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By viewing material on this website you agree to the following Terms of Service. Use of Anfa Partner’s research is at your own risk. To the best of our ability and belief, all information contained herein is accurate and reliable. However, all information contained herein is provided “as is” and Anfa Partners (“Anfa”) expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose.

Nothing in this Site may be considered as an offer or solicitation to purchase or sell services. We use our Research & Insights page to discuss investment ideas, and have no intention of soliciting prospective clients for any products or services. In no event shall Anfa be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data. Prior to making any investment or hiring any investment manager you should consult with professional financial, legal and tax advisors to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment.

You should assume that as of the publication date of any report, post or communication referencing any publicly traded security, Anfa may have a position in the stock covered herein, and therefore stands to realize significant gains or losses in the event the stock price moves. Following publication of any report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short or neutral at any time thereafter regardless of our initial position or recommendation. If any provision in these Terms of Use is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.

The investments discussed on this website do not represent Anfa's full portfolio. For select investments, where Anfa has developed a contrarian point of view, Anfa shares research with the broader public in order to contribute to the market dialogue around the company’s valuation and business prospects. Anfa chooses to publish research in cases where Kerrisdale believes the market consensus is misguided. Anfa also makes other investments that are not shared with the public. Users of the Site (“Users”)  shall not use this site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using this Site.

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