Important Disclosures
and
Terms & Conditions

Important Disclosures

Please read these Important Disclosures (“Disclosures”) carefully before accessing or using any information provided by Tsai Capital Corporation, a registered investment adviser (“Tsai”), including through its website, https://tsaicapital.com (“Site”), social media, videos, audio recordings, or linked materials, or making any investment decisions. By accessing or using any information provided by Tsai, you indicate that you understand and intend these Disclosures to be the legal equivalent of a signed, written contract, and you accept these Disclosures and agree to be legally bound by them without limitation, modification, or qualification. If you do not agree to these Disclosures, please do not access or use the Site or rely on any information provided by Tsai.

No Guarantee of Performance

Tsai makes no representations or guarantees that past performance of its separately managed accounts or any entity is indicative of future results. No assurance is provided regarding the future investment performance of Tsai’s accounts or strategies. All investments involve risks, including the potential loss of principal. References to Tsai’s efforts to minimize losses or seek a margin of safety do not imply an absence of risk. Investors with shorter investment horizons or immediate liquidity needs may face increased risks due to market volatility. References to specific investment performance or individual company metrics in any linked material, video, or audio recording do not represent the overall performance of Tsai’s client portfolios or accounts, and some investments may have underperformed or lost value. Historical and recent performance information, including annual comparisons after advisory fees, is available in Tsai’s Investor Letters at https://tsaicapital.com/library.php.

No Offer or Solicitation

Neither the information nor any opinions expressed by Tsai, including through the Site, social media, videos, audio recordings, or linked materials, constitute a solicitation or offer by Tsai or any fund or entity managed by Tsai to buy or sell any securities, futures, options, or other financial instruments. Discussions of securities, strategies, portfolio characteristics, or performance are provided for informational purposes only and should not be relied upon for purposes of determining whether to invest in any security or utilize Tsai’s services. Content posted on Tsai’s LinkedIn account, as well as Christopher Tsai’s personal accounts (e.g., @tsaicapital on X and Christopher Tsai on LinkedIn), should not be interpreted as investment, legal, or tax advice. Christopher Tsai, President and Chief Investment Officer of Tsai, expresses opinions on his personal social media accounts that are his own and do not necessarily reflect those of Tsai. Tsai and its related persons may hold investments in the securities or companies discussed, which may incentivize favorable commentary. Tsai incorporates social media interactions into its investment research process, but such discussions are not recommendations. Decisions based on information provided by Tsai are the sole responsibility of the user.

No Warranties

All information provided by Tsai, including through the Site, linked materials, social media, videos, or audio recordings, is provided “AS IS” without warranties of any kind, either express or implied. To the fullest extent permissible pursuant to applicable law, Tsai disclaims any and all warranties, express or implied, that the information is accurate, current, or complete, and it should not be relied upon as such. Tsai expressly disclaims liability for errors or omissions in the information provided. Tsai makes no commitment, and disclaims any duty, to update such information. Tsai reserves the right to add, modify, or delete any information at any time without notice.

Opinions Subject to Change

Any opinions expressed by Tsai or Christopher Tsai in any media format, including videos, audio recordings, or social media, may change without notice and should not be relied upon for investment decisions. Users are strongly encouraged to consult a qualified financial professional before acting on any opinions provided by Tsai or Mr. Tsai in any media outlet. Tsai’s views, portfolio holdings, and investment strategies may change without notice.

User Responsibility

All persons and entities accessing Tsai’s information, including through the Site, social media, or linked materials, do so on their own initiative and are responsible for compliance with applicable local laws and regulations. Tsai makes no representations that the information, securities, strategies, or services discussed are available or appropriate for use in all jurisdictions or by all individuals.

Reservation of Rights

Tsai reserves the right, at its discretion, to change, modify, add, or remove portions of these Disclosures at any time. Your continued use of the Site or reliance on Tsai’s information following reasonable notice of such modifications will be conclusively deemed acceptance of any changes to these Disclosures. You agree that notice of changes to these Disclosures posted on the Site constitutes reasonable and sufficient notice. At all times, you are bound by the then-current version of these Disclosures and all applicable laws.

