Terms of Service

Last updated: [07/20/2026]

Knelson Advisory Solutions, (“The Margin” or “we”, “our” or “us”) operates the The Margin services, which include our podcasts, newsletters, and websites. These Terms of Service form part of the overall “Agreement” between you and us, which also includes:

(1) Our Privacy Policy, which explains how we collect and use your information; and

By using the Services, you agree to be bound by this Agreement.

We may modify this Agreement from time to time and such modification will be effective upon posting on the Services. You will be deemed to have agreed to any such modifications by your further use of the Services after any such modification is posted. It is therefore important that you review this Agreement regularly to ensure you are updated as to any changes. If you do not agree with the modifications, please discontinue use of the Services immediately.

Important: These Terms require all disputes between us to go through binding arbitration instead of government court.By accepting these Terms, you waive any right to have disputes decided (1) by a judge or jury and (2) in class or representative actions.You can opt-out of arbitration for thirty (30) days after you first accept these Terms—see opt-out under Dispute Resolution below.

CONTENT

Proprietary Rights

1. With the exception of content posted by users of the Services (“User Content”), all materials contained on the Services, including all content, and the sound, audio, software, graphics, text and look and feel of the Services, and all trademarks, copyrights, patents and other intellectual property rights related thereto (“Proprietary Materials”), are owned or controlled by The Margin, our subsidiaries or affiliated companies, contributors, our third party licensors, and/or our advertising partners. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any Proprietary Materials, or any other protectable aspects of the Services, in whole or in part, unless specifically stated otherwise. Subject to your compliance with this Agreement and any other relevant policies related to the Services, we grant you a non-exclusive, non-transferable, revocable limited license, subject to the limitations herein, to access and use the Services and Proprietary Materials solely for your own non-commercial personal entertainment purposes consistent with the intended purpose of the Services. You agree not to use the Services for any other purpose.

2. You may be able to post, upload, or submit content to be made available through the Services (“Your Content”). As a condition of your use of the Services, you grant us a nonexclusive, perpetual, irrevocable, royalty-free, worldwide, transferable, sublicensable license to access, use, host, cache, store, reproduce, transmit, display, publish, distribute, modify and adapt and create derivative works (either alone or as part of a collective work) from Your Content. This license continues even if you stop using the Services or terminate your account. You also agree that (a) the other users of the Services shall have the right to comment on and/or tag Your Content and/or to use, publish, display, modify or include a copy of Your Content as part of their own use of the Services, and (b) we have the right to make any of Your Content available to third parties, so that those third parties can distribute, make derivative works of, comment on and/or analyze your Content on other media and services (either alone or as part of a collective work). By posting or submitting Your Content through the Services, you represent and warrant that you have, or have obtained, all rights, licenses, consents, permissions, power and/or authority necessary to grant the rights granted herein for Your Content. You agree that Your Content will not contain material subject to copyright or other proprietary rights, unless you have the necessary permission or are otherwise legally entitled to post the material and to grant us the license described above.

Third-Party Content & User Content

1. You acknowledge that the Services may include content provided by users. Any opinions, advice, statements, judgments, services, offers, or other information that constitutes part of the content expressed or made available by third parties, including content posted by our contributors or User Content, are those of the respective authors and not of The Margin or its affiliates or any of their officers, directors, employees, or agents. While we retain the right to filter or reject User Content and other content posted by third parties, we review User Content and other third party content in a limited gate-keeper fashion and have no obligation to investigate whether any content or other User Content violate any term of this Agreement and will not do so in most cases. We neither endorse nor are responsible for the User Content or any other content posted to the Services by anyone other than The Margin.

2. Just as you retain complete ownership of Your Content (subject to the license to us granted above), all other users of the Services retain ownership of their User Content. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any User Content in whole or in part.

