What our briefs are, and what they are not.
Most disclaimers exist to make a claim unfalsifiable after the fact. This one exists because knowing the limits of a finding is most of the value of knowing the finding, and a brief that hid them would be worth less, not more.
Effective August 19, 2026 · Weller Advisors
We read published research and report what it found. We are not your lawyer, your accountant, your auditor, or your investment advisor, and nothing we write is a recommendation to buy or sell any security.
A finding from someone else's company is evidence about your decision. It is not an answer to it. Every brief names the conditions under which its finding transfers, and those lines are the ones to read twice.
01Research, not advice
Weller Advisors provides research and analysis. We are not a law firm, an accounting firm, an auditor, a broker-dealer, or a registered investment advisor, and no one here is acting in any of those capacities. Nothing in a brief, an email, or on this site is legal advice, tax advice, accounting advice, or a professional opinion of any kind.
Where a brief touches a regulated subject, and some do, treat it as a prompt to consult someone qualified rather than as a substitute for having done so.
02Not investment advice
Our briefs discuss public companies and contain financial figures drawn from their filings. None of it is investment advice.
Nothing we publish is a recommendation, offer, or solicitation to buy or sell any security, and nothing is an opinion on whether any company's stock is worth owning. Our briefs are written for the operators inside a company who are making an operating decision, not for anyone deciding whether to hold its shares. If you are an investor and you found your way to one of our briefs, it was not written for your question and you should not use it to answer it.
03Public sources only
We build from published research, government data, and public company disclosure: filings, earnings-call transcripts, investor decks and press releases. We do not seek, want, or knowingly use material non-public information, and we do not want a client's confidential figures for the purpose of writing about a public company.
If you are our client and share something internal with us, it informs which questions we take up. It does not get published.
04What "verified" means here
We use the word narrowly, and it is worth being precise about the boundary because the word is usually used loosely.
What we check
- That the paper exists, is correctly cited, and says what we say it says
- That every quoted passage is verbatim from the source we attribute it to
- That every number we print appears in the source, or is arithmetic we performed and showed
- That the population, sample size, and study design we describe match the paper
- That the limits the authors themselves state appear in our write-up
What we cannot check
- Whether the underlying research is correct. We verify faithfully against the paper. We do not re-run the experiment, re-analyze the data, or audit the authors' statistics. Published research is sometimes wrong, and findings sometimes fail to replicate.
- Whether a finding holds at your company. See the next section.
- Whether public company disclosure is accurate. We take filings and transcripts as given.
A brief that says a finding is verified means we checked our account of it against the source. It does not mean we are vouching for the science.
05Transfer is a condition, not a promise
Every study happened somewhere specific, to someone specific. When we tell you what a result means for your company, we are reasoning across that gap, and we will always tell you how wide it is.
Research findings come from particular populations, industries, time periods and designs. A result established among wireless subscribers may or may not hold among gym members. A field experiment run in one country under one set of prices may behave differently under yours. Effects measured where a rate was high often shrink where it is low.
Each brief states the setting a finding came from and the conditions under which we believe it transfers. Those statements are our judgment, offered honestly and with the reasoning shown. They are not guarantees, and a finding that transferred for another company is not evidence that it will transfer for yours.
Where a brief works through what a finding would be worth at your scale, that arithmetic is ours, is labeled as ours, and rests on assumptions we state. It is an order of magnitude to reason with, not a forecast, and it is not a number to put in a plan without testing it.
06The decision stays yours
We do not run your business, see your full picture, or carry your risk. Recommendations in a brief are inputs to a decision that remains entirely yours, and we accept no liability for outcomes that follow from acting on one. Where a brief suggests a test, run the test.
07Currency
A brief reflects the research and public disclosure available when it was written, and carries that date. Research advances, companies change, and a brief that was accurate on its date can become stale. We do not undertake to update a brief after it is delivered unless the engagement says we will.
08Third-party works and marks
Academic and government works we cite belong to their authors and publishers, are quoted briefly with attribution, and are never redistributed by us. Company names, marks and logos belong to their owners; naming a company does not imply it is a client of ours, or that it endorses or is affiliated with us.
09Questions
If a brief is unclear about which of these limits applies to a particular claim, that is a defect in the brief and we want to hear about it: [email protected].