Risk warning.

Last updated 15 August 2026

Market risk

The value of any holding can fall as well as rise, and can fall to zero. A portfolio that has risen for years can fall sharply and stay down. Diversification across names, sectors or countries reduces some risks and not others: in a broad decline, most things fall together.

Model risk

Every portfolio here is produced by a model, and models are wrong in ways that only become visible afterwards. A published record is a record of the past under the conditions of the past. A model can be fitted to conditions that do not recur, can degrade quietly as markets change, and can be revised or withdrawn by whoever publishes it. A record that looks consistent may be short, or may cover an unusually favourable period.

Published records are also not accounts. They generally exclude fees, commissions, spreads, slippage and taxes, and they assume executions that a real account may not achieve.

Execution risk

Your instance places real orders in real markets, and what it achieves will differ from what a model assumes.

• Price. Orders fill at the price available, not the price a model recorded. In fast markets that difference can be large.
• Timing. Some venues are only open while you are asleep. Some quotes reach your instance delayed, which affects how a limit price is chosen.
• Partial fills. An order can fill in part, or not at all, leaving a position different from the model's.
• Liquidity. A thinly traded name can move against you simply because you are buying it, and can be expensive or slow to exit.

Automation risk

Automation does what it was told, promptly, including when what it was told was wrong. A software defect, a misconfiguration, a mistaken allocation or a bad input can produce orders you did not intend, faster than you can intervene.

The system is built with limits for exactly this reason — unattended orders are bounded by value, orders are sized against the money you allocated to a portfolio and the software never borrows to fill one, short positions are never opened automatically, and a signal that arrives empty or truncated is refused rather than applied, because a short list is indistinguishable from an instruction to sell everything. Those limits reduce the size of a mistake. They do not eliminate mistakes.

Operational and third-party risk

This system depends on parts that can fail independently: your broker's platform and API, the research provider publishing a portfolio, the server your instance runs on, the network between them, and this hub. Any of them can be unavailable, slow or wrong.

An outage can leave your account holding a position the model has since exited, or missing one it has since entered. Neither this service nor your instance can trade when your broker is unreachable.

Concentration, currency and liquidity

Some portfolios hold a small number of names, which increases the impact of any one of them going wrong. Some trade outside your home currency, so your return includes a currency movement you did not choose and may not want. Some trade on venues where market data, settlement conventions or trading hours differ from what you are used to.

If you follow several portfolios at once, they can hold the same underlying company, and your true exposure to it can be larger than any single portfolio suggests.

What you can control

These are yours, and they are the reason to read this page rather than skim it:

• the allocation you give each portfolio, which is what every position is sized from;
• the value ceiling above which an order waits for you instead of going to the broker;
• whether execution is automatic or approved, per plan;
• pausing new orders, which stops the automation and does not liquidate anything you already hold;
• unfollowing a portfolio, and stopping your instance entirely.

One more thing is yours, and it cuts both ways. Because the holdings are in your own account rather than a fund, your broker will lend against them — that is your decision and their loan, on their terms and at their rates, and nothing to do with the portfolios, which never borrow. A loan against a portfolio magnifies losses exactly as it magnifies gains: if the holdings fall far enough your broker can demand more collateral, or sell your positions to repay itself, at a time and a price of their choosing rather than yours.