Disclosures

Effective October 16, 2026 · Last updated October 16, 2026

What Sorites publishes

Sorites Research is founder-led by Drew Clement. It publishes research and opinion on structural change, companies and markets. Its writing is not personalized investment advice or a recommendation to buy or sell a security.

Notes are shorter, exploratory pieces outside the thesis ledger. Their format does not reduce the need for accurate sources, clear assumptions and relevant disclosures. Work framed as a formal investment thesis belongs in Research.

Interests and company relationships

Sorites receives no payment, sponsorship or other compensation from companies it covers. Any change to that policy will be disclosed before publication of affected work.

Each company note states the author’s position as of its stated date, relevant past trading, and any company contact connected with the piece. Financial or commercial interests relevant to a note must be disclosed there. A contact or business overlap is assessed and disclosed specifically; readers should not infer a blanket absence of relationships from this general policy.

Trading around publication

Sorites does not apply a fixed trading blackout period before or after publication of a note. Instead, each note provides dated disclosures of holdings and recent trades, together with earlier trading history where relevant to the discussion.

Those disclosures describe the position on their stated date, not a promise that holdings will remain unchanged. Material updates to a note receive refreshed, dated disclosures. A past profitable trade is not evidence that a current valuation or forecast is correct.

Archive Signal

Drew Clement also founded and operates Archive Signal, a separate business that sources, structures and licenses proprietary datasets. Its buyers include AI developers, creating a commercial interest in AI spending growing. Archive Signal may earn revenue from licensing, acquisitions and revenue-sharing arrangements. Relevant overlaps with a covered company must be identified in the individual note.

Archive Signal’s commercial relationships are not independent validation of a Sorites thesis. Each note identifies its own sources and any relevant company contact.

Dates, estimates and corrections

Each note carries a valuation date, original publication date, last-updated date and short summary. Quoted prices and valuation assumptions apply to the stated valuation date, not indefinitely. Facts, estimates and illustrations should be distinguishable.

Notes can be revised as evidence changes. A substantive edit or correction receives a dated entry at the bottom and a matching last-updated date. Typographical or formatting fixes may be made without changing the financial analysis. Thesis-ledger versions retain their separate immutability and update rules.

AI assistance

AI tools may assist research, source checking and editorial production. Drew Clement remains responsible for the published work. Assistance is not independent verification.

Contact

For corrections or relevant disclosure questions: [email protected].