How Media Business Models Shape Content: A Conversation with Nicholas White

In this episode of Barenaked Money, hosts Colin and Josh are joined by Nicholas White, CEO of Fragment Media, to discuss the broken business model behind traditional media and the structural shift toward reader revenue. White discusses how the reliance on advertising has contributed to distraction, highlighting the importance of trustworthy journalism. The conversation delves into the need for media consumers to be willing to pay for quality news and the role of public benefit companies in maintaining journalistic integrity. Additionally, parallels are drawn between the media industry's challenges and those faced by the financial sector. The episode underscores the necessity of aligning business models with the core mission of serving the public good.
Click here to view the episode transcript.

00:00 Introduction: The Hidden Costs of Free Information
00:33 Meet Nicholas White: Media Industry Insider
01:57 The Broken Business Model of Media
04:25 The Rise of Reader Revenue
06:05 The Internet's Utopian Beginnings
07:03 The Role of Algorithms in Media
09:35 The Shift Towards Quality Content
12:25 Challenges and Opportunities in Media
22:40 Public Benefit Companies and Media
24:36 Regulation and Misinformation
29:13 The Dual Nature of Business Models
31:10 The Value of Paying for News
34:07 Proving the Reader Revenue Model
35:26 Redesigning the Media Industry
41:00 The Financial Industry's Sales Culture
48:28 Final Thoughts and Reflections

Questionable Financial Products and the Importance of Understanding Investment Risks

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White discuss a range of recently launched investment products that they consider problematic or gimmicky. The conversation covers ETFs like GRFT, which bets on political insider ties, high-yield covered call strategies, zero-day options, and other leveraged investment products. They emphasize skepticism towards products that promise high yields or leverage, highlighting the dangers and complexities these financial instruments pose to retail investors. The episode also critiques the resurgence of target date funds, particularly those aimed at funding education. The goal is to educate listeners on identifying and avoiding questionable financial products to make better, informed investment decisions.

Click here to view the episode transcript.

00:00 Introduction to GRFT ETF
00:22 Welcome to Barenaked Money Podcast
00:41 Purpose of the Podcast
00:53 Discussion on Bad Investment Products
03:18 Zero Day Products Explained
04:28 The Rise of Zero Day Options
13:28 ETF Based on Insider Trading
17:38 Kathy Wood's New Buffer ETF
23:28 Trump Media's Crypto ETF
24:51 Quebec Equity ETF
28:58 Leveraged Bull and Bear ETFs
29:21 The Dangers of Short-Term Investment Products
29:59 Misconceptions and Legal Issues with Leveraged ETFs
31:51 Leveraged Single Stock ETFs: A Risky Proposition
34:40 The Pitfalls of Covered Call Strategies
40:19 Leveraged Exposure to Digital Assets
44:32 Target Date Funds: Pros and Cons
49:25 Key Takeaways and Final Thoughts

Understanding Misinformation: Causes, Effects, and Solutions

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White from Verecan Capital Management Inc. welcome social scientist and author Matthew Facciani. They explore the pervasiveness of misinformation across history, its acceleration in the social media age, and the cognitive and social biases that make people susceptible to falsehoods. Facciani, whose latest book 'Misguided' delves into topics like conspiracy theories and AI-generated fake news, discusses the need for critical thinking, diverse social identities, and potential strategies to preemptively counter misinformation. The conversation also touches on the impact of AI, mistrust in institutions, and practical tools for enhancing media literacy.

00:00 Introduction to Misinformation
00:18 Welcome to Barenaked Money
00:53 Meet Matthew Facciani: Social Scientist and Myth Buster
01:46 The Journey of Writing 'Misguided'
04:31 Understanding Susceptibility to Misinformation
06:53 The Human Need to Belong
12:03 The Business of Misinformation
17:06 Strategies to Combat Misinformation
22:10 Trust in Institutions and Generational Perspectives
25:58 Tools for Media Literacy
27:11 Professional Fact-Checking Techniques
27:50 Challenges of Fact-Checking and Pre-Bunking Games
28:48 Breaking the Algorithm
31:02 Strategies for Healthier Social Media
31:36 Transparency and Friction in Social Media
40:53 The Role of AI in Misinformation
43:51 The Importance of Personal Connection
45:38 Conclusion and Final Thoughts

