Terms of Use

Cumulant LLC is a Michigan limited liability company. Cumulant Research is the public-facing name used for its research and newsroom work. These terms apply to the site, articles, working papers, figures, data displays, software descriptions, and other materials made available through cumulant.org.

Separate written terms control when they expressly apply to a particular dataset, code repository, paper, collaboration, or service.

The site is a research and editorial publication. Materials are provided for general informational, educational, and scholarly purposes. They are not personalized recommendations and do not account for any reader’s objectives, financial condition, risk tolerance, legal position, or other circumstances.

Nothing on the site is investment, financial, legal, tax, or accounting advice. Cumulant is not acting as your investment adviser, broker, dealer, fiduciary, attorney, accountant, or agent. Accessing the site, corresponding with Cumulant, or discussing a possible collaboration does not create an advisory, fiduciary, professional, employment, partnership, or client relationship.

Nothing on the site is an offer to sell, a solicitation to buy, or a recommendation concerning any security, financial instrument, investment strategy, managed account, fund, or transaction. Cumulant does not accept or manage outside investment capital through this site. References to possible future programs do not state that those programs are operating, licensed, funded, or available.

Research may use assumptions, estimates, simulations, third-party data, model outputs, historical observations, and information available only as of a stated time. Working papers, notes, newsroom analysis, and research in progress may change and are not peer reviewed unless a page expressly says otherwise.

Past or simulated results do not predict future outcomes. Data may be delayed, incomplete, revised, or wrong. Readers must evaluate the methods, sources, limitations, and current conditions independently.

Cumulant may correct or update material but has no duty to continuously monitor events, revise a publication, notify a reader of a change, or keep every link, dataset, model, or statement current. Corrections and version records are not a warranty that every error has been found.

Cumulant uses software and AI-assisted workflows in research, analysis, coding, retrieval, drafting, and review. Public claims remain subject to the human-review and disclosure practices described on the AI Disclosure, Methods, Reproducibility, Newsroom Methodology, and Corrections pages. Those practices reduce risk but do not guarantee that a publication is complete or error free.

You are responsible for your own evaluation and decisions. Before acting on financial, legal, tax, medical, policy, operational, or other consequential information, consult an appropriately licensed and independent professional and verify the relevant primary sources. You assume the risk of relying on or using the site.

Unless a page or accompanying license says otherwise, the site’s original text, selection and arrangement, design, graphics, and software are owned by Cumulant LLC or its licensors and are protected by applicable law. Third-party photographs, quotations, datasets, trademarks, and other materials remain the property of their respective owners. A citation request or download link does not transfer rights.

You may access the site for lawful personal, educational, journalistic, and research use, link to public pages, and quote limited portions with accurate attribution as permitted by law. Code, data, papers, or other materials carrying an express open-source or Creative Commons license may be reused only under that stated license. No open license applies merely because an item is publicly accessible.

Ordinary search indexing consistent with the site’s robots directives is permitted. Except where law or an express license allows it, you may not bypass access controls, disrupt the service, conduct abusive automated requests, bulk republish the site, or use Cumulant-owned content to train or fine-tune a generative model without written permission. These restrictions do not limit nonwaivable rights under applicable law.

Do not send trade secrets, material nonpublic information, credentials, regulated records, or other confidential or sensitive information unless Cumulant has first agreed in writing to receive it through an appropriate channel. An unsolicited message does not create confidentiality or exclusivity.

You retain ownership of material you submit and give Cumulant limited permission to review, store, reproduce internally, and use it as reasonably necessary to respond or evaluate the proposed work. Any broader use requires another lawful basis or agreement.

The site may link to or rely on third-party publications, government records, market data, repositories, software, and websites. Cumulant does not control or endorse every third-party source and is not responsible for its availability, security, terms, privacy practices, accuracy, or later changes. Third-party terms may independently govern your use.

If you believe material on the site infringes your copyright or another right, email aryan@cumulant.org with your contact information, identification of the work, the exact Cumulant URL, the basis for your concern, and supporting documentation. Cumulant may remove or restrict material while it reviews a sufficiently detailed notice. This process does not represent that Cumulant has appointed a registered DMCA agent.

Cumulant aims to keep public research usable with keyboards, screen readers, reduced-motion settings, and responsive layouts. If you encounter an accessibility barrier, email aryan@cumulant.org with the page and problem. Cumulant will make reasonable efforts to provide the material in an accessible form and address confirmed defects.

The site is provided on an as-available basis. Cumulant may change, suspend, restrict, or discontinue a page or feature and may revise these terms. Material changes will be posted with a new effective date. Continued use after that date constitutes acceptance of the revised terms.

To the fullest extent permitted by law, the site and all materials are provided as is and as available, without warranties of any kind, express or implied, including warranties of accuracy, completeness, timeliness, noninfringement, merchantability, fitness for a particular purpose, title, security, or uninterrupted availability. Some jurisdictions do not allow certain disclaimers, so portions of this section may not apply to you.

To the fullest extent permitted by law, Cumulant LLC and its members, managers, personnel, contributors, and service providers will not be liable for indirect, incidental, special, consequential, exemplary, or punitive damages; lost profits, data, opportunities, or goodwill; investment or trading losses; or decisions made in reliance on the site.

For a claim that cannot lawfully be excluded, their aggregate liability arising from the site will not exceed the greater of 100 US dollars or the amount you paid Cumulant for the site access giving rise to the claim. This limitation does not apply where liability cannot be limited by law.

These terms are governed by Michigan law, without regard to conflict-of-law rules, and applicable federal law. A dispute not subject to a different written agreement must be brought in a court of competent jurisdiction in Michigan, subject to any nonwaivable consumer right.

If a provision is unenforceable, it will be narrowed to the minimum extent necessary and the remaining provisions will continue in effect. A delay in enforcing a provision is not a waiver.

Questions about these terms, permissions, corrections, or legal notices may be sent to aryan@cumulant.org. The resident agent’s address is reserved for formal service and state records, not routine correspondence.