We Tortoises recognize that while we have a lot of great stuff in this forum, people may post messages in our folders or make statements in our chat rooms that are misleading, deceptive, or downright wrong. They may do this unintentionally or, sad to say, intentionally. The U.S. Securities and Exchange Commission recognizes this and has published information on various Cyber fraud they have seen. The NASDR has provided its own insights into how to invest carefully in this new, electronic world and NASAA also provides tips on how not to fall prey to online investment schemes. The SEC, NASDR and the NASAA maintain outstanding websites at http://www.sec.gov/ and http://www.nasdr.com/, and http://www.nasaa.org/ respectively.

Treat the contributors here the same way you'd treat anyone you'd met for the first time at a party. This is important because anyone can show up to our party: no invitations are required. You shouldn't make an investment just because some stranger (or even a friend) talks it up; you shouldn't treat cyberspace any differently.

The fundamental concept is that you should NOT rely upon the information or opinions you read. Rather, you should use what you read here as starting points for doing independent research on companies, mutual funds and investing techniques. Then judge for yourself the merits of the material that has been shared in our forum.

The Tortoise does not guarantee the veracity, reliability or completeness of any information provided in our forum or in any hyperlink appearing on our site. No one could read through many messages we receive each day, check out all the hyper linked web sites, and research each one for accuracy. That isn't why we're here. Nor are we here to give you hot "tips," to make "buy" or "sell" recommendations, or to tell you what to do with your money. We're here to help you to learn how to make investment and personal finance decisions for yourself.

Top

The Tortoise website expresses a philosophy of the market, an organized way of thinking about the dynamics of the market and the advantages that accrue to the individual investor. We then suggest ways in which an investor may benefit from these perceived advantages. To that end, The Tortoise will demonstrate how our investment ideas and philosophies may be applied to a given investment vehicle, be it adjusting the allocations of money within a mutual fund family, or applying a mix of fundamental and/or technical analysis to a common stock. In any event, these ideas are only illustrative in nature and are not to be construed as investment advice. The Tortoise is not a Registered Investment Advisory firm nor are we brokers. We are educators in the field of financial intelligence and organizers of a community of like minded individual investors with a long term time horizon.

You are responsible for your own investment decisions. The Tortoise will not be responsible for any errors or omissions in articles or postings, for hyperlinks embedded in messages, or for any results obtained from the use of such information. The Tortoise will not be liable for any loss or damage caused by a reader's reliance on information obtained in our area, or in a hyper linked area. If you don't accept this responsibility for yourself, then you should not use The Tortoise.

If you ignore our advice to do independent research of industries, companies, and stocks, choosing instead to trade solely on information, "tips," or opinions found in our forum, you have made a conscious, willing, free, and personal decision to do so.

As cyberspace develops, the freedom and openness from which we all profit can make us the target of touts, hypesters, and frauds. These people could infect our forum, just as they infect other parts of the world. Please proceed with caution and do your homework. And remember: when you access one of these hyper linked web sites, you're leaving our area so be wary of those who post hyperlinks to strange web sites.

Data and Analysis
In the material and data that we make available in our forum, we rely on a wide variety of sources, such as S&P Comstock, DorseyWright and Associates, VectorVest Inc, the Bridge, Hoover's and NewsAlert. We believe these sources of data to be accurate and reliable, but sometimes they may not be. The Tortoise makes no claims or representations as to the accuracy, completeness, or truth of any material contained in our areas. Nor is the Tortoise liable for any errors or delays in the content or transmission of the data on our site. We promise not to lie to you, but we reserve the right to be wrong, stupid, or even foolish (with a small "f").

"TCM" Screen Names (Tortoise Capital Management) You will see some people with the "TCM" prefix on their screen names around the Tortoise. These people are our Official Tortoises. Their primary purpose is to keep our forum running smoothly, with politeness and good humor. They perform a variety of tasks, especially answering your questions about the Tortoise and explaining how to navigate our growing forum. Some of our staff are knowledgeable about the stock market, and some are not.

Some of these TCMs contribute to the various discussions. They are free to contribute, or not contribute, as they see fit. Their opinions are their own. The Tortoise does not regulate what the staff says about a company. In fact, their opinions may differ substantially from each other as to the value of specific investments. This is what makes a market.

Some TCMs may have investments in the stocks and funds they discuss, and some do not. The decision to disclose such information belongs to them. We do not tell our people what they can own or what they can write about.

Our staff is drawn from a wide circle of daily life. Most of them are completely outside the investment field in their professional lives and are not to be considered professional analysts or investment advisors. Any weight you ascribe to their opinions should be based on their ability to analyze a company or its products and services, the same as anyone else you see in our forum. You should not believe that these people have any additional insight or information simply because they have a "TCM" prefix to their name.

Terms of Service Violations
If you have been harassed in any manner that you feel is a violation of our Terms of Service, it is your obligation to notify us of the offending post(s). Please contact boards@tortoisecapital.com for purpose. If you are unfamiliar with Terms of Service, please read them.

Tortoise Portfolio Trades
The Tortoise maintains several model portfolios (such as the Strong, Janus, Fidelity and Vanguard Portfolios) to demonstrate methods of portfolio management. Merely because we buy a stock or fund for one of our portfolios does not mean that stock or fund is right for you. We don't know you, your circumstances, or your needs. We try to teach people about the market and how to invest. We are not investment advisors and do not purport to tell people, or suggest to people, what they should buy for themselves. We never issue "Buy" or "Sell" recommendations, and we don't give personal investment counseling.

We do not believe in giving stock "tips." It is our philosophy that if you give a man a fish you have fed him for the day, but that if you teach him to fish you have fed him for life. Our aim is not to "pick a winner" for you, but to teach investing for the long haul.

We are aware, however, that investors may mimic our portfolio transactions, sometimes perhaps causing fluctuations in a stock's price. This is as unlikely. By announcing all of our trades in advance of making them, the Tortoise does not stand to profit from any such fluctuations.