Cybersecurity Insights with Matt Toussain: Defending Against Evolving Threats

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White from Verecan Capital Management are joined by cybersecurity expert Matthew Toussain, the founder of Open Security. Matthew shares his extensive experience in cybersecurity, shedding light on the vulnerabilities individuals and businesses face, particularly with the rise of AI and other advanced technologies. He discusses the importance of basic security measures like multifactor authentication, the evolving nature of cyber threats, and the critical need for businesses to stay vigilant. The conversation also touches on the role of cryptocurrency in cybercrime, familial fraud, and the potential impact of quantum computing on cybersecurity. Matthew's insights emphasize the importance of understanding and mitigating risks, providing a balanced approach to defending against cyber threats.

Click here to view the episode transcript.

00:00 Introduction to Barenaked Money Podcast

00:37 Meet the Special Guest: Matthew Toussain

00:58 Matthew Toussain's Cybersecurity Journey

03:11 Hacking Demonstration: Breaking into a Bank Account

04:43 The Importance of Multifactor Authentication

06:19 Open Source Software and Cybersecurity

08:14 The Threat of Open Source Intelligence Gathering

10:00 Evolving Cyber Threats and Social Engineering

12:30 Defending Against Cyber Attacks

18:43 Familial Fraud and Its Implications

26:02 Artificial Intelligence in Cybersecurity

30:16 The Scalability of AI in Cybersecurity

30:53 Current Trends in AI-Based Attacks

31:22 The Human Element in Cybersecurity

33:25 Small Business Cybersecurity Solutions

37:24 Voice-Based Phishing Attacks

42:29 Cryptocurrency and Cybercrime

53:30 Quantum Computing and Cryptography

55:51 Conclusion and Final Thoughts

Open Security: https://opensecurity.com/
Watch Matt hack his own bank account: https://www.youtube.com/watch?v=_UuBXIzo_kM

The Intricacies of Management Buyouts and Succession Planning

In this episode of 'Barenaked Money,' host Colin White from Verecan Capital Management dive into the complex world of management and employee buyouts as a form of succession planning. Featuring guest Rakesh Jain, a CPA with over 40 years of corporate finance experience, the discussion covers the critical aspects of transitioning business ownership, the importance of early planning, and the need for owners to both measure and understand their business value. Key insights include the advantages and challenges of management buyouts, how to approach valuation and financing, the importance of a structured growth strategy, and the role of cultural fit and trust in the success of these transitions. The episode also touches on timely considerations like tax implications and the practicality of employee ownership trusts.

00:00 Introduction to Value in Business
00:29 Meet the Guest: Rakesh Jain
00:58 Employee and Management Ownership
02:39 Challenges in Succession Planning
04:36 Importance of Early Transition Planning
05:33 Valuation and Due Diligence
10:35 Management Buyouts: Trust and Financing
19:19 Practical Steps for Transition
34:08 Final Thoughts and Advice
37:10 Podcast Conclusion and Disclaimers

Barenaked Money Welcomes Prisma Music Festival: Maestro Arthur Arnold and Andy Rice from Prisma Music Festival Discuss Music, Professional Parallels, and Community Connection

In this special bonus episode of Barenaked Money, host Colin White of Verecan Capital Management Inc. is joined by Maestro Arthur Arnold, Musical Director and Andy Rice, Development & Marketing Director, from the Prisma Music Festival. They discuss the upcoming festival in Powell River, British Columbia, covering its history, significance, and community impact. Arthur explains the meticulous audition process and the festival's educational goals for pre-professional musicians. They also draw intriguing parallels between conducting music orchestras and financial portfolio management, highlighting the importance of balance, adaptability, and passion. The episode ends with an emphasis on the festival's public events and the enthusiastic involvement of the local community and sponsors. For more info on the festival, please visit: https://prismafestival.com/

00:00 Introduction to Barenaked Money
00:17 Special Guests: Prisma Music Festival
01:36 The Musical Journey of Prisma
03:36 Community Impact and Support
05:38 Colin's Guest Conducting Experience
11:54 Public Events and Participation
17:09 Application Process for Musicians
20:21 Parallels Between Music and Finance
30:08 Conclusion and Final Thoughts

