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TERMS OF SERVICE

Effective Date: April 27, 2025

Last Updated: April 27, 2025

01. Acceptance of Terms

02. Description of Service

03. Subscriptions & Billing

04. No-Refund Policy

05. Investment Disclaimer

06. Intellectual Property

07. Acceptable Use

08. Cancellation & Termination

09. Limitation of Liability

10. Changes to These Terms

11. Contact

01. ACCEPTANCE OF TERMS

By subscribing to Beating the Tide (the “Newsletter”), you confirm that you have read, understood, and agree to be bound by these Terms of Service (”Terms”). If you do not agree with any part of these Terms, please do not subscribe or access the Newsletter.

These Terms govern your access to all content published under the Beating the Tide brand, including articles, deep dives, portfolio updates, and any other written materials delivered via Substack or any future platform.

02. DESCRIPTION OF SERVICE

Beating the Tide is an independent investment research newsletter authored by Iyad Hamdan. The Newsletter publishes long-form equity deep dives, portfolio updates, and market commentary focused on long-term, fundamental investing.

Content is delivered through an annual paid subscription. The Newsletter is published on a best-efforts schedule; no specific publication frequency is guaranteed.

03. SUBSCRIPTIONS & BILLING

Beating the Tide offers annual subscription plans only. There are no monthly subscription options. By completing your purchase, you agree to pay the full annual fee in advance for a 12-month access period.

Subscriptions are processed through Substack and Stripe. Applicable payment processing and platform fees are non-recoverable and are deducted at the time of payment. Your subscription renews automatically at the end of each annual period unless cancelled prior to the renewal date.

You are responsible for keeping your payment information current. Failed renewals may result in loss of access to paid content.

04. NO-REFUND POLICY

Please read this section carefully before subscribing.

All subscription fees are non-refundable. Beating the Tide operates on annual plans only, and no pro rata, partial, or full refunds are offered once a subscription payment has been processed.

This policy exists because the Newsletter is structured as a long-term investing resource. The nature and value of the content — equity deep dives, portfolio tracking, and compounding research — is intended to be consumed over the full 12-month subscription period.

Additionally, Substack platform fees and Stripe payment processing fees are deducted at the time of purchase and cannot be recovered by the author regardless of any cancellation.

By subscribing, you acknowledge and accept that your payment is non-refundable under any circumstances, including but not limited to:

— Change in personal investing strategy or preferences

— Dissatisfaction with individual articles or editions

— Failure to read or access content during the subscription period

— Cancellation of the subscription before the annual term expires

By completing your subscription purchase, you confirm that you have read and understood this no-refund policy and agree to its terms. If you have any questions before subscribing, please reach out via the contact information in Section 11 before completing your purchase.

Beating the Tide reserves the right to grant a refund at its sole discretion in exceptional circumstances. Any such refund is a courtesy and does not constitute a waiver of this policy or an obligation to offer refunds in other cases.

05. INVESTMENT DISCLAIMER

All content published in Beating the Tide is for informational and educational purposes only. Nothing in the Newsletter constitutes financial advice, investment advice, trading advice, or any other form of professional financial guidance.

The author is not a registered investment advisor, broker-dealer, or financial planner. All opinions expressed are those of the author alone and do not represent the views of any financial institution or regulatory body.

Investing in equities involves risk, including the potential loss of principal. Past performance discussed in the Newsletter is not indicative of future results. You should consult a qualified financial advisor before making any investment decisions.

06. INTELLECTUAL PROPERTY

All content published in Beating the Tide — including but not limited to articles, analysis, graphics, and the newsletter name — is the intellectual property of the author and is protected by applicable copyright laws.

Subscribers may read and use the content for personal, non-commercial purposes only. You may not reproduce, redistribute, republish, sell, or share paid content with non-subscribers without prior written permission from the author.

07. ACCEPTABLE USE

You agree not to share your subscription credentials or paid content with others, use the content for commercial purposes or redistribution, or misrepresent the author’s analysis in public forums. Violation of these terms may result in immediate cancellation of your subscription without refund.

08. CANCELLATION & TERMINATION

You may cancel your subscription at any time through your Substack account settings. Cancellation prevents future renewals but does not entitle you to a refund for the current annual period, in accordance with Section 04 of these Terms.

The author reserves the right to terminate any subscription for violation of these Terms. In such cases, no refund will be issued.

09. LIMITATION OF LIABILITY

To the fullest extent permitted by applicable law, the author of Beating the Tide shall not be liable for any indirect, incidental, consequential, or punitive damages arising from your use of or reliance on the Newsletter’s content.

The total liability of the author for any claim arising under these Terms shall not exceed the amount paid by you for your current subscription period.

10. CHANGES TO THESE TERMS

These Terms may be updated from time to time. Material changes will be communicated to active subscribers via email. Continued use of the Newsletter following notice of changes constitutes your acceptance of the revised Terms.

The effective date at the top of this page reflects when the current version came into force.

11. CONTACT

If you have questions about these Terms or your subscription before purchasing, please reach out directly through the Substack messaging system or via the contact link on the Beating the Tide publication page.

Questions received after a subscription purchase will be answered, but submission of a question does not entitle you to a refund or exceptions to these Terms.