DISCLAIMER
www.tgmacro.com
TG Macro, LLC (“TGM”) is a publisher, not a registered investment advisor, and nothing in TGM’s newsletter is
intended, and it should not be construed, to be investment advice. TGM’s newsletter is for informational use only.
Any mention in TGM’s newsletter of a particular security, index, derivative, or other instrument is neither a
recommendation by TGM to buy, sell, or hold that security, index, derivative, or other instrument, nor does it
constitute an opinion of TGM (or of any of its officers, employees, agents or representatives) as to the suitability of
that security, index, derivative or other instrument for any particular purpose. TGM is not in the business of giving
investment advice or advice regarding the suitability for any purpose of any security, index, derivative, other
instrument or trading strategy, and nothing in TGM’s newsletter should be so used or relied upon. TGM is not
acting as your financial advisor nor in a fiduciary capacity, with regard to any securities, index, derivative or other
instrument referred to in TGM’s newsletter. Also no representation is made concerning the tax implications in any
applicable jurisdiction regarding any securities, index, derivative or other instrument and TGM is not advising you
in respect of the tax implications. All opinions and estimates in the newsletters are given as of the date of their
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its newsletters will be corrected. TGM shall not be liable for any errors or omissions made in its newsletters or for
any inaccuracies in its assumptions. TGM specifically disclaims liability for any losses or damages (incidental,
consequential or otherwise) that may arise from the newsletters and that are either used or relied upon by anyone
for any reason, including without limitation, the use of the newsletters in the preparation of any financial books
and records.
Although from time to time TGM’s newsletter may link to or promote others’ websites or services, TGM is not
responsible for and does not control those websites or services.
TGM’s newsletter is published and distributed in accordance with applicable United States and foreign copyright
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upload to create derivative works from, transmit, or in any way exploit all or any part of TGM’s website, its
newsletter, or any other material belonging to TGM.
Without the prior written consent of TGM, no person or entity, directly or indirectly, may offer all or any part of
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Without the prior written consent of TGM, no person or entity, directly or indirectly, may make all or any part of
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At any given time TGM’s principals may or may not have a financial interest in any or all of the securities and
instruments discussed herein.
©2016 TG Macro, LLC
WWW.TGMACRO.COM
Please read the following terms of use carefully before using this website. TGMACRO.com reserves the right to
amend, remove or add to the Terms of Use at any time and any modifications will be effective immediately.
Accordingly, please review the Terms of Use on a regular basis when accessing, linking to, or using this website. By
continuing to access, link to or use this website, or any service on this website, you signify your acceptance of the
terms of use and any amendments to it. if at any time you do not accept the terms of use, you may not access, link
to or use this website, any terms and conditions proposed by you which are in addition to or conflict with the
terms of use are expressly rejected by tgmacro.com and shall have no effect.
TERMS OF USE
These Terms of Use sets forth the terms on which TGMacro, LLC (“TGMacro.com”), a New York limited liability
company with its principal place of business in Atlantic Beach, NY 11509, offers you (“you” or “your”) access to the
TGMacro.com website (the “Site”), including all content, functionality and other services made available by
TGMacro.com through the Site. You represent that you have read and agree to be bound by the Terms of Use.
The Terms of Use are effective so long as you access, link to, or use this website or any content provided by
TGMacro.com.
1. ELIGIBILITY AND ACCEPTANCE OF TERMS OF USE
If you use TGMacro.com services, you expressly represent toTGMacro.com that you are at least over the age of
eighteen (18) and have the power and authority to enter into this agreement. By visiting the Site you are agreeing
to the following terms without change, including those terms available by hyperlink (collectively, the “Terms of
Use”). Before you may become a subscriber to the Site, you must read and accept all of the terms and conditions in
these Terms of Use. If you do not agree to any of the terms in these Terms of Use please do not use or become a
subscriber to this Site. TGMacro.com reserves the right in TGMacro.com’s sole and absolute discretion to change
the Site, including eliminating or discontinuing any content or feature of the Site, or, with reasonable notice, to
impose fees, charges or other conditions for use of the Site or parts thereof.
2. MEMBERSHIP, REGISTRATION AND PASSWORDS
Upon confirmation by TGMacro of your subscription (the “Commencement Date”), TGMacro shall deliver by email
to you a regular newsletter in pdf format, and shall provide you with access to previous copies of the Newsletter
on this Site (the “Services”).