Reflections on Market Bottoms: Lessons from the Pandemic

In this episode of Barenaked Money, hosts Josh Sheluk and guest Matt Kempton, discuss the significant five-year anniversary of the market bottom during the pandemic on March 23, 2020. They reflect on the challenges and uncertainties of that period, the importance of not timing the market, and the relevance of diversification. They draw parallels between past and present market conditions, highlighting the constant presence of uncertainty and the need for levelheaded investment decisions. The discussion emphasizes the value of avoiding emotional responses in investment strategies and maintaining a diversified portfolio to mitigate risks.

00:00 Introduction to Barenaked Money

00:21 Reflecting on the Pandemic Market Bottom

03:04 Lessons from Market Cycles

08:29 Applying Past Lessons to Today's Market

19:55 The Importance of Diversification

23:21 Looking Ahead: Market Predictions

31:27 Final Thoughts and Advice

32:21 Disclaimer and Closing Remarks

Understanding Behavioral Finance with Lisa Kramer: From Seasonal Affective Disorder to Overconfidence

In this episode of Barenaked Money, host Colin White from Verecan Capital Management interview Lisa Kramer, the inaugural Verecan Chair in Behavioural Finance at the University of Toronto. They discuss the importance of behavioural finance, which integrates psychology into economic and financial contexts to understand decision-making processes. Key topics include the impact of sunlight on financial risk preferences, the differences between behavioural economics and behavioural finance, and practical advice for mitigating the effects of seasonal mood changes on investment decisions. Lisa also shares her research on the broader implications of overconfidence in trading. The episode emphasizes the need for awareness and informed decision-making in personal finance.

00:00 Introduction to Barenaked Money
00:16 Special Guest: Lisa Kramer
00:50 Behavioural Finance and Its Importance
02:49 Behavioural Finance vs. Behavioural Economics
05:35 Seasonal Effects on Financial Decisions
10:42 Strategies to Mitigate Behavioural Biases
21:47 Financial Decision Making
32:42 Conclusion and Final Thoughts

Post-Liberation Day Market Reactions: Navigating Volatility and Uncertainty

In this episode, Colin & Josh discuss the day-after effects of 'Liberation Day' on global markets. They observe significant drops in stock values and express concern over the heightened volatility. With global markets down roughly 3%, the discussion touches on how different sectors are affected, the human toll on affected industries and individuals, and the importance of cautious, long-term investment strategies. They emphasize the need for investors to remain patient and avoid rash decisions during turbulent times. The episode ends on a lighter note, with some strategies to stay distracted from distressing news. 

00:00 Introduction: Liberation Day Plus One
00:35 Market Reactions and Global Impact
01:47 Investment Strategies Amidst Volatility
04:40 Human Impact and Emotional Responses
07:19 Final Thoughts and Advice

Navigating the Complexities of Tariffs: Insights from Barenaked Money

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White, portfolio managers at Verecan Capital Management, demystify the often confusing and volatile topic of tariffs. The discussion features a comprehensive look at the current state of tariffs, humorous anecdotes, and deep dives into the potential impacts on global trade, inflation, and investment strategies. They also discuss the impacts of various economic scenarios including pandemics, wars, and high inflation, and their potential effects on diversified portfolios. The episode concludes with practical advice on maintaining financial stability amidst global uncertainties and the importance of diversifying information sources to avoid being overwhelmed by negative news cycles.

00:00 Introduction to Barenaked Money
00:19 The Complexity of Tariffs
02:11 Current State of Tariffs
04:23 Interprovincial Trade Barriers
08:27 Economic Impacts of Tariffs
20:14 Globalization and Middle Class
25:35 Investment Scenarios
26:53 Debating Inflation, War, and Tariffs
27:08 The Unifying Effect of a Common Enemy
28:13 Inflation's Impact on Portfolios
30:24 Challenges of the Current Tariff Environment
31:53 Market Reactions and Tesla's Stock
33:09 Valuations and Market Lessons
34:33 The Unpredictability of Trade Wars
37:46 Portfolio Management in Uncertain Times
44:02 The Psychological Impact of Constant News
45:42 Finding Positives Amidst Tariffs
46:28 Conclusion and Final Thoughts

Originally Aired August, 2022. Some ideas are worth resharing. 

