Disclaimer Publisher status. Kabu Research is a financial publisher. We are not a registered investment adviser, broker-dealer, or fiduciary, and we do not provide individualized investment advice. The research we publish is general in nature and operates under the publisher exemption recognized in Lowe v. SEC , 472 U.S. 181 (1985). We do not know, collect, or consider any subscriber's holdings, financial situation, tax position, account size, risk tolerance, or suitability when publishing.
Positions and transactions. Kabu Research may publish research on companies that the publisher, the publisher's household, or related accounts can legally own or transact in. Subject to the trade-around-publication policy below, the publisher and covered accounts may hold, initiate, add to, reduce, or exit positions in securities we cover. The restricted period runs from IC lock through 10 business days after publication; during that window, the publisher and covered household/joint accounts do not trade the named portfolio holding except under a written exception disclosed in the next portfolio update. We do not pre-announce trades, and the published Kabu portfolio is a research product — not a trade book, not a fund, not a managed account. There is no guarantee that any position discussed is currently held, will be held in the future, or matches the publisher's personal-account exposure.
No solicitation. Nothing in this article is an offer to sell, a solicitation of an offer to buy, or a recommendation to transact in any security. References to specific securities, sectors, themes, or jurisdictions are for research and educational purposes only.
Information sources. Our research draws on publicly available filings (EDINET / Yuho 有価証券報告書), exchange disclosures (TDnet), market data (J-Quants), company-published material, and proprietary analysis. We cite sources at the claim level wherever feasible and pin retrieved evidence with audit hashes. We do not guarantee the accuracy, completeness, or timeliness of any third-party source, and source coverage may change between publications. All statements reflect information available as of the article's publication date unless an updated date is shown; we do not undertake to revise, correct, or refresh the article after publication except through new posts.
Forward-looking statements. Fair-value distributions (p10 / p50 / p90), margin-of-safety figures, position-size suggestions, and any scenario or catalyst commentary are forward-looking estimates based on stated assumptions. They are not forecasts, guarantees, or promises of return. Actual outcomes will differ — often materially — from the estimates shown, and events not contemplated in the assumptions can and do occur.
Methodology evolution. Kabu Research's methodology is versioned and pre-registered. When we re-run an analysis under a revised methodology, the new output is published as a new run tagged with the revised methodology version; we do not silently rewrite or backdate prior analyses. Past analytical runs remain visible as historical artifacts even when superseded. Past performance — of any portfolio, holding, screen, or backtest — is not indicative of future results.
Foreign-securities risk. Most companies we cover are listed in Japan and other non-US markets. Investing in foreign securities involves additional risks including currency fluctuation, foreign tax treatment, different disclosure regimes, different trading hours and settlement mechanics, reduced liquidity, and access constraints that vary by brokerage. We do not advise on brokerage selection, FX, tax treatment, or position-execution mechanics.
Reader responsibility. Every reader has a different financial situation, time horizon, and risk tolerance. You are responsible for your own investment decisions. Conduct independent research, read the underlying filings, and consult a licensed investment, tax, or legal professional appropriate to your jurisdiction before acting on anything in this article.
Jurisdiction. Kabu Research is published from the United States. It is not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where such distribution, publication, or use would be contrary to law or regulation. We may decline subscriptions or withhold content from any jurisdiction at our discretion.
No liability. To the maximum extent permitted by law, Kabu Research, its publisher, its affiliates, and its contributors disclaim all liability for any direct, indirect, incidental, consequential, or other losses arising from any use of, or reliance on, the information in this article.
Trade-around-publication policy:
No operator, household, minor-child, or joint-account trading in a named portfolio holding from IC lock through 10 business days after publication. No contrary operator trading while a recommendation remains active unless a published update explains the thesis change first. Any exception requires a written operator note before the trade and disclosure in the next portfolio update.