If you use the Site, you agree to accept responsibility for all activities that occur under your account or password,
and agree you will not sell, transfer or assign your rights as a user. You are responsible for maintaining the
confidentiality of your password and for restricting access to your computer so that others may not access the Site
using your name or password in whole or in part. You agree to (a) immediately notify TGMacro.com of any
unauthorized use of your password or account or any other breach of security, and (b) ensure that you exit from
your account at the end of each session. TGMacro.com reserves the right to terminate membership and deny
access to the Site to any person who violates these Terms of Use.
TGMacro.com reserves the right to terminate membership and deny access to the Site to any person who violates
these Terms of Use.
3. FEES
FEE SCHEDULE
In consideration for the performance of the Services, you agree to pay the then-prevailing subscription fee for the
newsletter, additional content and/or any services requested through the Site. TGMacro shall deliver to you by
email an invoice for the subscription fee with payment instructions. TGMacro shall provide the Service for an
initial one (1) year period (“Service Period”), to be automatically renewed for further one (1) year periods on each
anniversary of the Commencement Date thereafter unless terminated in accordance with the Terms of Use.
TGMacro.com’s prices may be updated from to time by any of the following methods: online announcements,
bulletins, emails, notices, announcements in invoices, and revised published price schedule. TGMacro.com is not
responsible for ensuring the delivery of any updates to its pricing policies (including additions thereto or deletions
therefrom) to you, and all present and future price schedules are hereby incorporated by reference into this Terms
of Use.
PAYMENT OF FEES
You agree to pay for all services obtained from TGMacro.com via credit card or other electronic payment system
that is made available from time to time. By choosing to have a credit card billed directly by TGMacro.com, you
hereby authorize TGMacro.com to bill this credit card for the charges incurred for use of the TGMacro.com
services. Additionally, you hereby agree that if the credit card company refuses to pay TGMacro.com for such
charges incurred for use of the TGMacro.com services, you shall be directly responsible for the payment of such
charges, and payment shall be due immediately. If TGMacro.com chooses to directly bill you for fees incurred in
connection with your use of the TGMacro.com services (as opposed to paying by credit card), you agree to pay all
fees within twenty (20) days of receipt of an invoice from TGMacro.com. You acknowledge and agree that such
fees may be electronically invoiced or sent via such other means as announced by TGMacro.com.
4. TERM AND TERMINATION
These Terms of Use are for services rendered and shall be in full force and effect during such time as the Site or
Services provided via the Site are available to you. TGMacro.com may disable your access to the Site or services
provided via the Site at any time. Provisions in these Terms of Use relating to limits on liability, indemnification,
use and protection of information and data, payment for the TGMacro.com services, disclaimers of warranties as
well as all other provisions for which survival is equitable or appropriate, shall survive the termination of these
Terms of Use.
5. INTELLECTUAL PROPERTY AND LINKING
All of the intellectual property rights in the information, content, design of the website, the newsletter and any
publications, materials or emails supplied to you in conjunction with the Services are the sole property of TGMacro
save where such intellectual property rights are the property of any third parties or the content refers to material
which is freely and publicly available. Except as otherwise stated in the Terms of Use, all of the information on the
Site is protected under applicable copyrights and other proprietary (included but not limited to intellectual
property) rights and are the intellectual property of TGMacro. No parts of any of this website, the newsletter or
any other publication or materials may be reproduced, store in or introduced in any retrieval system, or
transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without
the prior written permission of TGMacro. You agree not to forward, distribute, reproduce, duplicate, copy, sell,
trade, resell or exploit for any commercial purposes, any portion of this website or the newsletter, access to the
Services, publications, materials, reports, e-newsletters, write-ups or any other content provided by TGMacro. You
may not display any portion of this website, the newsletter or any other content provided by TGMacro on a public
bulletin board, FTP site, website, chat room or by any other unauthorized means. Written materials provided in
printed or electronic form may not be modified, adapted, translated, or used to create derivative works without
the prior written consent of TGMacro. You may email, download, or print copies of the materials on this website
or in the newsletter only for your personal, non-commercial use provided all copyright and other notices that are
in the materials, including the copyright notice on the bottom of the page, are included and remain intact. Any
consent of TGMacro expressed to be required by this clause shall not be unreasonably withheld All rights
of TGMacro not expressly granted are hereby reserved. Any breach of this section shall be a material breach of the
Terms of Use and allows TGMacro to terminate your account
LINKING AND FRAMING
You may not link to or frame this web site, or any portion thereof, except as provided in this Terms of Use. Upon
linking to this website pursuant to the Terms of Use, you will be granted a non-exclusive, non-transferable, royaltyfree
sub-license to use the TGMacro mark owned by TGMacro solely for providing an underlined, textual link from
your website to this website. No other use of marks, names or logos is permitted without express written
permission from TGMacro. Without limiting other provisions of the Terms of Use, you may include a link(s) on your
website to this website’s publicly accessible Web pages (i.e., any Web page which does not require a login and
password and/or restrict access). You may not link to this website any website containing an inappropriate,
profane, defamatory, infringing, obscene, indecent or unlawful topic, name, material or information that violates
any applicable intellectual property, proprietary, privacy or publicity rights. TGMacro is concerned about the
integrity of this website when it is accessed in a manner solely determined by third parties or viewed in a setting
solely created by third parties. Specifically, TGMacro is concerned with activities such as bringing up or presenting
content of this website within another website (“framing”). In this regard, without limiting the provisions
contained in the Terms of Use, you may not frame any Web page from TGMacro except with our express written
permission. Further, you may not archive, cache, or mirror any Web page or portions of a Web page on this
website. If you would like to use, reprint, frame, or redistribute any of this website’s content other than as
permitted herein, you must in writing request permission from TGMacro in accordance with the Terms of Use.