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White welcome Carl Richards, a renowned certified financial planner and creator of the Sketchguy column in the New York Times. Carl discusses his approach to making complex financial concepts accessible, including insights from his books 'The One-Page Financial Plan' and 'The Behavior Gap.' The conversation delves into the emotional aspects of financial decision-making, the importance of having a clear 'why' behind financial goals, and strategies to avoid common investment mistakes. Carl emphasizes the significance of having a flexible financial plan that can adapt to life's uncertainties.

00:00 Introduction to Barenaked Money Podcast
00:15 Special Guest: Carl Richards
00:24 Carl Richards' Background and Achievements
02:04 Discussing 'The Behavior Gap'
02:41 Understanding Financial Behavior
05:07 Common Financial Mistakes
07:04 The Importance of Financial Purpose
09:48 Strategies to Avoid Financial Mistakes
13:51 Discovering Your Financial Why
20:37 The One Page Financial Plan
21:44 Setting Financial Goals and Action Steps
22:42 The Value and Limitations of Projections
25:47 The Illusion of Certainty in Financial Planning
28:49 Embracing Uncertainty and Adaptability
33:08 Too Much Information: The Modern Dilemma
38:05 Practical Advice for Scary Markets
41:32 Conclusion and Final Thoughts

Barenaked Money: Answering Common Questions

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White, portfolio managers at Verecan Capital Management, tackle a series of frequently asked questions about finance. They discuss the value and costs of mutual funds versus ETFs, demystify zero fee trading platforms, and highlight the importance of having a will. The hosts emphasize the consequences of not saving for retirement even if you have a pension and explain the right times to adjust your portfolio's asset mix. They offer advice on balancing debt repayment with saving, clarify misconceptions about growth versus dividend-paying stocks, and underscore the role of financial advisors in comprehensive financial planning. The discussion aims to provide clear, unbiased insights into various aspects of personal finance.

00:00 Introduction to Barenaked Money Podcast
00:12 Frequently Asked Questions Overview
01:19 Mutual Funds: Pros and Cons
03:41 ETFs vs. Mutual Funds
07:54 Zero Fee Companies Explained
11:43 Questions to Ask Your Financial Advisor
16:44 Tax Myths and Realities
18:41 The Importance of Savings Beyond Pensions
20:14 The Importance of Financial Planning for Retirement
20:52 Understanding Pension Inflexibility
22:07 How Much Do You Need to Retire?
23:23 Adjusting Your Portfolio Asset Mix
27:57 Saving vs. Paying Off Debt
30:31 Dividend Stocks vs. Growth Stocks
34:05 The Importance of Having a Will
37:39 Conclusion and Final Thoughts

The accounting industry has long been defined by billable hours, burnout, and outdated business models. But what if there was a better way? In this episode of Barenaked Money, Colin White sits down with Chris Brien, partner at Pinnacle Accountants & Advisors, to talk about how his firm is breaking the mold.

From ditching timesheets to embracing a client-first, subscription-based model, Chris shares insights on why the traditional accounting structure no longer serves professionals or business owners—and how firms like his are paving a new path. They discuss the talent crisis in the industry, the outdated incentives driving bad client outcomes, and why Canadian firms should look south of the border for inspiration.

Plus, Colin and Chris tackle:
✅ Why billable hours create misaligned incentives for accountants and clients
✅ How young accountants can escape the grind and find purpose in their work
✅ The importance of removing sales-driven motivations from professional services
✅ What business owners should expect from a truly valuable accounting relationship

If you’re an accountant rethinking your career, a business owner frustrated with transactional service, or just someone who loves hearing about industry shake-ups, this episode is for you.

Listen now and start questioning the status quo!

00:00 Introduction to Financial Advisor Frustrations
32:41 Concerns About Moving Accounts
32:48 Introducing Wealth Planning Solutions
32:52 Call to Action
32:53 Our Promise to Simplify

Contrarian Insights and Market Predictions with Nathaniel E. Baker

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White welcome Nathaniel E. Baker, host of the Contrarian Podcast. They discuss the goals and achievements of the Contrarian Podcast, emphasizing the value of challenging prevailing market sentiments. The conversation covers past financial predictions, including the Magnificent Seven stocks, Bitcoin, and natural gas. The guests also delve into political, inflation, and geopolitical uncertainties forecasted for 2025. Additionally, Taylor Swift's economic impact and the potential uses of AI are explored, providing a broad look at current and future market trends.

