Cancel your beliefs | Value Research Unlike other stock recommendation services, Value Research Stock Advisor will return your money if you are not satisfied. Why do we do that?
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Cancel your beliefs

Unlike other stock recommendation services, Value Research Stock Advisor will return your money if you are not satisfied. Why do we do that?

In the world of equity investment recommendation services, this sounds crazy. If you pay up and become a member of Value Research Stock Advisor, but then do not like the service, you can ask for your money back. We will return your money in full. This comes as a shock to all those who are not familiar with what Value Research's philosophy has been over these years.

On first appearance, the Value Research Stock Advisor service is a list of recommended stocks that you can buy. You pay up and become a member. Then you get access to the list and that's it - you start investing. You could invest in the full set, which is currently 52 stocks, or you could use our Best Buys Now selection, which has 17 stocks in it. You make a copy of the two lists, cancel the service and get a refund. The refund is available for 30 days after you subscribe, so that's plenty of time. You get your full amount back. Moreover, the refund process is completely hands-off, you do not have to explain to us why you don't want to continue. You can explain, and I would certainly like to know the reason but we do not demand an explanation.

Value Research must be stupid
Or, maybe not. The explanation is straightforward: the list of stocks is not the actual service that we offer. If you just take the lists and get your refund, it won't do the job for you. I suppose at the simplest level, if you have complete confidence in us, you could just buy (or sell or hold) the stocks as per our recommendations and leave it at that. However, we don't really want you to do that.

Some time back I came across this tweet by the well-known micro-cap investment manager Ian Cassel: "You can borrow someone else's stock ideas but you can't borrow their conviction. True conviction can only be obtained by trusting your own research over that of others. Do the work so you know when to sell. Do the work so you can hold. Do the work so you can stand alone."

This is the real explanation. There's no point taking our recommendations and investing mindlessly. We have been recommending stocks regularly for years now. Some of our previously recommended stocks are now on hold. A very small number have been removed from the list by putting them on 'Sell'. When we recommend a stock, or change a previous recommendation, we publish not just a report on the stock but a complete introspection of our own reasons for our actions.

Without exception, we expect our stocks to be held for years, and during that period, there are bound to be many ups and downs. Some of them will be worldwide, like the impact of China's virus; others will be more limited. 'Limited' could mean just a sector or an industry, or just a company. In many of these episodes, there could be a weak period in the price of that stock. If our team thinks that a stock is worth buying and is thus part of our recommended list, then it is even more attractive during the time when the markets are weak or even that stock itself is weak. This is the opposite of the general punter instinct and definitely contrary to human instinct.

If you have just sneaked out our list by subscribing and then cancelling, you don't know what's going on. Your instinct will be to sell and get out. However, if you have absorbed and accepted the logic that we have given for why a stock is worthwhile, then you will keep buying during the weak phase. This is the only way in which you will eventually get greater returns. We are supplying you the inputs to the conviction, but the conviction must be yours alone.

This is the reason why we offer refunds and we do not care at all if someone becomes a member with the intention of cancelling. We have well above ten thousand members and a vast majority of them have stayed with us and renewed the service. They haven't cut and run, because the list is not the service; the conviction is.

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