Please include: (a) your name, e-mail address, and telephone number; (b) the name of your company; (c) the Web
site address(es) where the proposed use will occur; and (d) specific details about the contemplated linking or
framing activities, including the content or Web page(s) of this Web site which you would like to use.
Notwithstanding the foregoing, if the Site contains links to other Internet web sites or resources. TGMacro.com
neither controls nor endorses such other web sites, nor has TGMacro.com reviewed or approved any content that
appears on such other web sites. You acknowledge and agree that TGMacro.com shall not be held responsible for
the legality, accuracy, or appropriateness 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.
6. YOUR CONDUCT
You may use the content on the Site solely for your personal, non-commercial use, and you may download or print
a single copy of any portion of the content on the Site for your personal, non-commercial use, provided you do not
remove any trademark, copyright or other notice contained in such content. No other use is permitted. You may
not, for example, republish, upload, post, transmit or distribute the content on any Internet, Intranet or Extranet
site or incorporate the content in any database, compilation, archive or cache including, without limitation on any
online bulletin boards, message boards, newsgroups, chat rooms, or in any other manner. Doing so might cause
financial harm to TGMacro.com for which you will be held liable. You may not distribute any of the content to
others, whether or not for payment or other consideration, and you may not modify, copy, frame, reproduce, sell,
publish, transmit, display or otherwise use any portion of the content without securing the prior written consent of
TGMacro.com. Requests to use the content for any purpose other than as permitted in this paragraph should be
directed to TGMacro.com. Modification of the content or use of the content for any purpose other than your
own personal, noncommercial use is a violation of TGMacro.com’s copyright and other proprietary rights, and
can subject you to legal liability.
In addition, in connection with your use of the Site, you agree not to:
 Restrict or inhibit any other visitor from using the Site, including, without limitation, by means of
“hacking”, “denial of service attack” or defacing any portion of the Site;
 Use the Site for any unlawful purpose, including but not limited to the disclosure or inappropriate use
of material, non-public information, or confidential or proprietary information absent authorization to
disclose;
 Express or imply that any statements you make are endorsed by TGMacro.com, without
TGMacro.com’s prior written consent;
 Modify, adapt, sublicense, translate, sell, reverse engineer, decompile or disassemble any portion of
the Site;
 “Frame” or “mirror” any part of the Site without TGMacro.com’s prior written authorization;
 Use any robot, spider, site search/retrieval application, or other manual or automatic device or
process to download, retrieve, index, “data mine,” or in any way reproduce or circumvent the
navigational structure or presentation of the Site or its contents;
 Harvest or collect information about visitors to the Site without their express consent.
You also agree to comply with all applicable laws, rules and regulations in connection with your use of the Site and
the content made available therein.
7. POSTING COMMENTS
OVERVIEW
All users must register on the Site. You also acknowledge and accept that TGMacro may contact you with
information that may be of interest to you, including information about new publications, reports, products and
services. TGMacro.com reserves the right in its sole discretion, to edit, move, delete, and/or remove any content
posted on its Site at any time, for any reason or in its discretion, but has no obligation to review or remove any
such content. Without limiting the foregoing, TGMacro.com has the right to delete any comment that it believes,
in its sole discretion, does or may violate the Terms of Use.