00:00 Introduction to Barenaked Money
00:12 Meet Nathaniel E. Baker
00:42 The Contrarian Investor Podcast
02:49 Challenges of Contrarian Opinions
03:22 Market Predictions and Mistakes
07:54 Contrarian Opinions on Natural Gas
14:40 Policy and Geopolitical Uncertainty
27:20 The Future of AI and Blockchain
31:39 Taylor Swift and Industry Changes
33:24 Conclusion and Final Thoughts

Barenaked Money: Predicting Financial Trends for 2025

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White, portfolio managers at Verecan Capital Management, Inc., dive into their financial predictions for 2025. They discuss potential market corrections, the efficacy of political promises like Trump's proposed savings, the impact of tariffs, and the performance of bonds and ETFs. It's a riveting conversation blending expert knowledge with humor and practical advice for the everyday investor.

00:00 Introduction to Barenaked Money
00:14 Predicting 2025: Accountability and Expectations
01:18 The Nature of Predictions: Risks and Rewards
02:48 Josh's Predictions: Politics First
03:22 Trump's Efficiency Promise: A Deep Dive
06:59 Tariffs and Public Perception
10:32 Market Predictions: Bonds and Economic Trends
18:24 Market Correction: Not Trump's Fault
20:59 Stock Market Predictions for 2025
21:42 The Myth of Average Returns
22:24 Managing Client Expectations
23:29 The Reality of Market Predictions
24:56 Understanding Randomness in Markets
27:09 Leveraged ETFs: A Risky Bet
33:26 The Return of Day Traders
40:32 Conclusion and Final Thoughts

Recap and Predictions: A Financial Review and Forecast for 2024 and 2025

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White from Verecan Capital Management take a look back at their financial predictions for 2024, examining which of their forecasts came to fruition and which missed the mark. They discuss topics including Canadian inflation rates, the real estate market, the performance of Bitcoin, and the influence of AI in various sectors. The episode also highlights the importance of context and external factors in financial forecasting, and sets the stage for their upcoming predictions for 2025. Listeners can expect an entertaining and insightful discussion on the complexities and unforeseen outcomes in the world of finance.

00:00 Introduction to Barenaked Money
01:03 Evaluating Last Year's Predictions
01:13 Canadian Inflation Predictions
03:49 Real Estate Market Insights
06:57 Bitcoin and Risk Assets
09:31 Bond Market Performance
12:52 Magnificent Seven and Market Concentration
20:28 Healthcare and Pharma Predictions
24:29 Novel Investment Products
28:30 Geopolitical Surprises of 2024
32:08 Economic Indicators and Recession Predictions
35:45 Conclusion and Final Thoughts

Estate Planning Pitfalls and Precious Insights with Jonathan Hooper

In this episode of Barenaked Money, Colin White and Matthew Kempton of Verecan Capital Management are joined by special guest Jonathan Hooper, an estate lawyer with Tupman and Bloom, to explore common mistakes in estate planning. The conversation primarily focuses on the complications that arise from outdated estate plans, the dangers of joint ownership, and the legal intricacies involved in ensuring that your assets are passed on according to your wishes. Hooper shares his expertise on issues such as unaddressed changes in life circumstances, the complexities of the probate process, and the importance of having a proper executor. The hosts and guest emphasize the significance of keeping estate plans updated and transparent to avoid legal disputes and family conflicts. They also touch on the role of trusts, tax implications, and best practices for ensuring a smooth transfer of wealth. The episode concludes with a preview of an upcoming discussion on the challenges of joint ownership in estate planning.

