Subscription Agreement

Last revised on February 7, 2015

AVA Investment Analytics reserves the right to refuse to conduct business with anyone who we believe poses as a risk of disseminating our research or analysis, anyone who has violated the terms of this agreement, or for any other reason.
We explicitly prohibit newsletter publishers or any other provider of financial data, analysis and/or investment guidance access to our research publications. Any such publisher who wishes to utilize our research publications must contact us to arrange a licensing fee. We reserve the right to deny our research to all publishers of financial data, analysis and investment guidance.
Each of the newsletters offered for paid subscription (Intelligent Investor, Dividend Gems, Market Forecaster, here after known as the Newsletters) are written by, supervised under the direction of, and/or approved by Mike Stathis, the Chief Investment and Trading Analyst of AVA Investment Analytics (here after known as the Author). Neither Mike Stathis nor AVA Investment Analytics is a registered investment advisor.
We do not provide any refunds, nor do we offer any guarantees. Your results will depend on how you interpret and utilize this research. If you have confirmational bias based upon delusional ideas from media or other sources, you will have a difficult time interpreting and acting on all quality research, including our own.
We have three types of Subscribers - retail investors, financial advisers and institutional investors.
Retail investors are defined as individual investors who do not work in the financial industry.
Financial advisers work in the financial industry and have access and/or manage accounts for clients.
Institutional investors includes mutual fund managers and analysts, endowment and pension managers, fund managers and analysts of family offices, hedge fund managers and other financial professionals.
Additional Accounts Required to Open
You MUST agree to open accounts with all file sending services we select. This is the only way you will be able to receive research publications and access to research videos. There is no additional cost to subscribers to set up these accounts.
Currently, we are using HighTail as our file sending service and Screencast as our video sending/hosting service. You must agree to set up an account with each of these services. Again, there is no cost associated with setting up an account with these services, but we cannot speak to what the future holds. Because we pay for these accounts, we do not anticipate any fees being assessed by these companies to those we send files to. In the future, we could change file and/or video services or we could add additional services. You are required to open an account with any replacement or additional services and keep these accounts open throughout the duration of your subscription and/or membership. 
Website Member and Client Login Passwords
Members and Clients are expected to remember their website account passwords. If you forget your password you should use the automated password retrieval system instead of contacting us.
Subscribers to our monthly publications will be provided with one or more passwords required to access video research presentations. We will change these passwords regularly and we will send email messages when passwords have been changed. Each subscriber is responsible for taking note of the current password and all changes in passwords. We reserve the right to charge for each password request we receive. If you do not want to pay to receive your password the best solution is to WRITE IT DOWN IN A PLACE where you can easily locate it. As well, take note of all password changes. If you lose your password and do not want to pay for staff to provide it to you, you will be required to wait for the next month to receive it when new research publications have been released.
You Cannot Republish Our Research and Other Content
Our content is intended only for the person who paid for the subscription to our publications or Website Membership. You cannot send any of this material to anyone. Moreover, you cannot use our research or insights for the purpose of benefiting any business such as publishing, newsletter or anything else. Professional investors, fund managers and financial advisers can use our research for the purpose of advising their clients and managing funds and accounts. However, if you are a publisher of a newsletter (printed, digital, audio or video) or anything else that deal with the economy, investments, securities trading, investment analysis or anything related to these areas, you cannot subscribe to our research prior to disclosing this. We will determine to what extent, duration and any limitations and/or additional fees (not limited to licensing fees) we  will impose based on all information you provide too us about your related business and your intent to utilize our research and insights. If any of this information changes throughout the course of you paid subscription to our publications or Website Membership, you are to notify us within 10 business days. If any of this information changes throughout the course of you paid subscription to our publications or Website Membership, this could possibly cause you to forfeit the remainder of your subscription or Membership.
Research Video Passwords
Under normal circumstances, research and educational videos will not be embedded on the website. Therefore, these videos can only be accessed by logging into the website which hosts these videos. The links to these videos will be contained on the website and categorized by folders. These video folder links (i.e. Member 2015 Video Folder, Intelligent Investor 2012-2014 Video Folder) are located on a video index page within our website. The video index page can be found by checking under the top menu for LIBRARY. The video index page also has a link found on the upper left-hand side of the Home Page.
Members and Clients should always access the video folders by going to the video index page on the website. They should NOT bookmark the links to each video folder because these links will not work when we make changes to the folders.
Unless we are experiencing some technical issues, we will always send email alerts when monthly research has been released. When the research is written it will be included in the email. Currently we are using HighTail to send written reports. Members and newsletter subscribers (Clients) must register for a free HighTail account in order to receive written reports.
We are currently using Screencast to host our video and audio research presentations. When the research is in video or audio format, we will send an email to newsletter subscribers to notify them that the new material has been released. Currently Screencast enables us to send email alerts containing the link to the specific video as well as the password required to watch the video. We cannot guarantee this system will work or that Screencast will continue to provide this feature in the future. Note that Screencast links an email we have designated to send these alerts. However, if you experience an issue with accessing these videos, do not send us an email using the reply since this email is not one that we check. Always contact us through the website contact form or send us an email to this address: info@avaresearch(dot)com
Finally, if we change video hosting companies we may not be able to deliver notifications in this manner.
Each website Member and newsletter subscriber is expected to save the password(s) to the video folders for which they have been granted access by us.
Passwords will change on a regular basis and Members and subscribers should write down and save new passwords so they can access the video folders when content is released that is not accompanied by an email alert notification.
Keep Your Personal Opinions to Yourself
We publish a variety of content in addition to the investment and economic research. The vast majority of this additional content, while not part of the research subscription, is made available to paid subscribers of our publications for the purpose of helping them better understand how media works, and the need to avoid it.

