Research boundaries.
1. General research, not personalized advice
DFB research is written for a general readership and does not take account of any reader’s financial circumstances, objectives, tax position, jurisdiction, risk tolerance or portfolio. Reading the site, requesting a free report, contacting the Research Desk or using any future membership does not by itself create an investment-advisory, brokerage, fiduciary or portfolio-management relationship.
2. No transaction recommendation
DFB does not publish buy, sell or hold ratings, target prices, model portfolios, trade instructions or recommendations to transact in a security. Descriptive terms about coverage, leverage, refinancing or capital structure are analytical descriptions, not instructions to act.
3. Sources and calculation limits
Research is based primarily on public issuer filings, investor-relations materials, transaction documents and other public disclosures. DFB does not claim access to material non-public information. Company-reported figures and DFB calculations are kept separate where practicable, and definition differences are stated when they affect comparison.
Research is point-in-time. Later filings, settlements, corrections, revisions or market events can change the facts or the usefulness of an earlier calculation. An unresolved item is not treated as resolved merely because time has passed.
4. Positions and conflicts
The editor’s current site-wide position is no holdings in securities covered by DFB. If that changes, the relevant disclosure should be updated rather than assumed from an older page. No issuer pays DFB for favorable coverage or ratings.
5. Frameworks are diagnostic tools
Three Clocks™, Buffer Half-Life™ and BBB− Cliff™ are ways to organize disclosed information. They are not credit ratings, forecasts, guarantees, regulatory classifications or predictive models. A framework label does not establish what a security will do next.
6. Membership and professional inquiries
The Structural Income Desk is currently in preparation and is not open for payment. If a paid research product opens later, the same research boundaries will apply unless a separate written agreement states a different scope.
Research Desk inquiries from institutions, family offices, media or platforms may concern methodology, organizational use, data verification or licensing. An inquiry alone does not create a mandate, advisory relationship or right to redistribute DFB material.
7. Risk remains with the reader
Securities and income vehicles can lose value, reduce or suspend distributions, refinance on worse terms, dilute shareholders or experience other adverse outcomes. Readers remain responsible for their own decisions and should obtain qualified professional advice where appropriate.