Latest news with #DuquesneFamilyOffice
Yahoo
08-08-2025
- Business
- Yahoo
Billionaire Stanley Druckenmiller Sold Shares of Palantir and Tesla in Favor of Another Artificial Intelligence (AI) Stock With a $50 Billion Addressable Opportunity
Key Points Form 13Fs (filed quarterly) allow investors to analyze which stocks Wall Street's brightest money managers are buying and selling. Duquesne's billionaire chief was a big-time seller of Palantir and Tesla stock during the March-ended quarter -- and this selling may have to do with more than just profit-taking. Meanwhile, Druckenmiller's fund opened a nearly 1.1-million-share position in a cloud-based software provider that's leaning heavily into artificial intelligence (AI). 10 stocks we like better than Docusign › For the better part of the last three years, no trend has captivated the attention and capital of investors more than artificial intelligence (AI). Giving software and systems the capacity to make split-second decisions without human oversight is a game-changer for most industries around the globe. It's also the reason analysts at PwC foresee AI boosting worldwide gross domestic product by $15.7 trillion come 2030. While most Wall Street analysts have lofty expectations for the AI revolution, billionaire money managers have been more tempered with their optimism. For example, Duquesne Family Office's billionaire investor Stanley Druckenmiller was an active seller of a number of brand-name AI stocks during the March-ended quarter. We know this, because institutional investors with at least $100 million in assets under management are required to file Form 13F no later than 45 calendar days following the end to a quarter. A 13F provides a concise snapshot of which stocks the smartest fund managers have been buying and selling. While Druckenmiller was sending shares of AI-data mining specialist Palantir Technologies (NASDAQ: PLTR) and North American electric-vehicle (EV) leader Tesla (NASDAQ: TSLA) to the chopping block, he was also piling into an AI-driven business with an estimated addressable market of $50 billion. Popular AI stocks get the heave-ho from billionaire Stanley Druckenmiller Between Dec. 31, 2024, and March 31, 2025, Duquesne's billionaire chief was a busy bee. The total number of securities overseen by Druckenmiller dropped from 78 to 52 in just three months. Two of the more prominent stocks that were pared down or jettisoned include Tesla, which was reduced by 50% (18,837 shares sold), and Palantir, where all 41,710 shares were sold. There's no denying that both companies have enjoyed clearly defined competitive advantages. Palantir's government-focused Gotham platform has no one-for-one replacement, while its enterprise-driven Foundry service lacks large-scale competition. As for Tesla, it became the first automaker in more than a half-century to successfully build itself from the ground up to mass-production. However, these first-mover and scaling advantages didn't protect either stock from being reduced or removed. Considering that the stocks overseen by Druckenmiller have an average hold time of less than nine months, it's quite possible this selling activity represents nothing more than profit-taking. Shares of Palantir and Tesla both surged following Donald Trump's November victory. Palantir is a logical winner of a unified Republican government that (likely) favors strong defense spending. Meanwhile, Tesla CEO Elon Musk temporarily joining the Department of Government Efficiency (DOGE) as a special employee was viewed as a positive for Tesla. The worry is there may be more to this story than just benign profit-taking. While this is merely speculation, Stanley Druckenmiller may have been turned off by Palantir's and Tesla's respective nosebleed valuations. Tesla's EVs, which heavily incorporate AI, have endured more than a half-dozen sweeping price cuts as competition picked up and inventory levels rose. This has pummeled Tesla's vehicle margin and reduced its earnings per share (EPS). Paying close to 130 times forward-year earnings for a company whose growth engine has stalled, and whose margins are floundering, may not be appealing to Duquesne's billionaire chief. Likewise, Palantir Technologies is valued at a price-to-sales (P/S) ratio of more than 140! To offer some context, companies that are leading next-big-thing trends have historically topped out with P/S ratios in the range of 30 to 40. No megacap company has ever been able to maintain such an absurd premium as that of Palantir. Seeing this may have coerced Druckenmiller to take his chips completely off the table. Duquesne's billionaire chief is piling into this up-and-coming artificial intelligence stock On other end of the spectrum, billionaire Stanley Druckenmiller oversaw the addition of one dozen new stocks to his fund's portfolio during the March-ended quarter. None of these new stocks was purchased more prominently than digital-signatures specialist DocuSign (NASDAQ: DOCU). During the first three months of 2025, Duquesne Family Office purchased 1,074,655 shares of DocuSign, which had a market value of approximately $87.5 million. In other words, it became a top-10 holding for Druckenmiller. DocuSign became a Wall Street darling during the height of the COVID-19 