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End User Licence Agreement — v1.0

The Chokepoint Thesis — complete research package Published by PIGENAI LLC, a Missouri limited liability company, Kansas City, MO, United States.

Version 1.0. Effective for purchases made on or after the date shown on your receipt. This version is permanent. Later versions are published at their own URLs and never replace this one for a licence already granted.

1. Parties and acceptance

This agreement is between PIGENAI LLC (“Publisher”) and the person or organisation named on the purchase receipt (“Licensee”). By ticking the agreement box at checkout, completing a purchase, downloading, or opening any licensed file, Licensee accepts these terms.

2. What is licensed, and what is not

The free six-page teaser, The Geopolitical Friction Tax, is distributed at no charge and is not covered by this agreement. It may be read, kept and passed on freely.

“Licensed Materials” means the Chokepoint Thesis dossier, the Economic Warfare Investment Tracker workbook, the implementation and rebalancing guide, the executive summary, the sources list, and all text, tables, models, data compilations and graphics contained in them.

3. Licence grant

A personal, non-exclusive, non-transferable licence for one named natural person to read, store and use the Licensed Materials for personal, non-commercial purposes on devices under that person’s control.

Organisations wanting several readers, internal redistribution, or use in client work should contact Publisher for a separate written arrangement. Buying multiple copies of the single-reader licence does not create one.

4. Restrictions

Licensee will not:

a) sell, rent, sublicense, publish or otherwise make the Licensed Materials available to anyone other than licensed users; b) post any part of them to a public website, forum, social network, messaging channel or file-sharing service; c) remove or alter the licence stamp, copyright notice or any identifying marks; d) use the Licensed Materials, in whole or in part, to train, fine-tune, evaluate or ground any machine-learning model or automated research system, or include them in any dataset intended for such use; e) create derivative research products for sale that reproduce the structure, asset selection or allocation framework of the Licensed Materials; or f) circumvent any technical measure that identifies the Licensee.

Breach of this section terminates the licence automatically.

5. One reader, one licence

The Licensed Materials are delivered as a single archive containing the dossier, the tracker workbook, the implementation and rebalancing guide, the executive summary and the allocation tool. The licence is granted to one named reader, being the person named on the purchase receipt. Licensee may store the Licensed Materials on any device under that person’s control and may print copies for that person’s own use. Licensee may not share the archive, any file within it, or any part of their contents with any other person, whether by forwarding, posting, uploading, or granting access to shared storage, and may not circulate an extract beyond the limits set out in Section 4.

6. Not investment, legal or tax advice

The Licensed Materials are general educational research. They are not personalised investment advice, an offer or solicitation to buy or sell any security, or a recommendation that any particular investment is suitable for Licensee. Publisher is not a registered investment adviser, broker-dealer, law firm or accounting firm. Securities discussed may be held by the Publisher or its principals. Market data reflects the snapshot date stated in the files and may be out of date at the time of reading. Investing involves risk including loss of principal, and several holdings described are highly cyclical. Licensee is solely responsible for its own decisions and should consult qualified professionals before acting.

7. Intellectual property

All rights, title and interest in the Licensed Materials remain with Publisher. Third-party works referenced in the Licensed Materials, including Edward Fishman’s Chokepoints, remain the property of their respective owners and are cited for commentary and analysis. Nothing in this agreement transfers any ownership interest to Licensee.

8. Updates and support

Publisher may deliver corrections to the current edition at no charge, and will do so for any material error found after publication. This is a one-time purchase of a dated edition. Publisher has no obligation to publish a further edition, to refresh market data, or to update the Licensed Materials for any change in markets, law or policy. Nothing sold here is a subscription or a live data feed.

9. Refunds and termination

Licensee may request a full refund within fourteen days of purchase by contacting Publisher at lindsay.hiebert@gmail.com, the published support and refund address, or at the address on the receipt. On refund, this licence terminates and Licensee must delete all copies. Publisher may terminate the licence immediately on written notice if Licensee breaches Section 4; no refund is owed on termination for breach.

10. Disclaimer of warranties and limitation of liability

The Licensed Materials are provided “as is”. Publisher disclaims all warranties, express or implied, including accuracy, completeness, merchantability and fitness for a particular purpose. To the fullest extent permitted by law, Publisher’s total liability arising out of this agreement or the Licensed Materials will not exceed the amount Licensee paid for the licence, and Publisher will not be liable for any indirect, consequential, special or punitive damages, or for any investment losses.

11. General

This agreement is governed by the laws of the State of Missouri, without regard to conflict-of-law rules, and the state and federal courts located in Jackson County, Missouri have exclusive jurisdiction. It is the entire agreement between the parties regarding the Licensed Materials and may be amended only in writing signed by Publisher. If any provision is unenforceable, the remainder stays in effect. Licensee may not assign this agreement without Publisher’s written consent.