Disclaimer

1. Nature of the service

Sunday Letter is published by YANGYUN MANAGEMENT LIMITED (BVI) as a financial independent publication (newsletter), delivered to the public via email and a website archive.

The service operates as an independent newsletter publisher under the U.S. Investment Advisers Act of 1940 §202(a)(11)(D) Publisher Exclusion. We are not registered with the U.S. SEC as a Registered Investment Adviser (RIA), nor do we hold an investment advisory, asset management, or brokerage license in any jurisdiction.

2. Not investment advice

All content delivered by this service (letter body, portfolio PDF, market weather, website articles, etc.) is information, research, and commentary. It does not constitute personalized investment advicetailored to your financial situation, investment objectives, risk tolerance, or existing holdings, and does not constitute an offer or recommendation to buy or sell any specific security, fund, crypto asset, or other financial instrument.

We disclose the principal’s own portfolio changes to build trust through positions (“credibility from positions, not from words”) — to show what we did with our own money. It is not a suggestion that you copy the trades. No fiduciary relationship exists between us and any subscriber.

3. Past performance does not guarantee future results

Any historical performance, backtest data, or portfolio-change records we disclose reflect only past results over a given period and do not guarantee or imply any future returns. Market conditions can change fundamentally; methods that worked in the past may fail in the future.

4. You are responsible for your own decisions

You trade in your own brokerage account in your own name. All trading decisions are yours, and all gains and losses are yours. We do not directly or indirectly control your account, and we accept no responsibility for any of your investment outcomes.

Only invest idle capital you can fully afford to lose. Do not use borrowed funds, mortgaged funds, emergency savings, retirement funds, education savings, or any capital you cannot afford to lose 100%.

5. Boundary for U.S. Persons

If you are a U.S. Person, please note:

• The service is a one-to-many newsletter; all subscribers receive identical content
• We will not, and should not be asked to: answer personalized position-sizing questions, review your holdings and provide buy/sell recommendations, or recommend specific share counts or position sizes based on your capital
• This is both the legal boundary and the product design

6. Regional restrictions

The service is available globally and is not actively marketed to residents of mainland China. By subscribing, you represent that your jurisdiction permits you to receive independent financial publications from outside your jurisdiction. If unsure, please evaluate locally and consult local legal advice.

7. Third-party content

Our content may reference, link to, or discuss third-party data, charts, or views (public market indexes, corporate filings, financial-media reports, etc.). We make no representation as to the accuracy, completeness, or timeliness of any third-party content.

8. Limitation of liability

To the maximum extent permitted by applicable law, we accept no liability for any direct or indirect loss (including loss of principal, foregone gains, or opportunity cost) arising from investment decisions you make based on this content.

9. Acceptance

Visiting timewin.co or subscribing to the service constitutes your acknowledgement and acceptance of this Disclaimer in full. If you do not agree with any part of it, please stop accessing or subscribing.