Gustavo Ballvé on February 12th, 2012

Terms and Conditions of Use of

This site is owned and maintained by Gustavo Dalcin Ballvé (the “Owner”). The use of is subject to the following terms and conditions which you should read carefully.

By clicking “I agree” at the end of these terms and conditions, you are agreeing that you have read, understand and accept these terms, will abide by these terms in their then current form and are legally bound by these terms. If you do not accept these terms and conditions, please exit the site.

Please note that the terms and conditions set out below may be altered or updated at any time.  You should read them in full each time you visit this site.  If you are not permitted to view the information on this site or are in any doubt as to whether you are permitted to view this site, please exit the site.  The contents of this site should not be relied upon as up to date or current and you are reminded that the information included in this site should not be used in substitution for the exercise of independent judgement. You should read and consider carefully any disclosures or disclaimers made within this site.

Use of is a public website that provides analysis of and commentary on companies, industries, the economy and investments in general, as well as general commentary.  The information provided on this site is made available free of charge to you for personal use and informational purposes only and the contents have not been prepared with any specific investment objective, financial situation or particular need of any specific recipient in mind. The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject Owner or any of its affiliates to any registration requirement within such jurisdiction.

Restrictions on Use

The distribution of information on this site may be restricted by laws and regulations of the country from which you are accessing this site.  Where these restrictions exist in your jurisdiction, you must inform yourself about them and observe them.

This site is designed to be accessed through its main home page.  If you access this site through individual pages directly, which are not designed for this purpose, you may not see important information which is relevant to information on this site and which should be read in conjunction with each page on this site.

No information on is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security, fund or other investment product. The information on this site should not be relied upon for purposes of transacting securities or other investments. cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. As a user of, you bear responsibility for your own investment research and decisions, and should seek the advice of a qualified securities professional before making any investment.

You understand that no information published on constitutes a recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. You further understand that none of the content providers to this site or their affiliates will advise you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. You agree and acknowledge that is not an investment advisor.

You understand and agree that contributors to or their affiliates may write about securities in which they or their firms have a position (including long and short positions), and that they may trade for their own account, including in a manner which conflicts with the views and information included in this site. In addition, contributors may be subject to certain restrictions on trading for their own account. You understand and agree that at the time of any transaction that you make, one or more contributors or their affiliates may have a position (long or short) in the securities written about.

Exclusion of Liability

These “Exclusion of Liability” provisions should be read carefully as they exclude or limit legal liability in connection with your use of this site.  Nothing in these terms and conditions, and in particular within the ”Exclusion of Liability” provisions, shall attempt to exclude liability to the extent it is not permissible under applicable law. may make available certain financial market data, quotes, news, research and opinions or other financial information that has been independently obtained by certain financial market information services, financial publishers, various securities markets including stock exchanges and their affiliates, investment bankers, and other providers or that has been obtained by does not guarantee or certify the accuracy, completeness, timeliness or correct sequencing of the information made available through, the information providers or any other third party transmitting information through this site. Any information contained on is provided ‘as is’ and on an ‘as available’ basis. There is no warranty of any kind, express or implied, regarding this information. You agree that neither, the information providers nor the information transmitters shall be liable in any way for the accuracy, completeness, timeliness or correct sequencing of the information, or for any decision made or action taken by you relying upon the information. accepts no liability in contract, tort, negligence, statutory duty or otherwise (to the maximum extent permitted by applicable law) arising out of the use of or access to this site, which includes, without limitation, any errors or omissions contained in it or if the site is unavailable. We shall not be liable for any direct or indirect economic losses (including without limitation loss of revenues, data, profits, contracts, use, opportunity, business or anticipated savings), loss of goodwill or reputation, or special, incidental, consequential loss or damage, suffered or incurred or arising out of or in connection with your use of this site and these terms and conditions.

Access to and use of this site by you is at your own risk. and its affiliates do not warrant that the use of this site or any material downloaded from it will not cause damage to any property, or otherwise minimise or eliminate the risks associated with the internet including, but not limited to, loss of data, computer virus infection, spyware, malicious software, trojans and worms. Also, we accept no liability in respect of losses or damages arising out of changes made to the content of this site by unauthorised third parties. may contain links to other internet websites or resources. We neither control nor endorse such other websites, nor have we reviewed or approved any content that appears on such other websites. You acknowledge and agree that we shall not be held responsible for the legality, accuracy, or inappropriate nature of any content, advertising, products, services, or information located on or through any other websites, nor for any loss or damages caused or alleged to have been caused by the use of or reliance on any such content.

Internet communications

By using this site, you agree not to: restrict or inhibit any other user from using the site, including, without limitation, by means of ‘hacking’ or ‘cracking’ or defacing any portion of any of the site; use the site for any unlawful purpose; express or imply that any statements you make are endorsed by us, without our prior written consent.

This site is protected by copyright.  The use of any trademarks and logos displayed on the site without our prior consent is strictly prohibited. You further agree not to sell, sublicense, modify, translate or disassemble any portion of any of the site; remove any copyright or other proprietary rights notices contained in the site; ‘frame’ or ‘mirror’ any part of the site; use any automatic device or process to retrieve, index or in any way reproduce or circumvent the navigational structure or presentation of the site or its contents; collect information about site users. While using the site you agree to comply with all applicable laws, rules and regulations.

General Information

In the event any provision of these terms and conditions of use and access of this site is held unenforceable, it will not affect the validity and enforceability of the remaining provisions and will be replaced by an enforceable provision that comes the closest to the intention underlying the unenforceable provision.

The terms and conditions of use of this site are governed by the laws of Brazil and any dispute regarding this website shall be subject to the exclusive jurisdiction of the Rio de Janeiro courts.

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