Last updated: 2026-05-01
The Morning Market Brief and all associated content provided through shearscapital.ca and shearscapital.com (collectively, the "Site") and through email and other distribution channels operated by Shears Capital ("Shears Capital," "we," "us," or "our"), is published for general informational and educational purposes only. By accessing the Site, subscribing to the Morning Market Brief, or otherwise consuming our content, you acknowledge and agree to the terms of this Financial Disclaimer.
1. Not Investment Advice
The Morning Market Brief is a research and education product. It is not personalized investment advice and is not intended as a recommendation to buy, sell, hold, or otherwise transact in any specific security, derivative, cryptocurrency, fund, or other financial instrument by any specific person.
The content of the Morning Market Brief is general in nature, distributed in identical form to all subscribers, and does not take into account your personal financial situation, investment objectives, risk tolerance, tax position, time horizon, or any other individual circumstance.
You should not act on any information in the Morning Market Brief without first conducting your own independent research and, where appropriate, consulting a licensed and registered financial advisor, investment dealer, tax professional, or legal counsel.
2. Not Registered
Shears Capital is not registered with the Alberta Securities Commission, any other provincial or territorial securities regulator in Canada, the Canadian Investment Regulatory Organization (CIRO), the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA), or any equivalent foreign authority as:
- an Investment Adviser or Portfolio Manager;
- an Investment Dealer, Restricted Dealer, or Mutual Fund Dealer;
- an Investment Fund Manager;
- a Commodity Trading Adviser or Commodity Pool Operator; or
- in any other regulated capacity.
We do not hold securities licenses. We do not manage client accounts. We do not provide individualized investment recommendations. We do not solicit or accept funds for investment purposes. The Morning Market Brief is published in reliance on exemptions and exclusions from registration applicable to general financial publications and educational content.
3. No Guarantees of Performance
Past performance is not indicative of future results. Any historical price levels, returns, or performance figures discussed in the Morning Market Brief, whether for individual securities, market indices, sectors, or strategies, are presented for educational context only. They are not a forecast or promise of future returns.
Trading and investing in financial markets carries substantial risk, including the risk of total loss of capital. You may lose more than your initial investment when using leveraged products or derivatives. There is no guarantee that any methodology, framework, qualification filter, scoring system, or specific candidate identified in the Morning Market Brief will produce profitable results, and a substantial proportion of trades discussed in our research may, individually or in aggregate, result in losses.
4. Specific Risk Categories
Without limiting the generality of Section 3, you acknowledge the following specific risk categories that may apply to content discussed in the Morning Market Brief:
- Market risk: prices may move against expectations due to factors entirely outside the scope of any analysis we provide;
- Liquidity risk: the inability to enter or exit positions at expected prices, particularly in low-volume securities, after-hours sessions, or during market stress;
- Gap risk: prices may open materially above or below the previous close, beyond any stop-loss order placed;
- Execution risk: the actual fills you receive may differ materially from prices referenced in our content;
- Tax risk: including but not limited to the risk that frequent or active trading within a Tax-Free Savings Account (TFSA) may be reclassified by the Canada Revenue Agency as business income subject to taxation at top trust-level rates, in line with the principles applied in Ahamed v. The King (2024 FC 1393) and related authorities;
- Foreign-exchange risk: trades in non-CAD denominated securities expose you to currency fluctuations and to platform-specific FX conversion costs;
- Concentration and correlation risk: apparently diversified positions may behave as a single concentrated bet during market stress, when sector correlations rise materially;
- Cryptocurrency risk: including but not limited to extreme volatility, custody risk, exchange failure risk, regulatory uncertainty, and the absence of investor-protection regimes that apply to traditional securities;
- Platform risk: including the risk of broker outages, order routing errors, halt mechanics, and order-type limitations specific to your trading platform.
5. Educational Framing
The Morning Market Brief surfaces trade candidates that survive a defined evidence-based qualification filter. Inclusion of a security in the brief means only that the security passed our filter on the date of publication; it does not mean we recommend that you buy, sell, or hold the security.
Every trade plan, level, target, stop, holding window, and reward-to-risk figure published in the Morning Market Brief is illustrative. You must not interpret these as instructions to enter, exit, or size positions in your own account.
6. Position Disclosure
Shears Capital may, from time to time, hold long or short positions in securities, cryptocurrencies, or other instruments discussed in the Morning Market Brief. We may enter, exit, increase, or decrease positions before, after, or contemporaneously with the publication of content discussing those instruments. We will not generally disclose specific position details on a per-publication basis.
We do not accept compensation from any issuer, exchange, broker, fund, or other third party in exchange for favourable mention or coverage in the Morning Market Brief. The product is funded entirely by subscriber revenue.
7. Data Sources and Errors
The Morning Market Brief draws on third-party data sources including, but not limited to, market data providers, news wires, regulatory filings (SEDAR+ and EDGAR), and economic-data publishers. We make reasonable efforts to verify accuracy but make no warranty as to the completeness, accuracy, or timeliness of any data presented. Errors, omissions, and delays may occur. You are responsible for independently verifying any data point before acting on it.
8. Forward-Looking Statements
The Morning Market Brief may contain forward-looking statements, projections, or scenario analysis. All such forward-looking content is inherently uncertain and may differ materially from actual outcomes. Do not place undue reliance on forward-looking statements.
9. Jurisdiction and Eligibility
The Morning Market Brief is intended for adults aged 18 years or older who are capable of forming a binding contract under the laws of their jurisdiction. The content is published from Alberta, Canada, and is principally directed at Canadian and U.S. residents. We make no representation that the content is appropriate, lawful, or available for use in any other jurisdiction. If you access the Morning Market Brief from a jurisdiction where its publication or your subscription would be unlawful, you do so on your own initiative and at your own risk.
10. No Fiduciary Relationship
By subscribing to or otherwise consuming the Morning Market Brief, you acknowledge that no fiduciary, advisory, agency, partnership, joint venture, or trust relationship is created between you and Shears Capital or Shears Capital. Your relationship with us is solely that of a publisher and subscriber of educational research content.
11. Acknowledgement
By accessing the Site, subscribing to the Morning Market Brief, or otherwise consuming our content, you acknowledge that:
- You have read and understood this Financial Disclaimer;
- You accept that you are solely responsible for your own investment decisions and outcomes;
- You release Shears Capital, Shears Capital, and any affiliated parties from liability for any losses, damages, or claims arising from your use of our content, except to the extent that such liability cannot be lawfully excluded; and
- The Limitation of Liability provisions of our Terms of Service apply.
12. Updates
We may update this Financial Disclaimer from time to time. The version dated above is the operative version. Material changes will be communicated to active subscribers by email and reflected on the Site.
13. Contact
Questions about this Financial Disclaimer may be directed to:
Shears Capital Alberta, Canada Email: admin@shearscapital.com