Terms & Conditions

Please read these Terms & Conditions (“Terms & Conditions”) carefully. Tsai Capital Corporation, a registered investment adviser (“Tsai”) owns and operates the investment advisory portions of this website, https://tsaicapital.com (“Site”). By registering for, logging into, visiting and/or otherwise using the Site in any way, you indicate that you understand and intend these Terms & Conditions to be the legal equivalent of a signed, written contract, and you accept these Terms & Conditions and agree to be legally bound by them. If you do not agree to these Terms & Conditions, please do not access this Site or any pages thereof.

The terms and conditions of use set forth below apply to this website (collectively, the “Site”). Please read these terms and conditions of use carefully before using the Site. The terms and conditions apply to all pages of the Site whether or not those terms and conditions appear on each individual page. By using the Site, you acknowledge that you have read, understood and agree to be bound by these terms and conditions of use without limitation, modification or qualification.

If you do not agree to these terms and conditions of use, you may not access or use the Site. Tsai Capital (“Tsai”, “us”, “we” or “our”) reserves the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Therefore, we suggest that you review these terms periodically for changes. By using our Site after we have posted changes to these terms and conditions of use, you are agreeing to be bound by these terms as amended.

Neither the information, nor any opinion contained in the Site constitutes a solicitation or offer by Tsai or any fund or other entity managed directly or indirectly by Tsai, to buy or sell any securities, futures, options or other financial instruments. Decisions based on information contained on the Site are the sole responsibility of the visitor.

Tsai makes no representations or guarantees that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, strategies or services discussed on the Site are available or appropriate for sale or use in all jurisdictions or countries, or by all visitors to the Site. All persons and entities accessing the Site do so on their own initiative and are responsible for compliance with applicable local laws and regulation.

Although the material in the Site is based upon information that Tsai considers reliable and endeavors to keep current, the materials in the Site are provided “AS IS” and without warranties of any kind (either express or implied).

To the fullest extent permissible pursuant to applicable law, Tsai disclaims any and all warranties, express or implied that the material is accurate, current or complete, and it should not be relied upon as such and expressly disclaims liability for errors or omissions in the Site including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. Tsai makes no commitment, and disclaims any duty, to update such material. Tsai reserves the right to add, modify or delete any information on the Site at any time.

Reservation of Rights

We reserve the right, at our discretion, to change, modify, add, or remove portions of these Terms & Conditions at any time. Your continued use of the Site following reasonable notice of such modifications will be conclusively deemed acceptance of any changes to these Terms & Conditions. You agree that notice of changes to these Terms & Conditions posted on the Site constitutes reasonable and sufficient notice. At all times, you are bound by the then-current version of the Terms & Conditions and of all applicable laws.

Use of Content

The Content (as defined below) of this Site is available for informational purposes only. The posting of Content and access to this Site does not constitute, either explicitly or implicitly, any provision of services or products by Tsai.

Copyright and Trademarks

This Site (including the software and files), the computers hosting this Site, and content provided on this Site, including any text, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports, and downloads (all such content collectively, the “Content”) are the exclusive property of Tsai, are licensed to Tsai, or are publicly copyrighted, and are protected by law, including United States copyright, database, trade secret, and trademark law, as well as other state, national, and international laws and regulations. Tsai is a trademark or registered trademark in the United States and throughout the world. Tsai reserves all rights with respect to its proprietary information or material on this Site and will enforce such rights to the full extent of applicable copyright and trademark law. Except as expressly provided in these Terms & Conditions, Tsai does not grant any express or implied rights to you. All rights in the pages and Content are owned by Tsai and their respective licensors. You agree not to sell, distribute, publish, broadcast, circulate or commercially exploit Content in any manner without the express written consent of Tsai. Any downloading or otherwise copying from this Site will not transfer title to any software or material to you. Unless otherwise noted, Tsai, and other brands featured on the Site constitute our trade/service marks. You agree not to, directly or indirectly, attempt to register, challenge or contest the validity of Tsai’s ownership of, such copyrights, trademarks or any other intellectual property of Tsai, or assist any third party in doing so.

