Governance

Research approval

Research is prepared by the FIBCOS Research Desk and approved by the Office of the Founder before publication. Every publication and every Alpha status change carries that attribution.

Integrity of the public record

Inclusion dates, removal dates, status changes and rationales are permanent. Entries are not deleted, backdated or edited to improve their appearance. Where a correction is required, it is published as a correction with its date and cause.

Separation of public and paid

The public Structural Alpha record contains the decision, the concise thesis summary, the structural drivers, the key risks and the history. The paid research contains the analysis. FIBCOS does not publish partial research as a public teaser, and does not withhold a status change because the supporting research is paid.

Conflicts of interest

FIBCOS will publish its conflicts policy, including any personal or firm holdings in covered companies and the disclosure that accompanies them, before any portfolio reaches live inception. Until that policy is published, no representation about the absence of conflicts should be inferred.

Scope of services

FIBCOS currently produces investment research and publishes research-derived Structural Alpha information. FIBCOS does not currently provide investment-management services, does not manage client assets, does not accept deposits and does not execute transactions. No functionality on this website enables any of those activities.

Regulatory status

This website makes no claim of regulatory authorisation, licence or registration in any jurisdiction. Any future activity requiring authorisation will be undertaken only once the applicable legal and regulatory requirements have been satisfied, and the status will be stated here.

Long-term path

The intended progression is research, then model portfolios, then a measured track record, then research clients, then institutional relationships, and — only where legally and operationally appropriate — investment management. The later stages are not current services and are not presented as such anywhere on this website.

Correction policy

Errors of fact in published research are corrected in the publication with a dated correction note. Errors affecting an Alpha status are corrected in the public record with the same treatment.