Terms of Use

These terms govern your use of bullrunim.com and the tools, documents and content on it (the “site”). The site is published by Bull Run Investment Management, LLC (“Bull Run,” “we” or “us”), a registered investment adviser in McLean, Virginia.

Last updated October 2026

01Using this site

By using the site, you agree to these terms and to our Privacy Policy. If you do not agree, please do not use the site.

02Information, not advice

The site gives general information about Bull Run and its services. Nothing on it is investment, tax or legal advice, a recommendation, or an offer to buy or sell any security or service. Bull Run gives advice only once a written agreement for its services is in place, and only on the terms of that agreement. Your own decisions should rest on your circumstances, goals and tolerance for risk.

03Performance, backtests and tools

Investing involves risk, including the loss of money you invest. Past performance does not guarantee future results.

Some pages show backtested or hypothetical results, and the site’s tools (the strategy backtester, the wealth forecaster, the Roth conversion calculator and the proposal tool) produce estimates. These results depend on the inputs and assumptions shown with them. They do not reflect actual trading and are not a promise of any result. Each page and tool explains its method and its limits.

04Ask AI

The Ask AI box answers questions with an AI model, using this site’s content. Your question is sent to our AI provider to produce the answer. Answers can be incomplete or wrong. They are general information, not advice, and they do not change any agreement, filing or other document. Please do not type account numbers or other personal financial details into it.

05Where we offer our services

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

06Documents for financial advisors

Financial advisors may download Bull Run’s documents from the site and share them with their clients and their firms’ reviewers, as published or as the site’s tools produce them with the advisor’s name and logo. Please do not change the figures, the text or the disclosures in them. An advisor who adds a name or logo is responsible for having the right to use it.

07What you send us

The site’s forms and email are not secure channels for account instructions. Please do not send trade instructions, account numbers or Social Security numbers through them. We use what you send to respond to you, as our Privacy Policy describes.

08Client portals and other sites

The client logins take you to other companies’ sites, including Charles Schwab & Co., Inc. and Black Diamond, which have their own terms. Keep your login details private, and tell us right away if you think someone else has used them. The site also links to and shows content from other companies, such as market data. We do not control that content, it may be delayed or contain errors, and a link is not an endorsement.

09Our content

The site’s text, design, charts, software and documents belong to Bull Run or its licensors. Apart from the use described in section 6 and your own personal use, please do not copy, republish or sell them without our written permission.

10Acceptable use

Please do not use the site to break the law, infringe anyone’s rights, interfere with the site or its security, or mislead anyone. We may suspend or end access for anyone who does. If you misuse the site or break these terms, you are responsible, to the extent the law allows, for the claims, losses and reasonable legal fees that result.

11No warranties

The site is provided “as is” and “as available.” We work to keep it accurate and current, but we do not warrant that it is complete, free of errors or always available.

12Limits on liability

To the extent the law allows, Bull Run is not liable for indirect, incidental or consequential damages from using the site or relying on its content. Nothing in these terms waives or limits any right you have under federal or state securities laws, or any duty Bull Run owes its clients.

13Governing law

These terms are governed by the laws of the Commonwealth of Virginia. Any dispute about them will be resolved by binding arbitration in Fairfax County, Virginia, unless the law requires otherwise.

14Changes to these terms

We may update these terms. The version on this page applies, and using the site after a change means you accept it.