8. NO ADVICE, ENDORSEMENT OR SPECIAL RELATIONSHIP
TGMacro.com is not providing investment, tax or legal advice, acting as a fiduciary or endorsing any company,
property, product, service, security, instrument, or any other matter by posting any participant-submitted
information on the Site. TGMacro.com is not disposing investment advisory services on this Site. TGMacro.com
does not purport to tell people, or suggest to people what they should buy or sell for themselves. Neither
TGMacro.com nor anyone affiliated with TGMacro.com is responsible for any investment decision made by
participants on the basis of using the Site. Participants should always read any corresponding prospectus, check
with their licensed financial advisor and their tax advisor to determine the suitability of any investment. Please
conduct your own due diligence. The Site will contain opinions concerning securities, portfolio of securities,
transactions and investment strategy. However, they are solely the opinions of their author, and none of the
information contained therein constitutes a recommendation by them or TGMacro.com that any particular
security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Further, such
information is impersonal and not tailored to the investment needs of any specific person. Finally, the passage of
time can render all information stale, and neither TGMacro.com nor anyone affiliated with TGMacro.com is
responsible for any misconceptions that may result from the reading of dated information.
The information posted on the Site: (i) is not, and should not be deemed, an offer to sell, or a solicitation of an
offer to buy, any securities or any other instruments, property or anything of value by anyone in any jurisdiction;
and (ii) should not be used by others in connection with any sale, offer for sale or solicitation of an offer to buy
securities or any other instruments, property or anything of value.
TGMacro.com shall have no liability for investment or other decisions based upon any of this information and/or
decisions based upon a contrarian view of any of this information. TGMacro.com specifically disclaims any and all
liability or loss arising out of any action taken in reliance on this information, including but not limited to market
value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any
other matter.
Past performance may not be indicative of future investment results. Any investment involves potential risk,
including potential loss of capital. Please consult your legal, tax and financial advisors in connection with any
potential sale or purchase of any company, property, product, service, security, instrument, or anything else of any
value.
9. DISCLOSURE
TGMacro.com will not knowingly publish articles submitted by research firms or authors who are directly
compensated by a company for coverage of that company’s stock or business. If an author has a business
relationship with a company named in an article that he or she has authored, that relationship must be fully and
accurately disclosed. TGMacro.com disclaims all responsibility and shall have no liability for any failures of
disclosure by authors regarding their company relationships.
TGMacro.com has business relationships with many companies including technology vendors, data providers,
banks, advertisers, etc. There may be instances in which an Author writes an article or an individual posts a
comment which recommends a company with which TGMacro.com has a business relationship. These occurrences
are unintentional and coincidental.
10. CONFIDENTIALITY
You shall not disclose, divulge or communicate to any person or entity or otherwise make use of any information
relating to the business of TGMacro which was disclosed to you or came within your knowledge in connection with
the provision of Services.
11. DISCLAIMERS
ALL MATERIALS AND SERVICES IN THIS SITE AND THIRD-PARTY SITES TO WHICH IT LINKS ARE PROVIDED “AS IS”
WITHOUT WARRANTY OF ANY KIND. THE CONTENT PUBLISHED ON THIS WEB SITE MAY INCLUDE INACCURACIES
OR TYPOGRAPHICAL ERRORS. AS MARKETS CHANGE CONTINUOUSLY, PREVIOUSLY PUBLISHED INFORMATION AND
DATA MAY NOT BE CURRENT AND SHOULD NOT BE RELIED UPON. CHANGES ARE PERIODICALLY MADE TO THE
INFORMATION HEREIN. TGMACRO.COM MAY MAKE IMPROVEMENTS AND/OR CHANGES IN THIS WEB SITE AT ANY
TIME INCLUDING CHANGES TO THESE TERMS OF USE. TGMACRO.COM AND/OR ITS AUTHORS MAKE NO
REPRESENTATIONS AND, TO THE FULLEST EXTENT ALLOWED BY LAW, DISCLAIMS ALL WARRANTIES, EXPRESS OR
IMPLIED, INCLUDING, BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE REGARDING THE SUITABILITY OF THE INFORMATION; THE ACCURACY, RELIABILITY, COMPLETENESS OR
TIMELINESS OF THE CONTENT, SERVICES, PRODUCTS, TEXT, GRAPHICS, LINKS, OR OTHER ITEMS CONTAINED
WITHIN THIS SITE, OR THE RESULTS OBTAINED FROM ACCESSING AND USING THIS SITE AND/OR THE CONTENT
CONTAINED HEREIN. TGMACRO.COM DOES NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE MATERIALS
WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THIS SITE, INCLUDING
COMMENT AND MESSAGING SERVICES OR THE SERVER THAT MAKES SUCH SERVICES AVAILABLE, ARE FREE OF
VIRUSES OR OTHER HARMFUL COMPONENTS. YOU ASSUMES THE ENTIRE COST OF ALL NECESSARY MAINTENANCE,
REPAIR OR CORRECTION OF YOUR COMPUTER AND OTHER EQUIPMENT
12. LIMITATION OF LIABILITY
NEITHER TGMACRO.COM NOR ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, ADVISORS,
EMPLOYEES, AUTHORS, ADVERTISERS, AGENTS AND SPONSORS ARE LIABLE FOR ANY INDIRECT, INCIDENTAL,
CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER DAMAGES UNDER ANY CONTRACT, NEGLIGENCE,
STRICT LIABILITY OR OTHER THEORY ARISING OUT OF OR RELATING IN ANY WAY TO THE SITE AND/OR ANY
CONTENT CONTAINED THEREIN, OR ANY PRODUCT OR SERVICE USED OR PURCHASED THROUGH TGMACRO.COM.
