The publisher's exclusion
The publication operates under the publisher's exclusion (§202(a)(11)(D) of the Investment Advisers Act). It does not provide personalized investment advice. It does, however, take seriously the principle that readers should know what positions inform the analysis they are reading.
This page exists for that reason.
Operator's current exposure — broad strokes
The operator is long equities, principally through diversified funds rather than individual-name concentration.
The bulk of equity exposure is in broad U.S. index funds, with the largest single allocation in S&P 500 exposure. Family trust holdings add a tilt toward large-cap technology — primarily via Fidelity Growth and Fidelity Contra fund positions, both of which carry significant exposure to the AI infrastructure and hyperscaler names that this publication discusses.
The operator also holds cash, a modest allocation to gold, and a small allocation to digital assets.
Practical implication for readers. When this publication discusses semiconductor design, lithography, data-center infrastructure, hyperscaler-class names, or AI-platform incumbents, the operator likely has indirect exposure to those names through the fund holdings above. Operator does not hold significant individual-name positions in the names this publication discusses by ticker.
What this means for the Scoreboard
Specific positions surfaced on the Scoreboard — Long Diagonal candidates, Bishop's Watch surveillance names, Stocks on the Move — are editorial calls under the publisher's exclusion. They are not held by the operator unless explicitly noted on the position's individual page.
Where the operator does hold direct exposure to a specific name discussed in a Scoreboard piece, that exposure is noted on the piece itself in addition to being reflected here.
What gets updated, and when
Broad-strokes exposure (the categories above) is reviewed and updated quarterly, or whenever a material category-level shift occurs.
Specific-name exposure (where applicable) is updated when the position changes, with the updated information appearing on the relevant Scoreboard piece in addition to this page.
Why we disclose this
A publication that takes positions in writing should be transparent about the positions its operator carries. The publisher's exclusion permits independent analysis of public information; the exclusion does not require, but the editorial integrity of this publication does require, that readers can locate the operator's relationship to the names being discussed.
When in doubt about whether the operator holds a position relevant to a piece, the answer lives here.
Questions or corrections: sal@grantbishop.com.