Terms of Service

1. Who can use Thaler

You must be 18 or older to create an account. If you use Thaler for an organisation, you confirm that you can accept these terms for it.

2. Thaler is in beta

Thaler is free while it is in beta. Features may change, stop working or be removed, and there may be interruptions. We will give notice before we charge for anything, and paid plans will have their own terms.

3. Your account

• Sign in with an email address you control. Keep access to that email and to your passkeys secure.
• An account is for one person. Don’t share it.
• You are responsible for what happens under your account, including actions taken by apps you connect and requests made with your API keys.
• Tell us at support@thaler.sh if you think someone else has access to your account.

4. Not investment advice

Thaler provides information about companies from public filings. It does not give investment, financial, legal or tax advice, and nothing on Thaler is a recommendation to buy, sell or hold any security. We don’t know your circumstances and don’t assess whether any investment suits you. We are not a broker, a dealer or an investment adviser.

• Starter lists, pies and screens are examples of how to use the tools, not recommendations. A pie is a set of weights you choose; the amounts on a pie page are simulations, not investments.
• Stances, posts, replies and notes are the opinions of the people who wrote them. We don’t check or endorse them.
• Projected earnings dates are estimates.
• Valuations are arithmetic on assumptions you set: growth, multiples, margins and the return you require. They are not forecasts, price targets or Thaler’s view of what a security is worth. A valuation opens on figures from the filings, or on a round number that says it is one, and a valuation someone keeps or shares is theirs.

Make your own decisions, and check important information against the original filing.

5. Data and its sources

Figures on Thaler come from filings made with the U.S. Securities and Exchange Commission (SEC) and published on EDGAR. Some figures, such as ratios, are calculated by us. Prices come from IEX. We check the data before we publish it, as described on the Promise page, but data can still be wrong, late or incomplete: filings can contain errors, companies can restate figures, and our processing can make mistakes. Figures link to the filings they come from.

• Thaler is not affiliated with or endorsed by the SEC.
• Last sale prices: Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. IEX prices reflect trading on IEX only and are for reference.
• Company names and logos belong to their owners. Their use doesn’t mean the companies are affiliated with or endorse Thaler. Logos are provided by Brandfetch.

6. AI features

Some content on Thaler is written by AI models:

• Thaler Agent readings summarise filings. Before a reading is shown, we check that each figure in it appears in the passage of the filing it cites.
• Ask about the filings answers questions about a company using only the lines Thaler Agent has read.
• Thaler Agent chats answer questions in a conversation. The agent looks up figures, filings and other data with Thaler’s own tools, shows each step it takes, and cites the filings its answer rests on. It can draft a watchlist or a pie, which is saved only if you save it. It doesn’t give investment advice.
• Listen reads summaries aloud. The script may be edited by an AI model and the audio is generated by a text-to-speech model.

These checks reduce errors but do not remove them. AI output can be wrong, incomplete or misleading. Don’t rely on it without checking the filing.

7. Your content

Your content is what you create or upload on Thaler: lists, pies, screens, notes, clippings, posts, replies, comments, stances, your profile and circle images.

• You own your content. You give us permission to store, copy, display and send it as needed to run Thaler and to show it to the people you choose. This permission ends when you delete the content, except for copies that others have already saved, replies that others wrote to your posts, and copies kept for the periods in our Privacy Policy.
• You are responsible for your content and must have the right to post it.
• Some content is public. Your profile page at thaler.sh/@your-handle can be seen by anyone and found by search engines. It shows your handle, display name, profile line, when you joined, your stances, items you put on your shelf, public circles you show on your profile, and, unless you turn it off, the companies you follow. Anyone can read public circles, including their posts and member lists. Items shared with “Anyone with the link” can be seen by anyone who has the link.
• If you change an invite-only circle you own to public, its earlier posts and members become visible to everyone.

8. Rules

Don’t use Thaler to:

• break the law or help someone else break it;
• post content that is illegal, threatening, harassing, hateful, sexually explicit, or that exploits or harms children;
• share intimate images of anyone without their consent;
• post false or misleading statements about securities, promote pump-and-dump or other market manipulation, or use information you’re not allowed to share, such as material non-public information;
• impersonate anyone or misrepresent your connection to a company;
• post content that infringes someone else’s rights, including copyright, trademarks and privacy;
• send spam or unsolicited promotions;
• upload malware, or probe, scan or attack Thaler or its users;
• get around limits, access controls or bans, or scrape Thaler’s pages in bulk instead of using the API, the MCP app or the feeds we provide;
• copy large parts of Thaler’s data, or use it to build a competing database or service;
• sell, resell or redistribute Thaler’s data or access without our written permission.

