Disclosures
Effective date: September 1, 2026
Second Order Research (“SoR”) publishes independent investment research, analysis, commentary, and educational material on public equities, macro, market structure, and related investment topics.
Not Investment Advice
SoR content is provided for informational and educational purposes only.
Nothing published by SoR constitutes individualized investment advice, a recommendation, an offer to buy or sell securities, or a solicitation to enter into any investment transaction.
SoR is not acting as an investment adviser, broker-dealer, fiduciary, attorney, tax adviser, or other professional adviser to readers.
Readers are responsible for conducting their own research and evaluating their own objectives, financial circumstances, and risk tolerance before making investment decisions.
Investment Risk
Investing involves risk, including the possible loss of principal.
Market prices may move rapidly and for reasons unrelated to the investment thesis discussed in SoR research.
Past performance, historical outcomes, scenario analysis, probability estimates, valuation ranges, and modeled returns do not guarantee future results.
Research Judgments and Forward-Looking Statements
SoR research may contain estimates, assumptions, probabilities, forecasts, scenarios, opinions, and forward-looking statements.
These reflect our judgment based on the information available at the time of publication.
Actual outcomes may differ materially.
Research conclusions, conviction levels, valuation ranges, entry zones, and scenario probabilities may change as new evidence becomes available.
Evidence and Sources
SoR seeks to prioritize primary evidence where practical, including regulatory filings, company disclosures, legal documents, technical materials, and other first-party sources.
Independent and secondary sources may also be used to verify, contextualize, or challenge primary evidence.
Despite these efforts, information may be incomplete, inaccurate, delayed, disputed, or subsequently revised.
Readers should independently verify information material to their decisions.
AI-Assisted Research
Second Order Research is AI-native in process and human-directed in judgment.
AI-assisted systems may be used for:
- evidence gathering;
- monitoring;
- research organization;
- synthesis;
- quantitative and probability analysis;
- scenario generation;
- thesis stress-testing;
- source comparison;
- and editorial workflows.
AI-assisted outputs can contain errors, omissions, or incorrect interpretations.
Material investment conclusions are subject to human review and judgment.
SoR is not an autonomous trading system, and AI does not have independent authority to commit investment capital.
Positions and Conflicts of Interest
SoR, its principals, contributors, or affiliates may hold long or short positions in securities, derivatives, commodities, or other assets discussed in our research.
When relevant, individual reports may include a position disclosure stating whether SoR or its principals hold a position as of the publication date.
Positions may change after publication without notice.
Readers should not assume that a position remains unchanged solely because a prior report disclosed one.
Compensation
Unless explicitly disclosed otherwise, Second Order Research has not been compensated by the companies discussed in its research.
If SoR ever receives compensation, sponsorship, access, services, or another material benefit that could create a conflict of interest, we intend to disclose that relationship where relevant.
Independence
SoR’s research conclusions are intended to reflect our own analysis and judgment.
We do not publish favorable research in exchange for payment from covered companies.
Access to management, company materials, industry participants, or other sources does not guarantee favorable coverage.
Price and Timing
Investment conclusions are inseparable from price and timing.
A favorable view of a company does not necessarily mean the stock is attractive at every price.
References to entry zones, valuation ranges, scenario values, or expected returns reflect the information and market price available at the stated date and may become outdated quickly.
Living Research
SoR research is designed to evolve as evidence changes.
A published report represents a point-in-time judgment—not a permanent conclusion.
Material changes in fundamentals, expectations, positioning, valuation, regulation, litigation, competition, technology, macro conditions, or other evidence may change our view.
Third-Party Information
SoR may reference or link to third-party filings, research, articles, market data, transcripts, technical materials, and websites.
We do not control those sources and cannot guarantee their continued availability, accuracy, or completeness.
No Guarantee of Updates
Although SoR may publish follow-up research or living updates, we are not obligated to update every report after new information becomes available.
Readers should verify that they are using current information before making investment decisions.
Contact
Questions regarding SoR disclosures or potential conflicts may be sent through the contact information provided on SecondOrderResearch.com.
Second Order Research
Curiosity Before Capital.
Evidence First