Disclaimer

THIS WEBSITE IS FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY.

Do not use the Company Sites and Materials as a complete source of information regarding any issuer of securities, and the information provided on this Website should not be used to make an investment decision. No information in the Company Sites and Materials (as defined in the ARMR Report’s Terms of Use (heretofore referred to as ‘ARMR’) should be construed as an offer to buy or sell securities. We urge you to verify all information in the Company Sites and Materials with your own independent research and consult with a registered investment advisor or licensed broker. Past performance is not indicative of future results.

Investing in securities, especially options, futures, and penny stocks, is highly risky and speculative, and you could lose your entire investment. In addition, the methods, techniques, information, content, indicators, strategies, columns, articles, and all other features of our Company Sites and Materials are provided solely for informational and educational purposes and should not be construed as investment advice.

You agree that you are solely responsible for your own trading decisions, and nothing in the Company Sites and Materials is intended to be or should be interpreted as a promise or guarantee of any result. You should always check with your licensed financial, investment, legal, or tax advisor to determine the suitability of any investment.

ARMR IS NOT A BROKER-DEALER OR INVESTMENT ADVISOR.

DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS OR INFORMATION FOUND IN THE COMPANY SITES AND MATERIALS. ARMR is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, FINRA, or any state securities regulatory authority. We are not licensed or qualified to provide financial, tax, or legal advice, and we do not purport to provide personalized investment, financial, tax, or legal advice in any form. The Company Sites and Materials are not provided to any particular individual with a view toward their individual circumstances. We do not recommend the purchase of securities. We do not promise or guarantee any particular investment results. We distribute opinions, comments, and information for a periodic fee exclusively to individuals who wish to receive them.

You acknowledge and agree that you, and not the Company, are solely responsible for your own investment research and decisions. We urge you to seek the advice of a qualified securities professional, tax, and/or legal advisor, as necessary, before making any investment, and to investigate and fully understand any and all risks before investing. ARMR assumes no responsibility or liability for your trading and investment results and you agree to hold ARMR harmless for such results or losses.

The Website and the Company Sites and Materials are wholly owned by ARMR Report, LLC. ARMR Trading Moderators provide paying members with alerts regarding trades. ARMR Moderators trade solely for their own accounts using their own money. Neither ARMR nor any of its Moderators or affiliates is compensated for making the trades identified in ARMR’s trade alerts. ARMR, its Moderators, and/or its affiliates may hold, buy, and/or sell securities that are discussed in the Company Sites and Materials. You understand, acknowledge, and agree that Moderators may purchase or sell securities before or after providing a trade alert and that some trades alerted by a Moderator may not actually be executed. ARMR does not require Moderators to disclose all trades, and Moderators’ positions may be inconsistent with trades. You understand, acknowledge, and agree that ARMR and its members, officers, employees, agents, and affiliates do not verify Moderator trade records or maintain records of moderator trades and results and that Moderators have no obligation to provide ARMR with any of their trade data. You further understand, acknowledge, and agree that ARMR has no obligation to notify you whether a Moderator executes (or does not execute) any trade. We reserve the right to buy or sell the shares of any of the companies mentioned in any Company Sites and Materials at any time.

Information contained in the Company Sites and Materials will contain “forward-looking statements” as defined under Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Readers are cautioned not to place undue reliance upon these forward-looking statements. These forward-looking statements are subject to a number of known and unknown risks and uncertainties outside of our control that could cause actual operations or results to differ materially from those anticipated. Factors that could affect performance include, but are not limited to, those factors that are discussed in each company’s most recent reports or registration statements filed with the SEC. You should consider these factors in evaluating the forward-looking statements included in the Company Sites and Materials and not place undue reliance upon such statements.

We are committed to providing factual information on the companies that are discussed in the Company Sites and Materials. However, we do not provide any assurance as to the accuracy or completeness of the information provided, including information regarding a company’s plans or ability to effect any planned or proposed actions. We have no first-hand knowledge of any company’s operations and therefore cannot comment on their capabilities, intent, resources, or experience, and we make no attempt to do so. Statistical information, dollar amounts, and market size data was provided by the subject company and related sources which we believe to be reliable.