pandemic. With people encouraged to stay in their homes to prevent a worsening of the pandemic, DocuSign's e-signature services became a staple in a host of industries. Though life has returned to normal in the wake of the pandemic, DocuSign has managed to hang onto the bulk of digital-signature market share. According to Datanyze, it currently holds a 71% share. But e-signatures make up just around half of DocuSign's total addressable market. While the digital-signature market is estimated to be worth $26 billion, DocuSign has a fast-growing, high-margin opportunity in contract lifecycle management (CLM) that makes up another $24 billion in addressable opportunity. The company's cloud-based CLM operations includes the relatively new Intelligent Agreement Management (IAM) platform, which leans on AI insights to analyze, tailor, and automate the entirety of the agreement lifecycle for businesses. DocuSign's IAM platform can also reduce errors associated with agreements and be integrated with other core systems, such as customer relationship management software, to improve efficiency. Although competition is picking up in the e-signature arena, and DocuSign's annual growth rate has slowed considerably from the height of the COVID-19 pandemic, the company's balance sheet and valuation may be added lures for Druckenmiller. When DocuSign's fiscal first quarter came to a close on April 30, it had nearly $1.11 billion in cash, cash equivalents, and restricted cash and investments on its balance sheet, along with no debt. A pristine balance sheet has allowed for a steady diet of share repurchases, which tend to have a positive impact on EPS over time. In terms of valuation, DocuSign is trading at 19 times forecast EPS for fiscal 2027. Even accounting for a slower annual growth rate, this represents a 37% discount to its average forward price-to-earnings ratio over the last half-decade. Should you invest $1,000 in Docusign right now? Before you buy stock in Docusign, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Docusign wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $635,544!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,099,758!* Now, it's worth noting Stock Advisor's total average return is 1,046% — a market-crushing outperformance compared to 181% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Docusign, Palantir Technologies, and Tesla. The Motley Fool has a disclosure policy. Billionaire Stanley Druckenmiller Sold Shares of Palantir and Tesla in Favor of Another Artificial Intelligence (AI) Stock With a $50 Billion Addressable Opportunity was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
08-07-2025
- Business
- Yahoo
Billionaire Stanley Druckenmiller Sold His Entire Stake in Palantir in Favor of a Smoking-Hot High-Yield Dividend Stock That's Doubled in 15 Months
Quarterly-filed Form 13Fs allow investors to track the buying and selling activity of Wall Street's leading money managers. Stanley Druckenmiller sent nearly 770,000 shares of Palantir Technologies to the chopping block -- and it may have to do with more than just simple profit-taking. Meanwhile, Duquesne's billionaire investor built up a greater than 1.1-million-share position in a company with exceptional pricing power that offers game-changing innovation. 10 stocks we like better than Palantir Technologies › Nothing bears more importance on Wall Street than data. The only problem is the sheer amount of information investors have to digest can be overwhelming and allow something of importance to slip through the cracks. For example, the heart of earnings season marked the filing deadline (May 15) for Form 13F with the Securities and Exchange Commission. This is a required filing no later than 45 calendar days following the end to a quarter by institutional investors with at least $100 million in asset under management (AUM). Its purpose is to provide a concise snapshot for investors of which stocks Wall Street's brightest investment minds purchased and sold in the latest quarter. Keeping close tabs on 13Fs is how investors have been able to ride Warren Buffett's coattails to significant long-term gains. However, Buffett is far from the only billionaire asset manager known for their keen investment insights and outsized returns. Stanley Druckenmiller of Duquesne Family Office is another billionaire who has a knack for picking out winners. Druckenmiller runs a fairly active fund that closed out the March quarter with more than $3 billion in AUM spread across 52 securities (stocks and options contracts). Though Duquesne's billionaire chief has moved in and out of dozens of stocks over the previous year (April 1, 2024 – March 31, 2025), based on 13Fs, Druckenmiller's investment activity in two industry titans stands out. Specifically, he jettisoned his fund's entire stake in high-flying artificial intelligence (AI) stock Palantir Technologies (NASDAQ: PLTR) and has piled into a high-yield dividend stock that's doubled in value since April 2024. Spanning the previous four 13Fs (a one-year period), Duquesne Family Office has completely exited 55 positions. Debatably, the most eye-popping sale is that of AI data-mining specialist Palantir. Between the end of March 2024 and the close of the first quarter of 2025, billionaire Stanley