9. Circles and moderation

Circle owners can remove posts and replies in their circles and remove or ban members. Members can report posts; reports go to the circle owner and to us.

To report content to us, including if you don’t have an account, email support@thaler.sh with a link to the content and why you think it breaks these terms or the law. A list of offensive words is blocked automatically in handles, names, profile lines, circle names, posts and replies. Everything else is reviewed by a person. We may remove content, restrict features, or suspend or close accounts that break these terms or the law, or that put Thaler or its users at risk. When we act on your content or account, we will tell you why unless the law or safety prevents it. You can ask us to review a decision by replying to our message or emailing support@thaler.sh.

We remove intimate images shared without consent within 48 hours of a valid report.

10. Copyright complaints

If you believe content on Thaler infringes your copyright, send a notice to support@thaler.sh with the information required by the U.S. Digital Millennium Copyright Act (17 U.S.C. § 512(c)(3)). We remove infringing content when we receive a valid notice, and we close the accounts of repeat infringers.

11. Apps and AI assistants

You can connect AI assistants and other apps to your account through the Thaler MCP app. When you connect an app, it can read and act on your account within the access you approve, for example to save lists, follow companies, take stances, share items, or post and reply in your circles. Actions an app takes are treated as yours. Apps you connect are run by other companies under their own terms and privacy policies. You can disconnect an app at any time under Account → Apps.

12. The API

When the API is available to you:

• Keep your API keys secret. Don’t share them, put them in public code, or use them in a browser or mobile app where others can read them. We may revoke keys that are exposed.
• Stay within the limits in the API documentation. We may change limits with notice.
• During the beta, you may use the API for personal projects, research, teaching and to evaluate Thaler for your organisation. Don’t redistribute data from the API, or use it in a product or service for others, without our written permission.
• Where you display prices from the API, include the IEX attribution in section 5.
• We may change the API. We will give at least 30 days’ notice of changes that break existing use during the beta, except when a change is needed for security or legal reasons.

13. Thaler’s content

Thaler, its design, software, text and the way we organise data belong to us or our licensors. We give you a personal, non-transferable permission to use Thaler under these terms. Information taken from SEC filings is public; these terms don’t give us any rights in it beyond our own work.

14. Emails and notifications

We send emails needed to run your account, such as sign-in codes. Other emails and notifications, such as circle news, replies, morning mail and push notifications, can be turned off under Account, on the Your companies page for push notifications, or from the link in each email.

15. Ending your use

You can stop using Thaler and delete your account at any time under Account → Delete account. Deleting your account also deletes circles you own, including other members’ posts in them.

We may suspend or close your account if you break these terms, if we must by law, or to protect Thaler or its users. We may end the beta or shut Thaler down; if we do, we will give reasonable notice where we can.

Sections 4 to 7, 10, 13 and 17 to 21 continue to apply after your use ends.

16. Changes to these terms

We may update these terms. If a change is material, we will tell you by email or on Thaler at least 30 days before it takes effect, unless it is needed sooner for legal or security reasons. If you keep using Thaler after the change takes effect, the new terms apply. If you don’t agree, stop using Thaler and delete your account.

17. No warranties

Thaler is provided “as is” and “as available”. To the extent the law allows, we make no warranties, express or implied, including warranties of accuracy, merchantability, fitness for a particular purpose and non-infringement, and we don’t promise that Thaler will be uninterrupted or error-free.

18. Limitation of liability

To the extent the law allows:

• we are not liable for indirect, incidental, special, consequential or punitive damages, or for lost profits, trading or investment losses, or lost data, arising from your use of Thaler;
• our total liability for all claims relating to Thaler is limited to the greater of the amount you paid us in the 12 months before the claim and US$100.

Some places don’t allow these limits. Nothing in these terms limits liability for death or personal injury caused by negligence, for fraud, or any other liability the law doesn’t allow us to limit, and nothing takes away rights you have as a consumer that can’t be waived.

19. Your responsibility for claims

To the extent the law allows, you will cover our reasonable costs of claims by others that arise from your content or from your breach of these terms.

20. Disputes

If you have a problem with Thaler, email support@thaler.sh first so we can try to resolve it. Nothing in these terms takes away protections that the law where you live gives you as a consumer.

21. General

• These terms and the Privacy Policy are the whole agreement between you and us about Thaler.
• If part of these terms can’t be enforced, the rest still applies.
• If we don’t enforce a term, we don’t give up the right to enforce it later.
• You may not transfer these terms. We may transfer them to someone who takes over Thaler, and will tell you if we do.

22. Contact

Email support@thaler.sh for questions, reports of content, copyright notices and privacy requests.