Ethics Statement

My goal is to be a truly independent analyst.

I am not paid by any company – including those that hire me for my advisory/consulting services – for any analysis I provide in the Line of Insight newsletter or any public forum.

While I still own shares of two of my former employers, Goldman Sachs and MSCI, and have retirement accounts that hold Vanguard-managed index mutual funds, I do not hold individual stocks or have any financial interest in or ties to any company I write about.

Please contact me if you have any questions about this ethics policy.