YOUR SOLE REMEDY FOR DISSATISFACTION WITH THE SITE IS TO STOP USING IT. THE SOLE AND EXCLUSIVE
MAXIMUM LIABILITY TO TGMACRO.COM FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN
CONTRACT, TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE), OR OTHERWISE) SHALL BE THE TOTAL
AMOUNT PAID TO TGMACRO.COM BY YOU IN THE GIVEN MONTH, IF ANY, FOR ACCESS TO THE SITE.
Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages, so
the above limitations may not apply to you.
13. INDEMNITY
AS A CONDITION OF USE OF THIS WEBSITE, YOU AGREE TO INDEMNIFY, DEFEND AND HOLD HARMLESS,
TGMACRO.COM AND ITS AUTHORS, EACH OF THEIR PARENT AND AFFILIATED COMPANIES, AND EACH OF THEIR
RESPECTIVE PARTNERS, AUTHORS, LICENSORS, OFFICERS, DIRECTORS, ADVISORS, SHAREHOLDERS, EMPLOYEES,
REPRESENTATIVES, CONTRACTORS AND AGENTS, FROM ANY AND ALL CLAIMS (INCLUDING, BUT NOT LIMITED TO,
CLAIMS FOR DEFAMATION, TRADE DISPARAGEMENT, PRIVACY AND INTELLECTUAL PROPERTY INFRINGEMENT)
AND DAMAGES (INCLUDING ATTORNEYS’ FEES AND COURT COSTS) ARISING FROM OR RELATING TO ANY
ALLEGATION REGARDING: (A) YOUR USE OF THE SITE; (B) TGMACRO.COM’S USE OF ANY CONTENT OR
INFORMATION YOU PROVIDE, AS LONG AS TGMACRO.COM’S USE IS NOT INCONSISTENT WITH THESE TERMS OF
USE; (C) INFORMATION OR MATERIAL POSTED OR TRANSMITTED THROUGH YOUR USER ACCOUNT, EVEN IF NOT
POSTED BY YOU; (D) ANY VIOLATION OF THESE TERMS OF USE BY YOU; AND (E) YOUR VIOLATION OF THE RIGHTS
OF ANY THIRD PARTY.
14. FORCE MAJEURE
TGMacro shall not be liable for any delay or failure to perform its obligations pursuant to the Terms of Use if such
delay is due to circumstances beyond its reasonable control (“Force Majeure”). If a delay or failure of TGMacro to
perform its obligation is caused or anticipated due to Force Majeure, the performance of TGMacro’s obligations
will be suspended.
15. NOTICES
Any notice or communication required to be given by you to TGMacro shall be in writing and delivered via email to
[email protected]
16. GENERAL
These Terms of Use shall be deemed to include all other notices, policies, disclaimers, and other terms contained in
this Website; provided, however, that in the event of a conflict between such other terms and the terms of these
Terms of Use, the terms of these Terns of Use shall control.
These Terms of Use has been made in and shall be construed and enforced in accordance with New York law. Any
action to enforce these Terms of Use shall be brought in the federal or state courts located in New York State,
Counties of New York and/or Nassau. If any provision is deemed to be unlawful or unenforceable, that shall not
affect the validity and enforceability of the remaining provisions. Any failure of TGMacro.com to enforce or
exercise any provision of these Terms of Use or related right shall not constitute a waiver of that right or provision.
The section titles used in these Terms of Use are purely for convenience and carry with them no legal or
contractual effect.
© 2016 TGMACRO, LLC