aggregate sentiment indicators. The specific data sources and how they are combined into the methodology are proprietary.

Navaratnas does not control these data sources and does not guarantee the accuracy, completeness, timeliness, or availability of third-party data. Errors or omissions in source data may cause the methodology to produce incorrect signals. Subscribers should verify any specific datum against authoritative sources before acting.

14. Methodology revisions

The nine-criterion methodology may be revised periodically based on live forward-tracking data, recalibration runs, regime shifts, or other operational considerations. Revisions will be disclosed in the email release following the change. Prior backtest results may become non-comparable after methodology revisions.

15. Limitation of liability

To the maximum extent permitted by applicable law, Navaratnas, its principals, employees, contractors, affiliates, and successors shall not be liable for any direct, indirect, incidental, consequential, special, exemplary, or punitive damages arising out of or in connection with any subscriber's use of, or reliance on, the Service, including without limitation any investment losses, lost profits, or trading errors.

Subscribers assume sole responsibility for evaluating any content of the Service and for any decisions made on the basis of that content.

16. Agreement and acknowledgement

By subscribing to or otherwise using the Service, you acknowledge that you have read, understood, and agree to these disclosures in their entirety. If you do not agree, you should not subscribe to or use the Service and should unsubscribe immediately from any existing subscription.

Questions about these disclosures? Email [email protected].