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Last updated: 27 September 2026

These terms apply to your use of the Garoud Research website and the research, commentary and other material made available through it. By using this website, you agree to these terms.

About Garoud Research

Garoud Research is an independent research practice operated by Djamal Garoud. Information on this website describes the practice and provides general research and market commentary.

Information only

Unless expressly agreed otherwise in a separate written engagement, material on this website is provided for general informational and research purposes only. It does not constitute investment, legal, tax or accounting advice, a personal recommendation, or an offer or solicitation to buy or sell any security, financial instrument or other asset.

Nothing on this website takes account of the investment objectives, financial situation, risk tolerance or particular needs of any individual or organisation. Users should make their own assessment and, where appropriate, obtain advice from suitably qualified professional advisers before acting on information contained here.

Research and market views

Markets and economic conditions change. Research, opinions, scenarios and market observations may change without notice and may be based on information believed to be reliable at the time of publication. Garoud Research does not warrant that information is complete, accurate or current, and no representation is made that any forecast, scenario or opinion will be realised.

References to securities, asset classes, markets or investment strategies are illustrative and should not be understood as recommendations. Past performance is not a reliable indicator of future results, and investments may fall as well as rise in value.

Advisory relationships

Submitting an enquiry or holding an introductory conversation does not create an advisory, fiduciary or other professional relationship. Any research or advisory engagement is subject to mutual agreement, suitability of the relationship and separate written terms defining its scope.

No execution, custody or discretionary management

Garoud Research does not, through this website, provide brokerage, trade execution, custody or discretionary asset-management services. The website does not enable users to transact in financial instruments.

Intellectual property

Unless otherwise stated, the research, commentary, text, branding and original material published by Garoud Research are owned by or licensed to Garoud Research and are protected by applicable intellectual-property laws. Material may be viewed for personal or internal business use. It may not be reproduced, republished, distributed, sold or commercially exploited without prior written permission, except where permitted by law.

Third-party information and links

The website or Garoud Research material may refer or link to third-party information, data or websites. Such references do not imply endorsement, and Garoud Research is not responsible for the availability, content, accuracy or privacy practices of third-party services.

Liability

To the fullest extent permitted by applicable law, Garoud Research is not liable for losses arising from reliance on general information or research made available through this website, or from interruption, errors or third-party content. Nothing in these terms excludes or limits liability where it cannot lawfully be excluded or limited.

Privacy

Personal data submitted through this website is handled as described in the Privacy Policy.

Changes

These terms may be updated as the website or services develop. The date above indicates when they were last updated.

Governing law

These website terms are governed by the laws of Sweden, subject to any mandatory rights or rules that apply under applicable law.