Paid subscriptions are on

Paid subscriptions are on effective immediately. I am taking this step building on your support of my fledgling publication through financial pledges and subscriptions.

From now on, certain publications, including actionable items in mostly short form, will be behind a paywall.

I consider my investment style as conservative but not as deep value. This is true about both asset allocation and securities selection. Many but far from all of my posts are about non-banking financial stocks such as asset managers and insurers. Sometimes, I am attracted to securities that generate high income especially when combined with tax advantages for US taxpayers.

I do not intend to change my writing style nor to publish more frequently “to support” my readers. Save for certain educational articles and first-time reviews of some companies, I publish only when I think I have something to say.

I will keep free publishing here and on Seeking Alpha (the latter may be behind the general SA paywall which does not depend on me), but do not expect me to publish daily as some SA authors do. I do not have that many ideas.

Currently, my SA audience is incomparably bigger than on Substack but I find this platform more flexible and free from editorial control. Time and my readers will judge the viability of this project. I will act accordingly.

I will end up with some disclosures and disclaimers.

Whatever I say on Substack represents solely my subjective opinion that is published exclusively for informational and/or educational purposes and should not be interpreted as personalized financial advice. I have never worked in the financial industry and do not have any relevant licenses or certifications.

Investment opinions are prone to judgmental mistakes that I consider unavoidable. I have made mistakes in the past and no doubt will make them again.