Risk Disclosure & Not Financial Advice

Version 2026-07-28Effective 28 July 2026

1. Not financial advice

Priors is analytical software. Nothing it produces — no signal, score, confidence rating, causal chain, graph, chart, synthesis, or run report — is investment advice, a recommendation, a solicitation, or an offer to buy or sell any security, commodity, derivative, currency, or other instrument. Nothing on this site or in the application should be construed as a suggestion that any particular transaction or strategy is suitable for you.

Priors produces no price targets, no valuations, no position sizing, no entry or exit levels, and no portfolio construction. It does not execute trades, hold custody of assets, route orders, or connect to a brokerage. A "direction" and a "horizon" attached to a signal describe the relationship the software measured; they are not instructions.

2. Not an investment adviser

[LEGAL ENTITY NAME] is not registered with the U.S. Securities and Exchange Commission, any state securities regulator, the Financial Industry Regulatory Authority, the Commodity Futures Trading Commission, the National Futures Association, the UK Financial Conduct Authority, or any other financial regulator, in any capacity. It is not an investment adviser, broker, dealer, commodity trading advisor, futures commission merchant, financial planner, or fiduciary of any kind.

No fiduciary relationship is created by your use of Priors. We owe you no duty of care, loyalty, best execution, or suitability. We are a software publisher, and the relationship between us is governed solely by the Terms of Service.

3. The output is impersonal

This section describes how the product actually works, and it matters legally as well as practically.

The analysis Priors performs is computed once, globally. Every hypothesis, every statistical test, and every resulting signal is produced from shared inputs and is identical for every user of the service. Your watchlist and focus prompts act as a filter and a steering hint over that shared body of analysis — they determine which parts of it are displayed to you and which topics the system pays attention to. They do not cause different conclusions to be computed for you.

Priors does not collect, request, receive, or infer:

• your positions, holdings, portfolio, or account balances;
• your net worth, income, liquidity needs, or financial situation;
• your investment objectives, time horizon, or risk tolerance;
• your tax position, domicile for tax purposes, or regulatory status;
• your trading history or intentions.

A watchlist is a list of instruments you asked to read about. It is not a statement of what you own, and Priors never treats it as one. Because the software knows none of the facts above, nothing it outputs can be, or is, tailored to your individual circumstances — and you must not treat it as though it were.

4. No compensation from issuers

Priors is not compensated, directly or indirectly, by any issuer, company, fund, sponsor, broker, dealer, exchange, market maker, or promoter in exchange for coverage, inclusion, favourable analysis, or placement. There are no paid listings, no sponsored signals, no affiliate or referral arrangements with brokers, and no revenue that depends on which instruments the software surfaces or what direction it indicates. Our only revenue from you is the subscription fee you pay us, if any.

Personnel of [LEGAL ENTITY NAME] may hold positions in instruments covered by the service. Those positions do not influence the analysis, which is generated by the software from the pipeline described on the home page without human curation of individual results. [CONFIRM THIS IS AND REMAINS TRUE — and if you ever add sponsored placement, affiliate broker links, or human-curated picks, this section must change and section 2 becomes materially harder to defend.]

5. What "validated" does and does not mean

When Priors labels a relationship "validated", that word has a narrow, specific meaning: a statistical test applied to historical price data did not reject the proposed relationship at the configured significance threshold, after correction for multiple testing.

It does not mean any of the following:

• that the relationship is causal in any philosophical or scientific sense;
• that the relationship will hold in the future, or at any particular time;
• that the stated mechanism is the true reason for the historical association;
• that the relationship is economically significant after costs;
• that acting on the relationship would have been, or will be, profitable;
• that Priors has verified the underlying news is true.

Statistical significance is a statement about the probability of observing data under a null hypothesis. It is not a probability that a trade will work. A confidence rating is a calibration estimate derived from historical outcomes, not a promise, a guarantee, or a prediction of a specific result.