Druckenmiller sold a 769,965-share stake. Since 2023 began, Palantir stock has rallied by nearly 2,000%. The company's sustained sales growth of 25% to 35%, its highly predictable operating cash flow, and the irreplaceability of its government-focused Gotham platform and enterprise-powered Foundry platform at scale, have made it a stock to own. With the average stock in Druckenmiller's fund held for less than nine months, there's a reasonable chance this selling activity in Palantir represented nothing more than simple profit-taking. After all, megacap and industry-leading companies don't typically increase in value by 2,000% in 30 months. But there may be more to Druckenmiller dumping Palantir stock than meets the eye. For starters, Duquesne's billionaire investor believes artificial intelligence may be overhyped in the short run. While Druckenmiller views AI as a long-term corporate growth driver, he rightly recognizes that every next-big-thing trend for more than three decades has endured a bubble-bursting event early in its expansion. Considering that most businesses aren't yet generating a positive return on their AI investments, nor are they optimizing their AI solutions, we're likely witnessing the early stages of an AI bubble. If history were to repeat and the AI bubble bursts, Palantir stock would almost certainly feel the pain. Though its government contract revenue and subscriptions would help insulate its existing sales, negative investor sentiment would make Palantir stock a target. Another reason Druckenmiller may have sent all of his fund's Palantir shares to the chopping block is its indefensible valuation. While companies with double-digit sales growth and sustainable moats do deserve some form of valuation premium, Palantir has pushed the envelope of reason. It closed out the July 3 trading session at a trailing-12-month price-to-sales ratio of 107, which is roughly triple the level where other megacap companies on the leading edge of next-big-thing tech innovations have previously had their bubbles pop. Lastly, Palantir's earnings quality isn't all that it's cracked up to be. Last year, 40% of its pre-tax income traced back to interest earned on its cash. This makes Palantir's nosebleed valuation all the more egregious. But while billionaire Stanley Druckenmiller was showing shares of Palantir to the door, he was rolling out the red carpet for what's become one of the Wall Street's smoking-hot high-yield dividend stocks. Between April 1, 2024 and March 31, 2025, Duquesne Family Office built up a 1,105,268-share position in tobacco colossus Philip Morris International (NYSE: PM). It's no secret that tobacco stocks have faced numerous growth headwinds for more than a decade. Stringent marketing regulations in developed countries, coupled with campaigns by health agencies to educate consumers about the dangers of long-term tobacco use, have weighed on demand for traditional tobacco products. But in spite of these headwinds, Philip Morris International stock has doubled over the last 15 months. Even with Druckenmiller modestly paring his fund's stake in Philip Morris during the March-ended quarter, it's still Duquesne's fifth-largest holding (approximately 5.7% of invested assets, as of March 31). One of Philip Morris' prime advantages is that it's an international tobacco company that's servicing in the neighborhood of 180 countries. Even if cigarette shipment volume dips in developed countries where marketing is restrictive, there's a good chance demand for tobacco products in faster-growing emerging markets remains strong. In many emerging markets, tobacco is something of a luxury. Don't overlook the additive nature of tobacco products, either. Tobacco contains nicotine, which is an additive substance. Smokers have demonstrated a willingness to absorb price increases that, in many instances, more than offset any shipment volume declines to developed countries. But what's really set Philip Morris International's stock ablaze is the company's smoke-free business. This is the segment that houses its IQOS heated tobacco system, as well as its Zyn nicotine pouches. Total heated tobacco units sold in the March-ended quarter rose nearly 12% year-over-year to 37.1 billion, with IQOS' market share (in applicable countries) climbing. As for Zyn, 223.4 million cans were shipped in the first quarter, representing more than 53% year-over-year growth. We're witnessing the real-time transformation of Philip Morris from a traditional tobacco company to one that features smoke-free solutions -- and it's reaccelerated Philip Morris' growth rate. Druckenmiller may also be attracted to Philip Morris' rock-solid payout. Its base annual dividend of $5.40 per share works out to a 3% yield, which is more than double the average yield of S&P 500 companies. Though Philip Morris International stock is no longer a screaming bargain at 22 times forward-year earnings, it does have a knack for blowing the doors off of Wall Street's consensus profit forecasts. If it can continue to do so, its shares may still have room to run. Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $699,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $976,677!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Palantir Technologies. The Motley Fool recommends Philip Morris International. The Motley Fool has a disclosure policy. Billionaire Stanley Druckenmiller Sold His Entire Stake in Palantir in Favor of a Smoking-Hot High-Yield Dividend Stock That's Doubled in 15 Months was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-06-2025
