Terms of service

Last updated 5 October 2026.

These are the terms on which th3sis (“th3sis”, “we”) provides its website and software to you. By creating an account you agree to them. They are written to be read; if anything here is unclear, ask and it will be clarified or changed.

1. What th3sis is, and what it is not

th3sis is research software. It helps you record what you believe about a business, values that belief using assumptions you supply, and tracks it against published filings over time.

th3sis does not provide investment advice. It makes no recommendations, offers no opinion on whether any security is suitable for you, and is not a financial adviser, broker or dealer. Nothing it displays is an offer or solicitation to buy or sell anything. Every valuation it produces is arithmetic performed on assumptions — most of which are yours. If you need advice, speak to someone authorised to give it.

The value of investments can fall as well as rise. You may get back less than you put in. Past performance tells you nothing reliable about the future.

2. Data and accuracy

th3sis uses data from third parties, including regulatory filings, market data vendors and published academic datasets. We take care with how that data is read and transformed, and the methods are documented. We do not guarantee that it is accurate, complete or current, and you should not treat any figure as verified for a purpose that matters without checking it against the source.

Where th3sis computes something — a return on capital, a cost of capital, an implied competitive advantage period — that figure is our computation under a stated method, not a fact published by the company.

3. Your account

You are responsible for keeping your credentials secure and for everything done through your account. One account is for one person; do not share it. Tell us promptly if you believe it has been used by someone else.

Your portfolio data, theses and notes are yours. We do not sell them, and we do not publish them. Aggregated, anonymised statistics derived from them may be used to build features such as consensus estimates, in a form that cannot identify you or your holdings.

4. Subscriptions and payment

Paid memberships are billed in advance through Stripe, which handles payment and stores your card details. th3sis never sees your full card number.

Founding memberships are limited to the first 100 members and are billed monthly. The price you join at is held for as long as your subscription remains continuously active, regardless of later price changes. If you cancel and rejoin later, the price then current applies.

You may cancel at any time from your billing settings. Cancellation takes effect at the end of the period you have already paid for, and you keep access until then. We do not pro-rate partial months.

Refunds. If th3sis is not what you expected, email within 14 days of your first payment and it will be refunded in full, no questions. After that, we refund where something has gone wrong on our side — a double charge, a failure of the service, a renewal you had reasonably tried to cancel. We will not argue about small sums.

If a payment fails, we will keep your access live while Stripe retries. If it cannot be collected, access ends at the end of the paid period.

5. Changes to the service and the price

th3sis is under active development and features will be added, changed and occasionally removed. We will not remove something you are relying on without saying so.

We may change prices for new subscriptions at any time. For an existing subscription we will give at least 30 days’ notice by email before any increase, and you may cancel before it takes effect. Founding memberships are exempt, as described above.

6. Acceptable use

You agree not to:

• redistribute, resell or republish data obtained through th3sis, including by scraping it;
• share your account, or attempt to reach data you have not paid for;
• attempt to disrupt the service, probe it for vulnerabilities without asking first, or use it to break the law.

If you think you have found a security problem, email rather than publish, and you will be thanked rather than threatened.

7. Ending the agreement

You may close your account at any time. We may suspend or close an account that breaches these terms, and will say why. If we close your account for any reason other than a serious breach, we will refund the unused part of the period you have paid for.

8. Liability

th3sis is provided as it is. To the extent the law allows, we are not liable for investment losses, lost profits, or decisions you take using it — the software gives no advice, and the decisions are yours. Nothing here limits liability for death or personal injury caused by negligence, for fraud, or for anything else that cannot lawfully be limited.

Where liability cannot be excluded, it is limited to the amount you paid th3sis in the twelve months before the claim.

9. 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, this does not remove protections you have under the law of the country you live in.

10. Contact

Email support@th3sis.net.