The NASDAQ Playbook — Terms of Service (Entertainment-Only)

Last updated: 01.01.2026

These Terms of Service (“Terms”) govern your access to and use of The NASDAQ Playbook (the “Newsletter”), including any free and paid content delivered by email, website, app, or any third-party publishing platform used to distribute the Newsletter (collectively, the “Services”).

By accessing or using the Services, you agree to these Terms. If you do not agree, do not use the Services.

1) Operator / Contact

Contact email: nasdaqplaybook@substack.com

2) Scope

These Terms apply to all users of the Services, including free readers and paid subscribers. If you use the Services through a third-party platform (e.g., newsletter hosting/payment provider), that platform’s terms may also apply. Where there is a conflict, mandatory law prevails; otherwise, these Terms apply in addition.

3) Eligibility

You must be legally capable of entering into a binding contract in your jurisdiction to purchase paid access. You are responsible for ensuring that your use of the Services is permitted in your jurisdiction.

4) What the Newsletter Provides

The Newsletter provides content that may include market commentary, opinions, charts, simplified explanations, educational-style material, humor, hypothetical examples, and discussions of “models,” “signals,” “setups,” “allocations,” “trades,” or similar concepts.

We may change, pause, or discontinue any part of the Services at any time, including the content format, frequency, features, or availability.

5) Entertainment Only — No Advice — No Recommendations — No Reliance

5.1 Entertainment purpose only.
The Services are provided purely for entertainment (“for fun”) and general discussion. They are not designed for real-world investing decisions.

5.2 No financial advice / no regulated service.
Nothing in the Services constitutes (or is intended to constitute) financial advice, investment advice, legal advice, tax advice, investment research, or any regulated financial service.

5.3 No buy/sell/hold recommendations.
Nothing in the Services is an offer, solicitation, or recommendation to buy, sell, or hold any security, derivative, ETF, fund, cryptoasset, or any other financial product.

5.4 No personalization.
The Services do not consider your personal circumstances (financial situation, risk tolerance, objectives, knowledge, or jurisdiction).

5.5 You agree not to rely.
You agree that you will not rely on the Services as the basis for any investment decision. Any action you take is entirely at your own risk and responsibility.

6) Example / Model Portfolios Are Not “Follow-Along” Instructions

The Newsletter may show or discuss example portfolios, model allocations, paper portfolios, trade logs, positioning snapshots, backtested portfolios and models and/or performance illustrations (collectively, “Example Portfolios”).

1. Illustrative only. Example Portfolios are purely illustrative and for entertainment purposes only.

2. Do not mirror. Example Portfolios are not intended to be copied, mirrored, or followed (and should not be treated as instructions).

3. Not real-time; may be simplified. Example Portfolios may be hypothetical, stylized, delayed, incomplete, or simplified and may not reflect real-time conditions or executable trading.

4. Real-world results differ. Execution timing, spreads, slippage, liquidity, taxes, fees, broker constraints, and personal risk limits can materially change outcomes.

5. No “signal service.” You agree not to treat Example Portfolios as a signal service or a substitute for independent judgment.

7) Risk Disclosure

Financial markets involve risk, including the risk of losing some or all of your capital. Leveraged instruments can magnify losses. Market data may be delayed or inaccurate.

Past performance—whether actual, simulated, backtested, or hypothetical—is not indicative of future results.

8) Paid Subscriptions, Billing, and Access

8.1 Plans and pricing.
Subscription options, pricing, and billing intervals are displayed on the subscription/checkout page and may change for future billing periods.

8.2 Auto-renewal.
Unless stated otherwise at checkout, subscriptions renew automatically until canceled.

8.3 Delivery via third parties.
Paid content may be delivered and payments processed via third-party platforms/providers. Access may depend on that platform’s uptime, policies, and account rules.

8.4 Account responsibility.
You are responsible for maintaining the confidentiality of your account credentials and for all activity under your account.

9) Cancellations and Refunds

9.1 Cancellation.
You may cancel your subscription at any time. Cancellation generally takes effect at the end of the current billing period.

9.2 Refund policy.
Fees are generally non-refundable, except where required by applicable law or where we explicitly grant a refund in writing.

9.3 Payment disputes/chargebacks.
If you initiate a chargeback or payment dispute, we may suspend access while the dispute is pending.

10) Intellectual Property and Permitted Use

10.1 Ownership.
All content, branding, and materials within the Services are owned by the Operator or licensed to the Operator and are protected by intellectual property laws.

10.2 Limited license.
You receive a limited, personal, non-transferable, non-sublicensable, non-exclusive license to access the Services for your private use.

10.3 Restrictions.
You may not copy, reproduce, scrape, distribute, republish, sell, sublicense, publicly display, create derivative works from, or otherwise exploit the Services or content without prior written permission, except to the extent permitted by mandatory law.

11) No Sharing of Paid Content

Paid content is for the subscriber only. Sharing or redistributing paid posts (including screenshots, substantial excerpts, reposting, forwarding, or reconstructing paid content) may result in immediate termination without refund and may lead to legal action.

12) Acceptable Use

You agree not to:

• bypass paywalls or access restrictions;

• scrape, automate extraction, bulk download, or otherwise systematically harvest content;

• interfere with or disrupt the Services, servers, or platform providers;

• use the Services for unlawful purposes or to infringe third-party rights;

• post unlawful, abusive, harassing, hateful, defamatory, or infringing content in any community/comment feature (if available).

13) Third-Party Links, Data, and Tools

The Services may reference third-party sources, links, charts, market data, or tools. We do not control third parties and do not guarantee their accuracy, availability, or completeness. Use at your own risk.

14) Disclaimers of Warranties

To the maximum extent permitted by law, the Services are provided “AS IS” and “AS AVAILABLE.” We make no warranties—express or implied—regarding accuracy, completeness, timeliness, reliability, merchantability, fitness for a particular purpose, or non-infringement.

15) Limitation of Liability

To the maximum extent permitted by law:

1. We are not liable for any losses, damages, or costs arising from your use of (or inability to use) the Services.

2. We are not liable for investment losses, trading losses, missed opportunities, tax impacts, trading fees, spreads, slippage, or any market outcomes.

3. We are not liable for indirect, incidental, special, consequential, or punitive damages.

4. Where liability cannot be excluded, it will be limited to the minimum extent permitted by law and, if applicable, will not exceed the total amount paid by you for the Services in the preceding 3 months.

Nothing in these Terms limits liability for intent, gross negligence, or liability that cannot be limited by law.

16) Suspension and Termination

We may suspend or terminate access if we reasonably believe you violated these Terms, engaged in fraud/abuse, or if required by law or platform policy. Upon termination, your license to access the Services ends immediately.

17) Privacy

If third-party platforms deliver content or process payments, their privacy terms may also apply.

18) Changes to These Terms

We may update these Terms from time to time. The updated version will be posted with a revised “Last updated” date. Continued use after changes means you accept the updated Terms to the extent permitted by law.

19) Governing Law and Venue

These Terms are governed by the laws of Germany, excluding conflict-of-law rules. If you are a consumer, mandatory consumer protection rules in your place of residence may still apply.

20) Severability

If any provision of these Terms is found unenforceable, the remaining provisions remain in effect.

21) Contact

Questions about these Terms: nasdaqplaybook@substack.com