Social Media Disclaimer

This disclaimer covers the social media accounts run by Bull Run Investment Management, LLC (“Bull Run,” “we” or “us”), a registered investment adviser in McLean, Virginia (CRD #306763). It also covers what our people post about the firm, including Chris Passarelli’s posts on LinkedIn. Our Terms of Use also apply.

Last updated October 2026

01What we post

We use social media to share market commentary, investment research, firm news and general financial education. Each post is general information written for a wide audience.

02Information, not advice

Nothing we post is investment, tax or legal advice, a recommendation, or an offer to buy or sell any security or service. A post does not take into account your goals, your finances or your tolerance for risk, so please do not make an investment decision from a post alone. For advice on your own situation, talk with a licensed investment professional. Bull Run gives advice only once a written agreement for its services is in place, and only on the terms of that agreement.

03Opinions and timing

An opinion in a post is ours as of the day it was published, and it can change without notice. We work to keep our posts accurate, but we do not guarantee that a post is complete or current, and we do not update older posts when the facts or our views change. Market data in a post may be delayed.

04Performance and risk

Investing involves risk, including the loss of money you invest. Past performance does not guarantee future results, and no strategy can guarantee a return or remove risk.

Some posts show backtested or hypothetical results. These do not reflect actual trading and are not a promise of any result. When a post mentions performance, our SMA Performance page shows the full record after fees, with its method and disclosures.

05Links and shared content

Our posts may link to or share articles, research and opinions from other people and companies. A link or share is not an endorsement, and we are not responsible for what other sources publish or whether it is accurate.

06Comments, likes and shares

Comments, replies and messages from other people are their own views. We do not adopt or endorse them, and a like, share or reply from us is not an endorsement. We may hide or remove comments that are offensive, misleading or promotional, or that include personal information.

07Your personal information

Social media is public. Please do not post or send us your account numbers, Social Security number or other personal financial details there. We do not take trade instructions or account requests through social media, and we do not give account information or advice there. For anything about your accounts, call us at (703) 344-6844.

08Where we offer our services

Bull Run offers its services only where it is registered or exempt from registration. Nothing we post is directed to anyone in a place where offering our services would be unlawful.

09Registration and our filings

Registration as an investment adviser does not imply a certain level of skill or training. Our Form ADV is on the SEC’s Investment Adviser Public Disclosure website, and our firm brochure is on our Client Resources page.

10Changes to this disclaimer

We may update this disclaimer. The version on this page applies.