Bedrock Capital Research — Terms of Service

Last Updated: April 5, 2026

These Terms of Service (”Terms”) govern your access to and use of Bedrock Capital Research, doing business as “Bedrock Capital Research” (”Bedrock,” “we,” “our,” or “us”), including all content, tools, prompts, and services provided through our Substack newsletter, website, and subscriber platform (collectively, the “Service”). The term “Bedrock” is used throughout this document as shorthand for Bedrock Capital Research. By subscribing to or accessing the Service, you agree to be bound by these Terms.

1. About Bedrock

Bedrock is an investment research and education platform that uses artificial intelligence tools and models to conduct fundamental company analysis. Bedrock publishes investment research, AI-powered analytical methodologies, prompt libraries, and proprietary research tools across three subscription tiers: Free, Builder, and Operator.

2. Not Financial Advice

This is the most important section of these Terms. Please read it carefully.

Bedrock provides investment research and education for informational and educational purposes only. Nothing published through the Service constitutes financial advice, investment advice, tax advice, legal advice, or a recommendation to buy, sell, or hold any security.

All investment theses, company analyses, valuation models, screening results, DNA scores, and other research outputs reflect the opinions and analytical processes of the author. They are not personalized investment recommendations. Your financial situation, risk tolerance, and investment objectives are unique to you, and Bedrock has no knowledge of them.

You should consult a qualified financial advisor, broker-dealer, or other licensed professional before making any investment decisions. Bedrock is not a registered investment advisor, broker-dealer, or financial planner.

Past performance of any company, investment, screening methodology, or analytical framework discussed in the Service does not guarantee future results. All investing involves risk, including the potential loss of principal.

3. AI-Generated Content Disclosure

Bedrock uses artificial intelligence models (including but not limited to Claude, ChatGPT, and Gemini) as core components of its research methodology. You acknowledge and agree to the following:

3.1 AI as Analytical Tool. AI models are used throughout the research process, including company screening, financial analysis, competitive moat assessment, valuation modeling, risk detection, and content production. AI outputs are reviewed, edited, verified, and supplemented with human judgment before publication. AI is a tool in the process, not the sole author of any published analysis.

3.2 AI Limitations. AI models can produce inaccurate, incomplete, or misleading outputs, including but not limited to: incorrect financial figures, flawed valuation assumptions, hallucinated data points, and unsupported analytical conclusions. Bedrock takes reasonable steps to verify AI-generated outputs against primary sources (SEC filings, company reports, and other authoritative data), but errors may occur. You should independently verify any information before relying on it for investment decisions.

3.3 Model Variability. Different AI models may produce different analytical conclusions from identical inputs. Bedrock’s multi-model consensus methodology is designed to surface these disagreements, but consensus among AI models does not guarantee accuracy.

3.4 No Guarantee of AI Performance. The AI tools, prompts, and methodologies provided through the Service are shared on an “as-is” basis. AI model capabilities, behaviors, and outputs change over time as model providers update their systems. Bedrock does not guarantee that any prompt, tool, or methodology will produce consistent, accurate, or useful results across different models, versions, or time periods.

4. Subscription Tiers and Access

4.1 Free Tier. Free subscribers receive access to published investment analyses, Substack Notes, and other publicly available content at Bedrock’s discretion. Free content may be modified, limited, or restructured at any time.

4.2 Builder Tier. Builder subscribers receive access to all Free content plus the Bedrock Prompt Library, methodology breakdowns, and other educational materials as described at the time of subscription. The Prompt Library is updated periodically. Bedrock reserves the right to modify, add, remove, or restructure prompt library content at any time. Builder subscribers receive the prompt library as it exists at any given time, not a fixed or guaranteed set of materials.

4.3 Operator Tier. Operator subscribers receive access to all Free and Builder content plus direct access to Bedrock’s proprietary research tools (including but not limited to the Compounder DNA Scorer, Compounder Screener, Multi-Model Roundtable, and Red Flag Scanner). Tool availability, functionality, and features may change at any time. Bedrock does not guarantee uptime, availability, or uninterrupted access to any tool. New tools may be added and existing tools may be modified or retired at Bedrock’s discretion.

4.4 Pricing and Billing. Subscription pricing is set at the time of enrollment and is subject to change. Price changes for existing subscribers will be communicated in advance as required by the applicable payment platform’s policies (currently Substack and/or Stripe). Subscriptions are billed on a recurring basis (monthly or annually, as selected at enrollment).

4.5 Cancellation and Refunds. You may cancel your subscription at any time. Upon cancellation, you retain access to your current tier through the end of your paid billing period. Refunds are handled in accordance with the policies of the applicable payment platform. Bedrock does not provide partial-month or partial-year refunds unless required by law.

5. Intellectual Property

5.1 Bedrock Content. All content published through the Service, including but not limited to articles, analyses, frameworks, scoring methodologies, tool designs, prompt text, and original research, is the intellectual property of Bedrock and its author. All rights are reserved unless explicitly stated otherwise.

5.2 Prompt Library Usage. Builder and Operator subscribers are granted a personal, non-exclusive, non-transferable license to use prompts from the Bedrock Prompt Library for their own individual investment research. You may not redistribute, resell, sublicense, publish, or share prompt library content with non-subscribers, whether for free or for compensation. You may not use prompt library content to build a competing product or service.