- Business
- Yahoo
PureCycle (PCT) Raises Capital to Scale Global Recycling Footprint
Purecycle Technologies Inc. (NASDAQ:PCT) is one of the top 10 stock picks from Harvard University's stock portfolio. The Harvard Management Co. has maintained its position in the stock (around 2.5 million shares or 1.5% of the portfolio's weight) versus the last quarter. On June 17, 2025, PureCycle Technologies announced a $300 million capital raise through binding agreements with both new and existing investors, including Duquesne Family Office, Samlyn Capital and Sylebra Capital. This funding will support the company's long-term growth strategy, scaling its polypropylene recycling capacity to one billion pounds by 2030, with a projected EBITDA target of $600 million. A worker sorting recyclable materials on a conveyor belt inside a Material Recovery Facility. The capital raise coincides with PureCycle's expansion into Southeast Asia through a strategic partnership with IRPC Public Company Limited. Together, they plan to build a 130-million-pound recycling facility at IRPC's industrial zone in Rayong, Thailand. Construction is scheduled to begin in the second half of 2025, with operations expected by mid-2027. The partnership enables PureCycle to leverage existing infrastructure and reduce construction costs. Parallel expansion efforts are underway in both Europe and the United States. The company plans to replicate its recent successes by enhancing its facilities in Antwerp, Belgium, and by developing a large-scale Gen 2 plant in Augusta, Georgia, with a capacity of over 300 million pounds. Engineering work for the Augusta site is ongoing, with permitting and construction milestones scheduled for 2026, and an operational ramp-up is expected by 2029. (At the time of writing this article, this funding transaction was expected to close by June 20). With these aggressive expansion projects, their scale, and geographic diversity, the company appears confident in the commercial traction and operational learnings from its Ironton facility. PureCycle Technologies Inc. (NASDAQ:PCT) is a recycling company. The Company focuses on commercializing a dissolution recycling technology that physically separates polymer from other plastics, color, and contaminants, thereby restoring waste polypropylene into resin with similar properties and applicability for reuse as virgin polypropylene. While we acknowledge the potential of PCT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Best Tech Stocks to Buy According to Billionaires. Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
25-06-2025
- Business
- Yahoo
Billionaire Stanley Druckenmiller Loaded Up on These 3 Stocks. Are They Buys?
DocuSign's recent pullback appears to have presented a great buying opportunity for Druckenmiller. The billionaire boosted his stake in Flutter Entertainment by nearly 2,000% in Q1. He also bought a lot more of Teva Pharmaceutical, the second-largest holding of his family office. 10 stocks we like better than Docusign › Stanley Druckenmiller made a fortune working alongside billionaire George Soros. He ran his own hedge fund for years before closing it in 2010. Today, Druckenmiller has a net worth of $6.9 billion and manages nearly $3 billion for his Duquesne Family Office. Given Druckenmiller's tremendous success, could other investors find great stock picks by following his moves? Maybe so. Here are three stocks the billionaire loaded up on in the first quarter of 2025 -- and whether they're smart picks to buy right now. DocuSign (NASDAQ: DOCU) is the world's leading software provider of electronic signature and contract lifecycle management solutions. Its products are used by nearly 1.7 million customers, including 95% of Fortune 500 companies. The stock has declined by a double-digit percentage so far in 2025 (16%), including 9.5% in the first quarter. However, DocuSign's shares are still up more than 40% over the last 12 months. Druckenmiller seems to have viewed the pullback as a great buying opportunity. In the first quarter, filings show his family office initiated a new position in DocuSign, buying 1.07 million shares. It was the largest new holding for the billionaire in Q1 and immediately vaulted into his top 10 positions. This wasn't Druckenmiller's first purchase of DocuSign, though. He also bought the stock in 2019 and 2020, quickly selling for profits both times. Flutter Entertainment (NYSE: FLUT) ranks as the top online sports betting and gaming operator in the world. Its platforms include FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal1, tombola, Betfair, TVG, Junglee Games, and Adjarabet. Like DocuSign, Flutter Entertainment has seen its share price soar more than 40% over the last 12 months. The stock has taken investors on a roller-coaster ride this year, though, falling as much as 31% before recovering. Druckenmiller might have swooped in during Flutter's downswing earlier this year. His family office boosted its stake in the