Independence
Research is only useful if the reader knows who paid for it. Here is who pays for ours, and what we will not do.
Our standard
These apply to both principals and to everything we publish or deliver.
Readers pay
Our research is funded by reader subscriptions and by clients who commission work and are named on it. It is not funded by the companies, funds or sponsors it covers, or by their advisers.
Interests on the first page
Any financial interest we or our principals hold in a company covered, including positions, is stated on the first page of the report with the date.
No gifts or hospitality
We do not accept gifts, trips or hospitality from companies we cover or from sponsors, and we do not take paid site visits.
No product attached
We do not sell, place or distribute securities. We earn no commissions, referral fees or transaction fees on anything we cover.
Commissioned work is labelled
A report prepared for a client says so on its face. The fee does not depend on the conclusions.
Corrections are public
If we get a fact wrong, we say so in the next edition, with the date.
Why research has a price
A stated fee, paid by the reader, is the simplest way we know to keep the reader as the only party we answer to.
Much research is paid for implicitly: inside a fund's management fee, a product's spread or a commission. Because the cost is hidden, it is rarely weighed against what is received. People tend to dislike explicit costs and tolerate hidden ones. We would rather you see the price, and decide.
Example disclosure, first page of every report
Disclosure. This report was prepared by Motomeru Strategies for its subscribers. No company covered, and no adviser or sponsor to a company covered, paid for it. As at [date], [name] [holds / does not hold] a position in [company]. Motomeru Strategies does not sell or recommend securities. This report is general information and education and is not tailored to any reader.
Questions about how we work?
Ask us anything about who pays for what, before you decide to rely on our work.