Disclaimer

Nothing on this site is investment advice.

First Thing publishes studies of how the economy works: analysis of published sources and data, for information and education. Nothing on this site, in the studies, in the professional pieces or in our emails is investment, legal, tax or financial advice, or an offer or solicitation to buy or sell any financial instrument.

Studies of past episodes describe what happened and how it can be read; they are not predictions or recommendations. "Your sector in the evidence" shows what a study's cases showed for a sector: it is historical evidence, not a forecast or a decision tool, and it does not assess the situation of any person or company. Calculators and sliders in the studies compute illustrations from the assumptions they state; they do not assess your situation.

Professional pieces are either illustrative analyses of published figures, about real companies, or training cases, about invented ones. They look back and describe. They are not audits, due diligence reports, valuations, or opinions on any company or its shares, and they are not investment recommendations. The companies named in them are not affiliated with First Thing and have not reviewed or endorsed them.

We take care that what we publish is right, but cannot guarantee that it is complete or free of errors. When we find an error, or a reader reports one, we correct the study and say so in the corrections log.