Legal

1. Who We Are — and Who We Are Not

Tideline is a subscription publication operated by JBPS Capital LLC ("JBPS Capital," "we," "us"). Tideline publishes systematic, model-driven market signals and related commentary on a regular, predetermined schedule.

Tideline is a publisher, not an investment adviser. Neither JBPS Capital LLC nor any of its principals or employees is registered as an investment adviser with the U.S. Securities and Exchange Commission or with any state securities regulator, and we do not hold ourselves out as investment advisers. We rely on the exclusion available to bona fide publishers of impersonal, regular, general-circulation publications under Section 202(a)(11)(D) of the Investment Advisers Act of 1940 and corresponding state law.

What this means in practice:

• Everything we publish is impersonal. Every subscriber receives the same signals, at the same time, in the same form. Nothing we publish is based on, or adapted to, the investment objectives, financial situation, risk tolerance, tax circumstances, or portfolio of any individual subscriber.
• We do not know your situation and we do not want to be told it for advisory purposes. We do not review subscriber portfolios, answer questions about whether the service is "right for you," size positions for you, or tell any individual whether, when, or how much to buy or sell. If you contact us asking for individualized advice, we will decline.
• We publish on a regular schedule. Signals are generated by a fixed, rules-based model and distributed on a predetermined cadence, not produced on demand in response to any individual subscriber's request or specific market event.
• No client relationship is formed. Subscribing to Tideline creates a publisher–subscriber relationship only. It does not create an adviser–client relationship, a fiduciary relationship, or any duty of individualized care on our part.

2. Not a Recommendation; You Are Solely Responsible for Your Decisions

The signals, model outputs, charts, and commentary published by Tideline are information — not recommendations, solicitations, or offers to buy or sell any security, future, or other financial instrument. Any decision to act on published information, including whether to trade at all, which instruments and account types to use, what position size to take, and when and how to execute, is yours alone. You should not act on any information published by Tideline without independently determining that it is suitable for your circumstances, and you are strongly encouraged to consult a registered investment adviser, licensed broker, tax professional, and/or attorney before making investment decisions.

3. Hypothetical and Backtested Performance

Certain figures presented on this site are derived from backtesting — the retroactive application of a model to historical market data. Backtested and other hypothetical performance results have inherent and serious limitations, including the following:

• No actual trading occurred. Hypothetical results do not represent trades actually executed in a live account, and no capital was ever at risk in producing them.
• Hindsight is embedded. Models are designed with the benefit of historical knowledge. Design choices — including the choice of which model version to publish — are made after observing how candidate models performed on the past. Historical results therefore tend to overstate what a subscriber could have achieved in real time.
• Simulated fills are approximations. Backtests rely on assumptions about execution prices, slippage, spreads, financing costs, fees, and dividends. Actual results will differ, and the difference can be large, particularly in fast or illiquid markets.
• Hypothetical results ignore the human factor. They do not reflect the impact of fear, hesitation, missed signals, delayed execution, or the difficulty of adhering to a systematic strategy through deep and prolonged drawdowns. Many investors abandon systematic strategies at precisely the worst moments.
• Markets change. A model that performed well over one historical period may perform poorly, or fail entirely, in future market conditions that differ from those in the test period.

No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Where backtested figures appear on this site, they are clearly labeled as backtested/hypothetical research results, are presented net of the stated assumptions, and are not presentations of live trading results.

4. Risk Disclosures Specific to the Tideline Model

The Tideline model is a systematic, leveraged trend-following strategy applied to broad U.S. equity index exposure. Subscribers should understand, before subscribing, that:

• Leverage amplifies losses as well as gains. A strategy carrying greater-than-1x market exposure — whether obtained through margin, futures, or leveraged exchange-traded products — will experience losses larger than the underlying index during adverse moves. Leveraged exchange-traded products also exhibit compounding effects that can cause their long-run returns to deviate materially from a simple multiple of index returns, particularly in volatile, range-bound markets.
• Large drawdowns are an expected feature, not a malfunction. Historical testing of the model includes peak-to-trough declines of approximately 40%. Comparable or larger drawdowns should be expected in the future. Do not allocate capital to a strategy of this type unless you can financially and psychologically withstand losses of this magnitude without being forced to liquidate.
• Whipsaws are inherent to trend-following. The model will at times exit exposure and re-enter at higher prices, or reduce exposure before a market advance, producing losses or foregone gains relative to buy-and-hold. No known method reliably distinguishes false exit signals from genuinely protective ones in advance. Periods of underperformance versus a simple index fund — potentially lasting years — are normal for this class of strategy.
• Signals are periodic; markets are continuous. The model evaluates and publishes on a fixed schedule. Markets can move substantially, including via overnight and weekend gaps, between signal publications. The model provides no protection against such moves.
• Execution differences are unavoidable. Subscribers execute their own trades in their own accounts at their own brokers. Differences in receipt time, execution time, fill prices, commissions, taxes, and account types mean that no subscriber's results will match published model results, and subscribers' results will differ from one another.
• Model, data, and delivery failures can occur. The model depends on third-party market data, software, and communications infrastructure. Errors, outages, or delays in any of these can result in incorrect, late, or missed signals.

5. No Guarantee; Past Performance

Nothing published by Tideline is a guarantee, promise, or projection of future performance. All investing involves the risk of loss, including total loss of the capital committed. Past performance — actual or hypothetical — does not guarantee and is not a reliable indicator of future results.

6. Not Tax, Legal, or Accounting Advice

Nothing on this site or in any Tideline publication constitutes tax, legal, or accounting advice. Systematic strategies can generate frequent taxable events and short-term capital gains treatment. Consult your own qualified professionals regarding the tax and legal consequences of any investment activity.

7. Jurisdiction

The Tideline service is intended for residents of the United States. It is not an offer of services in any jurisdiction where such an offer would be unlawful. Persons accessing this site from other jurisdictions do so at their own initiative and are responsible for compliance with local law.

8. Accuracy and Changes

While we make reasonable efforts to ensure the accuracy of published information, all content is provided "as is" and may contain errors. We may correct, update, suspend, or discontinue any aspect of the publication at any time. Model logic may be revised, and any material change to the published model will be disclosed to subscribers.