To the fullest extent of the law, ARMR disclaims any liability to any person or entity for the quality, accuracy, completeness, reliability, or timeliness of the information provided in the Company Sites and Materials, or for any direct, indirect, consequential, incidental, special, or punitive damages that may arise out of the use of the information we provide to any person or entity (including, but not limited to, lost profits, loss of opportunities, trading losses, and damages that may result from any inaccuracy or incompleteness of this information).

We encourage you to invest carefully and read investment information available at the websites of the SEC at https://www.sec.gov and FINRA at https://www.finra.org.

IF YOU DO NOT AGREE WITH THE TERMS OF THIS DISCLAIMER OR THE ABOVE DISCLOSURES, PLEASE EXIT THE WEBSITE IMMEDIATELY. PLEASE BE ADVISED THAT YOUR CONTINUED USE OF THIS WEBSITE OR THE COMPANY SITES AND MATERIALS SHALL INDICATE YOUR CONSENT AND AGREEMENT TO THESE TERMS.

USE OF TESTIMONIALS – RESULTS PRESENTED ARE NOT TYPICAL OR VERIFIED

ARMR’s Company Sites and Materials may contain information regarding the trading performance of ARMR owners or employees, and/or testimonials of non-employees depicting profitability that is believed to be true based on the representations of the persons voluntarily providing the testimonials. However, subscribers’ trading results have NOT been tracked or verified and past performance is not necessarily indicative of future results, and the results presented are NOT TYPICAL. Actual results will vary widely given a variety of factors such as experience, skill, risk mitigation practices, market dynamics, and the amount of capital deployed. Investing in securities is speculative and carries a high degree of risk; you may lose some, all, or possibly more than your original investment.

ARMR respects and follows 16 C.F.R. Part 255 and the Federal Trade Commission’s Guides Concerning the Use of Endorsements and Testimonials in Advertising. As explained above, ARMR does not track the results of our current or past subscribers. However, there is much available research data that suggests that most day traders are not profitable. For your own edification please review:

“Day trading for a living?” 2019 study by Fernando Chague, Rodrigo De-Losso, and Bruno Giovannetti (http://www.repec.eae.fea.usp.br/documentos/Chague_Losso_Giovannetti_47WP.pdf)

CONCLUSION: 97% of day traders who traded at least 300 days between 2013 and 2015 in the Brazilian equity futures market (the third largest volume in the world) lost money, 0.4% earned more than $54 per day, and the top individual earned only $310 per day with great risk.

“Do Day Traders Rationally Learn About Their Ability?” 2017 study by professors from the University of California (Davis), Peking University, and the University of California (Berkeley) (https://faculty.haas.berkeley.edu/odean/papers/Day%20Traders/Day%20Trading%20and%20Learning%20110217.pdf)

CONCLUSION: Only 9.81% of day trading volume was generated by predictably profitable traders. These predictably profitable traders constitute less than 3% of all day traders on an average day. (This conclusion was based on the evaluation of 3.7 billion trades from the Taiwan Stock Exchange between 1992 and 2006.)

“The cross-section of speculator skill: Evidence from day trading” 2013 paper by professors from the University of California and Peking University (https://faculty.haas.berkeley.edu/odean/papers/Day%20Traders/The%20Cross-Section%20of%20Speculator%20Skill.pdf)

CONCLUSION: “[l]ess than 1% of the day trader population is able to predictably and reliably earn positive abnormal results net of fees.”

These studies highlight the difficulty in determining a definitive success rate or even reliable inferences about what “generally expected results” are for day traders. At a minimum, these studies indicate that at least 50% of day traders will not be profitable. Day trading is a high-risk activity, and you could lose some, all, or even more than your investment. Any trade or investment you make is at your own risk, and ARMR urges you to consult with a qualified advisor prior to making any such trade or investment.

MODERATOR DISCLAIMER

Bret Rosenthal, ARMR Founder, having held Series 7, 63, and 65 licenses with FINRA and having worked previously as a registered broker, has experience in trading securities and buying and selling securities; however, by law, those licenses can only be used in conjunction with a registered broker-dealer firm where he is so licensed and cannot be used in connection with any aspect of ARMR’s business since ARMR is not a licensed broker or dealer firm. No statement made by Bret Rosenthal should be construed as and does not constitute in any way an offer to sell or buy any securities, providing stock recommendations, or engaging in any permissible activities of a registered broker or registered firm licensed to offer, buy and sell securities, which ARMR is not permitted to engage in.