Terms of Use — The Valuation Framework

Last updated: 12-01-2026

Provider: The Valuation Framework (“TVF”), acting under its own name as a natural person

Contact: TheValuationFramework@outlook.com

Platform: The Service is published via Substack.

These Terms of Use (“Terms”) apply to the use of The Valuation Framework and the related free digital content via Substack (the “Service”). By using the Service or subscribing to the free newsletter, you agree to these Terms.

1. Definitions

• You / Subscriber: any visitor or user of the Service, including free subscribers.

• We / Us / TVF: The Valuation Framework, the creator and publisher of the Content.

• Service: digital publications, analyses, emails, and access to free Content and (if available) the archive via Substack.

• Content: all texts, analyses, tables, charts, images, models, and other information made available through the Service.

2. Purpose of the Service — no personal advice

1. The Content is provided for general informational purposes and reflects insights and opinions at the time of publication.

2. The Content is not personal (investment, financial, legal, or tax) advice and does not constitute a recommendation to enter into specific transactions.

3. Investing involves risk; past performance is not indicative of future results. You remain solely responsible for your decisions.

3. Access and use

1. You may use the Service solely for personal, non-commercial use.

2. You may not:

   1. copy, republish, or distribute (online or offline) the Content (in whole or in part) without prior written permission;

   2. resell the Content, bundle it into paid products, or otherwise commercially exploit it;

   3. circumvent technical measures or obtain unauthorized access;

   4. use the Service in any manner that is unlawful or that causes harm to us, other users, or Substack.

4. Intellectual property

1. All intellectual property rights in the Content belong to us or our licensors.

2. You may read, download, and (for your own use) print the Content solely for personal and non-commercial use, provided that source references and rights notices are retained.

3. You may use short quotations with clear source attribution (“The Valuation Framework via Substack”), to the extent permitted under applicable quotation rules.

5. Availability, changes, and termination

1. We strive to provide a reliable Service, but we do not guarantee that the Service will be error-free or available without interruption.

2. We may change the Content, topics, structure, and functionality of the Service.

3. Material changes (changes that materially affect the core of the Service or its use) will, where reasonably possible, be announced in advance via the Service (e.g., via Substack).

4. We may (temporarily) restrict access to, or discontinue, the Service, for example for maintenance, security, misuse, or business reasons.

Explanation of “material changes” (implicit in 5.3): in the free context this mainly concerns, for example, “the archive is closed,” “the frequency/format changes radically,” “comments are disabled,” or “important functionality is removed.” Minor edits/typos/content updates per article are not “material.”

6. Liability (free content)

1. Informational nature and your responsibility
   The Content is general information and may contain omissions, errors, or outdated data. We provide no warranties (express or implied) regarding accuracy, completeness, suitability, or timeliness. You remain fully responsible for how you use the Content and for any decisions you make (or do not make) based on it.

2. No liability for investment- and decision-related losses (direct and indirect)
   To the extent permitted by applicable law, we are not liable for any loss or damage (direct or indirect) arising from or related to:

   1. investment decisions, transactions, portfolio choices, or timing;

   2. (not) achieving returns, price movements, missed opportunities, or declines in value;

   3. the interpretation or application of the Content by you or third parties.

3. Exclusion of indirect and consequential damages
   To the extent permitted by applicable law, we are not liable for indirect or consequential damages, including (without limitation) lost profits, missed savings, reputational harm, loss of data, loss of goodwill, or third-party claims against you.

4. Limitation of liability (cap)
   If, despite the foregoing, we are found liable for direct damage caused directly and exclusively by our attributable conduct, our total liability is limited to the maximum of (i) EUR 100, or (ii) the amount you paid for the Service in the last 12 months (if applicable), whichever is higher.

   • Free: amount paid = €0 ⇒ cap = €100

   • Paid: if someone pays e.g. €144/year ⇒ cap = €144 (because that is higher than €100)

5. Exceptions (what we never exclude)
   Nothing in these Terms excludes or limits liability where such exclusion or limitation is not permitted by law, including liability for willful misconduct, fraud/deceit, or liability that cannot legally be excluded or limited. These Terms also do not limit your rights under mandatory laws (including, where relevant, data protection laws).

7. Conduct and community

1. If you comment or otherwise communicate via Substack, TVF expects respectful conduct.

2. We may moderate or remove comments and block accounts in cases of spam, intimidation, hateful content, or other misuse.

8. Privacy

1. Personal data (such as an email address) may be processed when using the Service.

2. Personal data is processed in accordance with our Privacy Policy, which also describes which parties (such as Substack) are involved and for what purposes.

9. Third parties and platform terms (Substack)

1. The Service is published via Substack. Use of Substack is also subject to Substack’s terms and policies.

2. We are responsible for the Content we publish and for communication about the Service. Substack is the platform provider; technical account and platform functionalities may depend on Substack.

10. Complaints and contact

For questions or complaints, you can contact: TheValuationFramework@outlook.com. We aim to respond within a reasonable timeframe.

11. Governing law and disputes

1. These Terms are governed by the laws of Belgium.

2. If you are a consumer residing in the EU, you retain the mandatory consumer protections you are entitled to under the law of your country of residence, where applicable.

3. The parties will first try to resolve disputes amicably. If that is not possible, disputes will be submitted to the competent courts, to the extent mandatory law does not provide otherwise.