CONDUCT

You, as a user, agree to use the Services only for lawful purposes. Without limiting anything else above, specific prohibited activities include, but are not limited to:

1. depicting, encouraging or partaking in criminal or tortious activity, including fraud, trafficking in obscene or illegal material, drug dealing or using, underage drinking, gambling, violence, harassment, stalking, spamming, spimming, sending of viruses or other harmful files,

2. depicting, encouraging or partaking in dangerous activities or conduct that is abusive, threatening, obscene, defamatory or libelous;

3. posting, uploading or sharing content that violates any of the prohibitions herein or that constitutes copyright infringement, patent infringement, or theft of trade secrets;

4. attempting to circumvent, disable or otherwise interfere with security-related features of the Services or features that prevent or restrict use or copying of any content or enforce limitations on use of the Services or the content therein;

5. using any software that intercepts, mines, or otherwise collects information about other users or copies and stores any Proprietary Materials (as defined below);

6. using or attempting to use any automated device, software, process, or means (including, but not limited to, spiders, robots, crawlers, scrapers, or data mining tools) to access, retrieve, index, or extract any content or Proprietary Materials from the Services, or otherwise systematically collect or store Services content or Proprietary Materials, without our express prior written consent;

7. using any Proprietary Materials, User Content, or any other content or data from the Services for the development, training, or improvement of any artificial intelligence or machine learning models, algorithms, or related technologies, without our express prior written consent;

8. interfering with, disrupting, or creating an undue burden on the Services or the networks or services connected to the Services;

9. attempting to impersonate another user or person;

10. soliciting personal information from anyone under 18;

11. collecting, harvesting, soliciting or posting personally identifiable information about anyone other than yourself;

12. using information obtained from the Services in order to harass, abuse, or harm another person, whether a user or a contributor;

13. using the Services in a commercial manner.

You represent and warrant that neither your actions on the Services nor Your Content will violate any of the prohibited conduct described above.

LINKS

The Services may contain links or otherwise direct you to websites operated by third parties. We do not monitor or control the linked sites and make no representations regarding, and are not liable or responsible for the accuracy, completeness, timeliness, reliability or availability of, any of the content uploaded, displayed, or distributed, or products, or services available at these sites. If you choose to access any third party site, you do so at your own risk. The presence of a link to a third party site does not constitute or imply our endorsement, sponsorship, or recommendation of the third party or of the content, products, or services contained on, or available through, the third party site.

We reserve the right to disable links to third party sites.

INDEMNITY

You agree to indemnify and hold The Margin, our subsidiaries and affiliates, and our respective officers, agents, partners and employees, harmless from any loss, liability, claim, or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of your breach of this Agreement and/or any of your representations and warranties set forth herein.

GOVERNING LAW; FORUM

These Terms are governed by and construed in accordance with the laws of the State of Tennessee, without resort to its conflict of law provisions. Subject to the Dispute Resolution section, you and we agree to only bring Disputes and any other legal proceeding in the state and federal courts located in Tennessee.You and we consent to the jurisdiction of those courts.You and we agree that the United Nations Convention on Contracts for the International Sale of Goods will not apply to the interpretation or construction of these Terms.

SEVERABILITY

The provisions of this Agreement are intended to be severable. If for any reason any provision of this Agreement will be held invalid or unenforceable in whole or in part in any jurisdiction, such provision will, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

ELECTRONIC COMMUNICATIONS

When you use the Services or send emails to us, you are communicating with us electronically. You consent to receive communications from us electronically. We will communicate with you by email or by posting notices through the Services. You agree that all agreements, notices, disclosures and other communications that we provide you electronically satisfy any legal requirement that such communications be in writing.

OTHER

This Agreement is deemed accepted upon any use of any of the Services. Our failure to exercise or enforce any right or provision of this Agreement will not operate as a waiver of such right or provision. The section titles in this Agreement are for convenience only and have no legal or contractual effect.

SUPPORT

Subject to the other provisions of this Agreement, we will attempt to help you with any queries or problems that you may have with the Services or any of your purchases through the Services. To reach our customer support team, please e-mail us at [email protected]. It will expedite your request for assistance by providing our representatives with all the information they need to solve your problem as quickly as possible.

MODIFICATION

We reserve the right to make changes to the Services, posted policies and this Agreement at any time without notice other than the reposting of the modified Agreement. We will attempt to notify you of material changes by communicating them to you directly (if we have contact information for you), adding temporary banners to the Services or otherwise highlighting such changes. It is your responsibility to review this Agreement periodically for changes.

Please contact us at [email protected] with any questions regarding this Agreement.