We operate a professional research firm. Please do not confuse us for an ad-based platform whereby the publishers encourage feedback, as this is a scam designed to pull readers in deeper so that more ad revenues are generated.

If you do not like any of the other content we provide or if you are unable to comprehend the purpose of it, consult friends, family or seek professional assistance, but do not bother us with your issues. We do not operate a blog or provide a feedback system. If you do not want to read articles that might "upset" you. simply do not read them. All Clients and Members have the option to turn off article email alerts by logging into their account on the website. 

We Will NOT Respond to Emails that Use Anti-spam Systems
This is a notice to anyone who uses any type of spam email system which requires us to click a link then enter certain codes in order to read the email that has been sent to us (e.g. Spam arrest).
We will NOT click any links regardless what that claim to be and we will not enter any codes in order to comply with some foreign email system.
We will NOT read or respond to such emails. If you want to ask us questions, please get rid of this ridiculous email system which places a burden on us and exposes us to potential phishing attempts.
Handling of Emergency Issues
Because we are a small boutique investment research firm, we have greater limitations with regards to dealing with emergency and other unforeseen issues which could hinder our abilities to deliver research publications on time. Even though we will do all in our power to make sure to remedy all emergency situations, there is a possibility that we will be unable to deliver research publications to subscribers during one or more months. If this happens, all Clients and research subscribers will be notified. We will do our best to mitigate the situation. This might entail delivering the research in different formats (e.g. audio, video, written). The research might also be led by one or more individuals designated and approved by Mike Stathis, head of research and trading. If we are unable to publish research to subscribers for one month or more or if research is delayed by one month or more, we will credit each subscriber's account with the number of months research was not delivered as expected.
As of October 30, 2014, after publishing research since May 2009, we have not failed to deliver research publications to any of our Clients as promised even though we have encountered several unforeseen issues.
Lifetime Rate Lock-in
On occasion, we may offer (with limitations) the opportunity for retail subscribers to one or more of our newsletters to lock-in their annual subscription rate (to be paid within 30 days of expiration of their newsletter subscription term) for life as long as they remain continuous subscribers as long as they abide by the terms of this rate lock-in as well as the Subscription Terms.
We plan to notify subscribers that their subscription has ended so they can continue to receive this lifetime rate. We cannot guarantee all subscribers will receive a notification, nor do we guarantee such notification will be timely. If the 30-day grace period lapse without payment for the new subscription period, we reserve the right to cancel the lock-in rate renewal arrangement.
Professional Investors Are Not Eligible to Lock in Rates
Financial advisers and financial institutions (including research analysts and fund managers) are not permitted to lock in the annual rate to the Intelligent Investor for life.  
Financial advisers, fund managers, analysts and other professional investors who wish to subscribe to one or more of our investment publications must pay the subscription rate for financial advisers or financial institutions even if they plan to use our research publications for personal use only. 
Furthermore, financial advisers and financial institutions that are currently subscribed to the Intelligent Investor and wish to renew their subscription are required to renew at the applicable rate listed at the time when they renew, as given on the subscription page (upper right banner). 
Any possible discounts we may offer to financial advisers and financial institutions will only be considered based on prepayment for multiple subscriptions and/or time periods.
We reserve the right to verify the claimed status of each subscriber.  We also expect all subscribers to adhere to all copyright and trade secret laws.  In no instance do we permit sharing of our research publications (including the investment newsletters) with other individuals or organizations. If we detect any instance of fraud, we reserve the right to cancel your subscription WITHOUT A REFUND.  
We also reserve the right to pursue damages in a court of law if our intellectual property rights are violated.
We may offer complimentary Membership benefits to newsletter subscribers at no additional cost. However, this complimentary Membership may not include all content that paying Members receive.If subscribers who receive complimentary Membership violate our Code of Conduct, we reserve the right to terminate their complimentary Membership.
If for whatever reason newsletter subscribers are unable to access articles and other things on the website, log into their account (Client or Member), we will not provide any credits, refunds or any other financial reward. Payment for the newsletters is for the newsletters. Any and all services we offer in addition to a newsletter subscription (such as Membership) is offered with no guarantees. 
You Agree to Accept Our Code of Conduct
If you do not agree to accept our Code of Conduct, do NOT use our website, do NOT subscribe as a Member and do NOT subscribe to our research. We reserve the right to terminate your subscription with no refund at any time and without prior warning if you violate our Code of Conduct. We will not tolerate any form of inappropriate or abusive behavior or comments in emails.
We do NOT acknowledge any form or so-called "political correctness" and we will NOT structure our content in order to satisfy rules of behavior that seek to comply with commonly accepted norms of "political correctness." This means we could use "foul language," gender specific slants, so-called "racial slurs" and so forth. Furthermore, we do NOT acknowledge the term "racism." We believe it is a term created and used with the intent to manipulate the psyche in order to paralyze individuals into a fear of speaking the facts.