Grant of License

Tsai grants to you a personal, revocable, nonexclusive, nontransferable license to use this Site conditioned on your continued compliance with these Terms & Conditions. Limited portions of the Content available in the public areas of the Site may be accessed, printed and downloaded on an occasional basis for personal, scholarly, research or non-commercial purposes; provided that all hard copies contain all copyright and other applicable proprietary rights notices included in such content and information and/or appropriate attribution to Tsai in a form and manner acceptable to Tsai. For information on obtaining permission to use any Content beyond the uses permitted above, please contact us. Unless and except as otherwise expressly permitted by these Terms & Conditions, you may not access, copy, reproduce, modify, create derivative works of, alter, publicly distribute, republish, upload, post, transmit, publicly perform or display, license, transfer, sell, mirror, frame, “deep link,” “scrape,” data mine, or otherwise use any information or material obtained from or through this Site, without written permission from Tsai. Any unauthorized use of this Site or the Content, or any violation of applicable laws, will terminate the permission granted herein.

Restrictions on Use of Materials and Limited License

Unless otherwise expressly noted, all information and materials, including, without limitation, images, illustrations, designs, icons, photographs, video clips, and written and other materials, that are part of the Site (“Tsai Materials”) are copyrights, trademarks, service marks, trade names, trade dress and/or other intellectual property owned, controlled or licensed by Tsai. Except as provided below, no Tsai Material from the Site may be copied, reproduced, republished, uploaded, posted, transmitted, distributed, or modified, without Tsai’s written permission.

Modification or use of the information or materials for any other purpose will violate the copyright or other intellectual property rights of Tsai.

Transmissions to and from the Site

Electronic communications can be intercepted by third parties and, accordingly, electronic mail and other transmissions to and from the www.tsaicapital.com domain name or made via the Site may not be secure. Communications to Tsai, particularly those containing confidential information, should be sent by mail.

Any communication or other material that you send to us through the Internet or post on the Site by electronic mail or otherwise, is and will be deemed to be non-confidential and Tsai shall have no obligation of any kind with respect to such information. Tsai shall be free to use any ideas, concepts, know-how or techniques contained in such communication for any purpose whatsoever, without any compensation due or payable to you, and you hereby grant Tsai an unlimited, non-exclusive license in such material.

Linked Sites

Certain hyperlinks or referenced websites on the Site may for your convenience forward you to third parties’ websites, which generally are recognized by their top-level domain name. Any descriptions of, references to, or links to other products, publications or services do not constitute an endorsement, authorization, sponsorship by or affiliation with Tsai with respect to any linked site or its sponsor, unless expressly stated by Tsai. Any such information, products or sites have not necessarily been reviewed by Tsai and are provided or maintained by third parties over whom Tsai exercises no control. Tsai expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites to the extent permitted by applicable law. Tsai reserves the right to terminate any hyperlink or hyperlinking program at any time.

Privacy Policy

Tsai considers privacy to be fundamental to its relationship with clients. Tsai is committed to maintaining the confidentiality, integrity, and security of clients’ personal information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served.

Tsai does not disclose nonpublic personal information about clients to third parties other than as described herein. Tsai collects information about you (such as your name, address, social security number, assets and income) from discussions with you, from documents that you may deliver to Tsai and in the course of providing investment services to you. In order to provide you with such services, Tsai may provide your personal information to firms that provide assistance in servicing your accounts and that have a need for such information, such as a broker, custodian or other service provider. To the extent applicable, Tsai requires third party service providers and financial institutions with which it has relationships to protect the confidentiality of your information and to use the information only for the purposes for which the information is disclosed. Tsai does not otherwise provide information about you to outside firms, organizations or individuals except to its attorneys, accountants, and other service providers as permitted by law. Tsai restricts access to nonpublic personal information about you to firm members with a legitimate business need for the information. Tsai maintains physical, electronic and procedural safeguards designed to protect your personal information.

