Terms of Use
Last updated: 13 September 2026
Beyond Institutional Thinking is a trading name of James Male, 72 St Mary’s Street, Ely CB7 4HH, United Kingdom. These terms govern your use of this website and the publications available through it.
By using the site you agree to them. If you do not agree, please do not use the site.
What this is
Beyond Institutional Thinking publishes two things. Research on named securities: each piece investigates the bull and bear disagreement over one company or one bond, with the critical events defined. First Principles: field guides to the markets that research belongs to. One subscription covers both.
That is the whole of it. There are no courses, no training programmes, no downloadable products and no consultancy. Reading this site or subscribing to it does not create an adviser–client, fiduciary or professional relationship of any kind.
Free and paid access
Some material is published free and in full on this site, with nothing to fill in and no email required.
Paid subscriptions are sold, billed and delivered by Substack, Inc. Subscribing creates a contract with Substack as well as with us, and Substack’s own terms and privacy policy apply to it. Prices are shown at the point of purchase. You may cancel at any time through Substack; cancelling stops future billing and access continues to the end of the period already paid for. Refunds, where offered, are handled under Substack’s policy.
Nothing here is advice
Nothing published by Beyond Institutional Thinking is investment advice, financial advice, tax advice, legal advice or a personal recommendation, and nothing is a solicitation or offer to buy or sell any security. The Investment Disclaimer and Financial Disclaimer form part of these terms.
Beyond Institutional Thinking is a trading name of James Male. Neither the publication nor its author is authorised or regulated by the Financial Conduct Authority.
The author’s own positions
The author may hold positions in securities mentioned in these publications, and those positions may change without notice. The author does not routinely disclose individual holdings.
Figures, and how long they are good for
Every figure carries the date it was true and the source it came from. A piece is the record of an argument on a date, not a live feed, and market data goes out of date quickly. Reasonable efforts are made to be accurate and errors are corrected when found, but no warranty is given that any figure is current.
Copyright, and what you may do with it
The text, charts, exhibits and design of this site and its publications are the copyright of James Male, except where another source is credited.
You may read, print and share whole pieces for personal, non-commercial use, and quote from them with attribution and a link. Please do.
You may not, without written permission: republish a piece in full on another site or platform; place it behind another paywall; sell it; or use it as training data for a machine-learning model.
Where a piece reproduces third-party data, that data belongs to its source, which is named under Where to check in that piece.
Your conduct
Do not attempt to gain unauthorised access to this site or its systems, interfere with its operation, or impersonate the author.
Availability and liability
The site is provided as it is and as available. Uninterrupted access is not guaranteed.
To the maximum extent permitted by law, we are not liable for indirect, incidental, consequential or special loss arising from use of this site or reliance on its content, and total liability in any circumstance shall not exceed the amount you have paid for a subscription in the twelve months before the claim.
Nothing in these terms limits or excludes liability for death or personal injury caused by negligence, for fraud or fraudulent misrepresentation, or for anything else that cannot lawfully be limited. If you are a consumer, these terms do not affect your statutory rights.
Third-party services
This site links to other websites and relies on third-party services, including Substack for subscriptions and Netlify for hosting. We are not responsible for their content, policies or practices.
Changes
These terms may be updated. The version on this page is the one in force, and its date is at the top.
Governing law
These terms are governed by the law of England and Wales, and the courts of England and Wales have exclusive jurisdiction. If you are a consumer resident elsewhere, this does not deprive you of the protection of the mandatory rules of the country where you live.
Beyond Institutional Thinking is a trading name of James Male, 72 St Mary’s Street, Ely CB7 4HH, United Kingdom. · james@beyondinstitutionalthinking.com