5.3 Tool Access. Operator subscribers are granted a personal, non-exclusive, non-transferable license to use Bedrock’s proprietary research tools for their own individual investment research during the term of their active subscription. You may not reverse-engineer, copy, replicate, or redistribute any tool, its underlying code, or its design. You may share the outputs of tools (e.g., a DNA score for a specific company) in personal communications, but you may not systematically republish tool outputs for commercial purposes.

5.4 User-Generated Outputs. Any investment analyses, scores, screening results, or other outputs you generate using Bedrock’s tools and prompts belong to you. Bedrock claims no ownership over the results of your personal research conducted with our tools. However, the tools and prompts themselves remain Bedrock’s intellectual property.

5.5 Fair Use. You may quote or reference Bedrock’s published analyses in personal communications, social media posts, or non-commercial discussions, provided you attribute the source to Bedrock. You may not republish substantial portions of any Bedrock article, analysis, or paid content without prior written permission.

6. Acceptable Use

You agree not to:

• Share, redistribute, or make available any paid content (Builder or Operator tier materials) to non-subscribers

• Use the Service or its tools to provide investment advisory services to third parties without appropriate licensing and registration

• Systematically scrape, download, or archive Bedrock content or tool outputs for redistribution or commercial use

• Attempt to reverse-engineer, decompile, or extract the underlying logic of any Bedrock tool

• Use the Service in any manner that violates applicable laws or regulations

• Misrepresent Bedrock’s research outputs, AI-generated analyses, or tool results as your own original professional analysis in any context where such misrepresentation could cause harm to others

• Share login credentials or provide access to paid tier features to individuals who are not active subscribers at the applicable tier

7. Data and Privacy

7.1 Research Data. When you use Bedrock’s tools (Operator tier), the tickers and companies you analyze may be processed through third-party AI model providers. Bedrock does not sell, share, or monetize your research activity or the specific companies you analyze.

7.2 Personal Information. Bedrock collects and processes personal information in accordance with the privacy policies of its platform providers (currently Substack and/or Stripe). Bedrock does not independently collect personal information beyond what is required for subscription management and service delivery.

7.3 Third-Party AI Providers. The Service uses third-party AI models (including products from Anthropic, OpenAI, and Google). Your use of the Service may involve data being processed by these providers in accordance with their respective terms of service and privacy policies. Bedrock is not responsible for the data practices of third-party AI model providers.

8. Disclaimer of Warranties

THE SERVICE IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, COMPLETENESS, OR NON-INFRINGEMENT.

BEDROCK DOES NOT WARRANT THAT:

• ANY INVESTMENT THESIS, ANALYSIS, SCORE, OR RECOMMENDATION WILL BE ACCURATE OR PROFITABLE

• AI-GENERATED CONTENT WILL BE FREE OF ERRORS, HALLUCINATIONS, OR INACCURACIES

• THE TOOLS WILL BE AVAILABLE, UNINTERRUPTED, OR FREE OF DEFECTS

• ANY PROMPT WILL PRODUCE CONSISTENT OR USEFUL RESULTS ACROSS DIFFERENT AI MODELS OR VERSIONS

• ANY SCREENING METHODOLOGY WILL IDENTIFY PROFITABLE INVESTMENTS

9. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, BEDROCK AND ITS AUTHOR SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, LOSS OF DATA, OR INVESTMENT LOSSES, ARISING OUT OF OR RELATED TO YOUR USE OF THE SERVICE.

THIS LIMITATION APPLIES TO ALL CLAIMS, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT BEDROCK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

IN NO EVENT SHALL BEDROCK’S TOTAL LIABILITY TO YOU EXCEED THE AMOUNT YOU PAID FOR THE SERVICE IN THE TWELVE (12) MONTHS PRECEDING THE CLAIM.

YOU ACKNOWLEDGE THAT INVESTING INVOLVES RISK AND THAT YOU ARE SOLELY RESPONSIBLE FOR YOUR OWN INVESTMENT DECISIONS. Bedrock’s research, analyses, tools, and prompts are educational and informational resources, not investment recommendations. Any investment decisions you make based on information obtained through the Service are made at your own risk.

10. Indemnification

You agree to indemnify and hold harmless Bedrock and its author from any claims, damages, losses, or expenses (including reasonable legal fees) arising from: (a) your use of the Service, (b) your investment decisions, (c) your violation of these Terms, or (d) your redistribution of paid content to non-subscribers.

11. Modifications to the Service and Terms

Bedrock reserves the right to modify these Terms at any time. Material changes will be communicated to subscribers via email or published notice on the Service. Your continued use of the Service following any modifications constitutes acceptance of the updated Terms.

Bedrock may modify, suspend, or discontinue any aspect of the Service at any time, including the availability of specific tools, prompts, content, or subscription tiers. Bedrock will provide reasonable notice of material changes to paid subscription features.

12. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the jurisdiction in which Bedrock operates, without regard to conflict of law provisions.

13. Severability

If any provision of these Terms is found to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary, and the remaining provisions shall remain in full force and effect.

14. Contact

For questions about these Terms, the Service, or your subscription, contact Bedrock at: paul@bedrockcapitalresearch.com

By subscribing to or using Bedrock, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.