Social Media Disclosure

Individuals posting on behalf of Tsai, including clients or investors in Tsai’s products or services, may have incentives to portray the firm favorably. Christopher Tsai serves as the President and Chief Investment Officer of Tsai. Opinions shared on his personal social media profiles, such as @tsaicapital on X or Christopher Tsai on LinkedIn, reflect his personal views and do not necessarily align with those of Tsai. Content posted on Tsai’s LinkedIn account, as well as Mr. Tsai’s personal accounts (e.g., @tsaicapital on X and Christopher Tsai on LinkedIn), should not be interpreted as investment, legal, or tax advice.

When engaging with Tsai on social media platforms, including those linked from our website, you should note that Tsai’s official accounts convey the firm’s perspectives, while individual team members, including Christopher Tsai, may share their own opinions through personal accounts. These posts may not reflect the collective stance of Tsai or its entire team. Tsai and its associated individuals may hold investments in the companies or securities discussed, which could influence positive commentary. Tsai, including Christopher Tsai, may incorporate social media interactions into its investment research process. However, discussions about clients, securities, or issuers by Tsai or Mr. Tsai are not recommendations to buy, sell, or hold any security. Past performance does not guarantee future results, and future recommendations may not achieve similar outcomes.

You may come across third-party content on Tsai’s social media pages. Third parties with business ties to Tsai may be motivated to share favorable content to sustain their relationship with the firm.

When you interact with Tsai’s social media pages, accounts, or posts on various platforms, Tsai may collect information from these interactions. If you share content or engage in activities on these platforms, including on Tsai’s pages, your contributions may be visible to your connections, followers, or the broader public, depending on your privacy settings.

Indemnification

You hereby indemnify, defend, and hold Tsai and any of their respective affiliates, directors, officers, registered representatives or employees, and any third party vendor harmless from and against any and all liabilities, judgments, fines, damages, settlements and costs (including reasonable attorneys’ fees and disbursements) incurred in connection with any claim arising out of any breach by you of these Terms & Conditions or claims arising from your use of this Site. You will cooperate with us in the defense of any claim. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you.

Events Beyond Tsai’s Control

You expressly absolve and release Tsai and all of its officers, directors, employees, registered representatives, shareholders, legal representatives, attorneys, agents, successors and assigns, from any claim of harm resulting from a cause beyond its control including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses or software failures, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, acts of domestic or foreign terrorism or governmental restrictions. Tsai does not warrant that this Site will be available at any time or that your access to this Site will be uninterrupted, timely or free from viruses or other harmful components. Tsai reserves the right to cease operating this website or to terminate your access and use of any part of this Site at any time without notice and for any reason.

User Representations

You represent and warrant to Tsai that you will not use this Site for any purpose that is unlawful or prohibited by these Terms & Conditions, including but not limited to attempting or actually: (a) disrupting, impairing or otherwise interfering with the operation or integrity of the Site or circumventing any Site security system; (b) collecting any information about other users of the Site; (c) systematically, or by any automated means, extracting Content or other information or data contained in the Site to populate databases or other sites; or (d) engaging in any fraudulent or manipulative activity with respect to issuers, securities or markets. Tsai may terminate your access and use of any part of the Site for such violations.

You further agree not to: (a) make any representations, warranties or guarantees on Tsai’s behalf or with respect to the Site, Content or data; (b) make any false or misleading representations with regard to Tsai, the Site, Content or data; or (c) participate or engage in any illegal, deceptive, misleading, unethical, or improper practices.

Jurisdiction, Severability

Any action arising out of these Terms & Conditions or the Site shall be litigated in, and only in, courts located in New York, and you agree to submit to the exclusive jurisdiction of those courts and further agree that they are a convenient forum for you.

In the event that any provision of these terms is held unenforceable, the validity or enforceability of the remaining provisions will not be affected, and the unenforceable provision will be replaced with an enforceable provision that comes close to the intention underlying the unenforceable provision.