6. Limits of backtesting

Any statistic Priors displays is derived from applying a test to historical data after the fact. Such analysis is subject to well-known limitations that you should assume are present:

• Multiple testing. The system proposes and tests a very large number of hypotheses. Some will pass any threshold by chance alone. Priors applies false-discovery- rate control to limit this, which reduces the problem but does not eliminate it.
• Overfitting and selection. Relationships discovered by searching a large space tend to look stronger in the sample they were discovered in than they do out of sample.
• Regime change. Market structure, participants, liquidity, policy, and correlation regimes change. A relationship that held under one regime can vanish or invert under another.
• No costs modelled. Statistics shown do not account for commissions, spreads, slippage, financing, borrow costs, market impact, taxes, or the practical difficulty of executing at historical prices.
• Data artefacts. Historical price series may contain errors, gaps, restatements, corporate-action adjustments, or survivorship effects that distort results.
• Timestamp precision. Aligning a news event to a price bar involves assumptions. Imprecision here can flatter or damage a result.

7. AI-generated content and its failure modes

The hypothesis-proposal stage of Priors uses large language models. LLMs are known to produce output that is fluent, confident, and wrong. Specifically, and without limitation, the following can and do occur:

• Fabrication. A model may state a mechanism, relationship, or fact that does not exist.
• Extraction error. A model may misread a news article, misattribute a quote, invert a direction, or miss negation.
• Entity confusion. A model may conflate similarly-named companies, tickers, commodities, or jurisdictions.
• Stale or absent knowledge. A model's world knowledge has a cutoff and may be wrong about current facts.

Statistical validation is designed to catch relationships that are merely plausible, and it removes most of them. It is not a fact-checker: it cannot detect that the stated mechanism is fictional, only that the numerical relationship did or did not hold. A signal can therefore carry a narrative that is wrong even where the statistics are sound. Read the audit chain and the underlying source before relying on any explanation.

8. Third-party data

Priors ingests news from RSS and Atom feeds that you select, and price data from third-party market-data providers. We do not author, verify, endorse, or control any of it. It may be inaccurate, incomplete, delayed, revised, mis-timestamped, or unavailable. Prices may be delayed, unadjusted, or wrong. Priors is not a market-data vendor and provides no data warranty of any kind. Third-party content remains the property of its owners and is subject to their terms.

9. No guarantee of availability or accuracy

The service is provided on an "as is" and "as available" basis. Analysis runs may fail, be delayed, be incomplete, or produce nothing. Signals may be revised or withdrawn. Features may change or be removed. Nothing here constitutes a commitment that the service will run at any particular time, cover any particular instrument or event, or surface any particular relationship. See the Terms of Service for the full warranty disclaimer and limitation of liability, both of which apply to everything on this page.

10. Investment risk

Trading and investing involve substantial risk of loss and are not suitable for everyone. You may lose more than your initial investment where leverage, margin, derivatives, short positions, or futures are involved. Commodities, foreign exchange, and crypto-assets can be extremely volatile. Illiquid instruments may be impossible to exit at a quoted price. The multi-hop, cross-asset relationships Priors specialises in are, by their nature, indirect, weak, and unstable compared with direct exposures — that is precisely why they are not already obvious, and it is also why they are risky.

Never invest money you cannot afford to lose entirely.

11. Jurisdiction and eligibility

Priors is operated from [JURISDICTION] and is intended for users in jurisdictions where its provision does not require registration or licensing. It is not directed at, and may not be used by, any person in any jurisdiction where such use would be contrary to law or regulation, or would subject [LEGAL ENTITY NAME] to any registration requirement. You are responsible for determining whether your use complies with the laws that apply to you, and for complying with them.

12. Consult a professional

Before making any investment decision, seek advice from a licensed financial adviser, broker, accountant, or tax professional who is authorised in your jurisdiction and who knows your circumstances. Priors is not a substitute for that advice and is not designed to be one.