We often discuss topics that are viewed as politically incorrect or even so-called "hate speech" by the powers at be. We do NOT recognize these ridiculous designations and we will continue to express our views unhindered. Although it is rare that we discuss such topics in the research, it is a possibility. More often, these topics will be discussed in the articles and videos we publish on the site.
Also see the section "Keep Your Personal Opinions to Yourself."
Penalties for Subscription Fraud
All prospective (and current) subscribers must subscribe to the option that fits their category. Failure to do so constitutes fraud. Upon detecting subscriber fraud, we will immediate terminate all subscriptions associated with the fraud without refund. We may also pursue fraud charges in criminal and/or civil court.
Subscribers must pay for individual newsletter subscriptions. We own all copyrights to our publications.  As a paid subscriber to one or more of our newsletters, you agree to keep these publications confidential.
You are not permitted to share the research or analysis with anyone.
You are not permitted to disclose any securities recommendations, analyses, opinions, etc. in the public domain or with anyone.
You are not permitted to use our research (all publications including all investment newsletters) to manage any investment funds other than those directly in your name.
If you are a financial adviser, fund manager, analyst, fund manager of a family office, pension or endowment fund manager, or other category of professional investor, you are required to disclose this to us and submit the appropriate subscription rate.
If you fail to disclose that you are a financial adviser, fund manager, analyst, manager of a family office, pension or endowment fund manager, or any other category of professional investor, we reserve the right to terminate your subscription immediately without issuing a refund and to pursue a legal judgment against you and your representing firm for violating our intellectual property rights. 
All opinions expressed on the website (known here after as, in the Newsletters, special reports, or any other form of communication published by AVA Investment Analytics either located on, print or digital format are solely the current opinions of the Author and the staff at AVA Investment Analytics at the time they were written or otherwise communicated in relation to AVA Investment Analytics. None of the Author, staff of AVA Investment Analytics owes any fiduciary obligation to any reader of the Newsletter. The opinions expressed in the Newsletter may be short-term in nature and are subject to change.
The Author is considered an agent of AVA Investment Analytics and is employed as a research analyst. The Author discusses analysis of securities which he may or may not hold positions. During periods when the Author discusses that he may hold positions or plans to liquidate, initiate or add to securities positions, the decision to follow through with these plans may change based on numerous variables.
Any mention by the Author of his own asset allocation, securities positions, trading, risk management or other strategies are only meant to serve as a general illustrative example and in no instance should readers interpret these disclosures, opinions and strategies to be suitable for their own financial profile. It is the responsibility of each reader to determine his or her own suitability for all recommendations and illustrations contained within the Newsletter and all other publications distributed by AVA Investment Analytics, including material published on
Past performance is not indicative of future results. None of the Author, staff of AVA Investment Analytics guarantees any specific outcome or profit. All investments involve substantial monetary risk, including the risk of losing one's entire investment.
None of the information contained within any of our Newsletters, research reports, trading guidance or any other publication constitutes, or is intended to constitute, a recommendation by the Author, staff or AVA Investment Analytics that any particular security, investment or strategy is suitable for any specific person. Each reader should determine his or her own investment suitability, preferably with the assistance of a registered financial representative or investment adviser.
None of the information contained in the Newsletter is, or is intended to be, personalized investment advice. Investments or strategies mentioned in the Newsletter may not be suitable for all individuals. All readers of the Newsletter should make their own independent decision regarding them. The material contained in the Newsletter does not take into account each reader's particular investment objectives, financial situation or needs. All readers should strongly consider seeking advice from their own investment adviser.
We do not issue refunds. We provide investment research, analysis and educational material. Thus, there are no guarantees or warranties of any kind offered by this publication or on the web site, implied or non-implied. 
It is up to each reader to ensure they have provided AVA Investment Analytics with access to a working and reliable email account by which to deliver publications. We are not responsible for publications that may get lost in email transit. Readers are expected to contact AVA Investment Analytics if they have not received the scheduled publication as soon as possible.
The material contained in each newsletter is protected by trade secret law and cannot be shared or discussed with anyone. Laws pertaining to trade secret and copyright will be rigorously enforced according to the statues set forth by the U.S. Patent and Trademark Office and the applicable Copyright Acts.
AVA Investment Analytics reserves the right to refuse to conduct business with anyone who we believe poses as a risk of disseminating our research or analysis, anyone who has violated the terms of this agreement, or for any other reason.
We explicitly prohibit newsletter publishers or any other provider of financial data, analysis and/or investment guidance access to our research publications. Any such publisher who wishes to utilize our research publications must contact us to arrange a licensing fee. We reserve the right to deny our research to all publishers of financial data, analysis and investment guidance.
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