00:00 Introduction to Barenaked Money
00:26 Meet the Guest: Jonathan Hooper
01:17 Common Estate Planning Mistakes
02:52 The Importance of Keeping Your Estate Plan Updated
03:10 Joint Ownership Issues in Estate Planning
04:56 Understanding Joint Ownership Issues
05:22 Legal Obligations and Misconceptions
06:56 Simplifying Your Estate Plan
07:46 The Role of Executors in Estate Planning
13:56 Tax Considerations in Estate Planning
19:39 Executor Responsibilities and Challenges
19:50 Involving Multiple Generations in Estate Planning
21:36 Dealing with Family Dynamics in Estate Planning
26:45 Legal Challenges and Trusts in Estate Planning
29:28 Avoiding Probate and Tax Issues
39:37 Conclusion and Teaser for Next Episode
39:37 Conclusion and Teaser for Next Episode
41:21 Final Disclaimer and Contact Information

Team Introductions and Tackling Conflicts of Interest in Financial Services

In this episode, Josh begins by introducing various team members from Verecan Capital Management, sharing unique tidbits about each person. Following the introductions, portfolio managers Devin Cattelan and Colin White present on conflicts of interest within the financial services industry. The session covers topics like market updates, misleading financial advice, and the importance of integrity and fiduciary responsibility. The presenters share examples of good news stories, the impact of politics on markets, and the risks of do-it-yourself investing. 

They also discuss the challenges related to financial products designed to sell rather than perform, and the cultural and operational philosophy at Verecan that aims to eliminate conflicts of interest. The session ends with a Q&A, focusing on company policies, future plans, and how Verecan maintains its client-first approach.

00:00 Team Introductions with Fun Facts
04:15 Market Update and Good News
13:52 Conflicts of Interest in Financial Services
19:54 Real-World Examples of Conflicts
33:03 Product Design and Sales Culture
43:25 DIY Investing Pitfalls
45:38 Robinhood and GameStop: A Conflict of Interest
46:27 The Problem with Financial Titles
47:57 Investment Advisor vs. Portfolio Manager
53:57 TD Bank's Historic Fine and Corporate Governance
59:40 Verecan's Unique Business Model
01:02:43 Q&A Session: Industry Insights and Practices
01:13:52 Concluding Remarks and Final Questions

Unveiling AI's Impact on Financial Planning with Diandra Camilleri

In this episode of Barenaked Money, host Colin White of Verecan Capital Management is joined by Diandra Camilleri, an associate portfolio manager and in-house AI expert. The conversation delves into the role of artificial intelligence in financial planning. They discuss Diandra's observations from a recent survey on Canadians using AI to manage finances and her experiments with AI tools like ChatGPT. The discussion touches on the promise and pitfalls of using AI for investment advice, highlighting both its potential and significant limitations. They also explore broader implications for financial advisors and the industry as AI technology evolves.

00:00 Introduction to Barenaked Money
00:19 Meet Deandra: AI Expert
01:16 AI in Financial Planning: Survey Insights
02:24 Exploring AI's Investment Recommendations
05:00 AI's Limitations and Surprising Reactions
08:43 The Future of AI in Financial Planning
15:37 Human Touch in Financial Advice
18:31 AI's Popularity vs. Value Fallacy
21:24 The Viral Bank Fraud Phenomenon
22:02 AI's Role in Financial Advice
23:12 The Ethics of Financial Advice
26:06 AI's Impact on the Financial Industry
27:55 The Future of AI in Finance
32:21 Balancing Efficiency and Ethics
36:12 Concluding Thoughts and Future Predictions
38:43 Final Remarks and Contact Information

Decoding Post-Election Investment Strategies

In this episode of Barenaked Money, hosts Josh Sheluk and Colin White from Verecan Capital Management, Inc. discuss the implications of the recent election on financial markets. They delve into the complexities of making investment decisions based on election outcomes, the unpredictability of policy changes, and the pitfalls of 'Trump trade' strategies. By examining past and present scenarios, they stress the importance of long-term financial planning and avoiding speculative investments. Throughout, they offer insights into how political events impact the economy and investor behavior, ultimately advocating for a measured and well-informed investment approach.

00:00 Introduction to Barenaked Money
00:21 Post-Election Reflections
01:18 Investment Ideas Post-Election
02:25 The Reality of Predicting Markets
05:58 Historical Context and Market Cycles
14:54 Political Events and Market Reactions
21:17 Concluding Thoughts and Advice
23:04 Outro and Disclaimer