online sports betting and gaming company by a whopping 1,985.5%. That was the biggest increase on a percentage basis in Q1 of any stock in the billionaire's portfolio. Teva Pharmaceutical (NYSE: TEVA) is a major drugmaker based in Israel. Its top-selling product is Austedo, a drug approved for treating involuntary movements caused by Huntington's disease chorea or tardive dyskinesia. Teva also markets many other drugs, including a long list of generics and biosimilars. It's been a rough year for Teva shareholders so far in 2025. The pharma stock plunged more than 40% before rebounding. However, Teva's share price is still down more than 20% year to date and is barely in positive territory over the last 12 months. On a dollar basis, Teva was Druckenmiller's biggest purchase in Q1. He increased his stake in the drugmaker by 65.4%, with his 14.88 million shares worth $228.7 million at the end of the quarter. Teva ranks as Duquesne Family Office's second-largest holding. Druckenmiller has owned a position in Teva off and on through the years. He first bought the pharma stock in 2013 but sold all his shares less than a year later. The billionaire scooped up Teva shares again in early 2014 and exited the position the next quarter. He began building his latest stake in Teva in the third quarter of 2024. I don't think any of these three stocks bought by Druckenmiller in Q1 are bad picks for long-term investors. However, no one should buy any of them just because he did. As we've seen, the billionaire often buys stocks and then sells them quickly afterward. It wouldn't be surprising if Druckenmiller reduces his positions in DocuSign, Flutter, or Teva in Q2. DocuSign could be the best long-term pick of the group. The company's financials are strong. DocuSign's Intelligent Agreement Management (IAM) platform should be a major growth driver over the coming years. If you aren't opposed to so-called "sin stocks," Flutter Entertainment could be attractive. Analysts surveyed by LSEG think Flutter will grow its earnings by nearly 46% next year. Unsurprisingly, this stock is quite popular on Wall Street, with 22 of the 27 analysts surveyed by LSEG rating it as a buy or a strong buy. Value investors could find Teva appealing. The drugmaker's shares trade at a forward earnings multiple of only 6.5. Before you buy stock in Docusign, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Docusign wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $689,813!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $906,556!* Now, it's worth noting Stock Advisor's total average return is 809% — a market-crushing outperformance compared to 175% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 23, 2025 Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Docusign. The Motley Fool recommends Flutter Entertainment Plc. The Motley Fool has a disclosure policy. Billionaire Stanley Druckenmiller Loaded Up on These 3 Stocks. Are They Buys? was originally published by The Motley Fool
Yahoo
19-06-2025
- Business
- Yahoo
PureCycle to raise $300m to expand plastic recycling capacity
US-based plastic recycling company PureCycle Technologies has signed binding agreements to raise $300m in capital to support its global growth strategy. The company is planning to establish one billion pounds of installed capacity by 2030 across the US, Europe, and Asia. The capital raise involves a collaboration with new and existing investors, including Duquesne Family Office and Wasserstein Debt Opportunities. PureCycle has initiated a partnership with IRPC Public Company, a petrochemical firm in Southeast Asia, to construct a polypropylene recycling facility in Thailand. This facility will feature a 130-million-pound line located in IRPC's eco-industrial zone in Rayong. Construction is set to commence in the second half of 2025, with operations expected to begin in mid-2027. IRPC is noted for being the first fully integrated petrochemical operator in Southeast Asia, providing a robust infrastructure that includes utilities and a deep-sea port. PureCycle plans to utilise this existing infrastructure to minimise construction costs. The collaboration is expected to enhance the company's growth trajectory alongside its European partners. In addition to the Thailand facility, PureCycle will also establish a 130 million pound line in Antwerp, Belgium. The company intends to integrate insights from its Ironton facility into the design of its Augusta facility, which will be upgraded to accommodate a larger Gen 2 line. The anticipated capacity for the Augusta facility is more than 300 million pounds per year, with final design details expected in early 2026. Both Thailand and Antwerp are strategically chosen for their mature feedstock opportunities and strong infrastructure synergies. PureCycle is currently navigating the permitting process in Europe, with final approvals expected in 2026. The Antwerp facility is projected to be operational by 2028, while construction on the Gen 2 facility in Augusta is slated to begin in mid-2026. The Augusta PreP facility is expected to be operational by mid-2026, with the first purification line anticipated to commence operations in 2029. PureCycle CEO Dustin Olson said: 'Following significant production progress at the Ironton Facility, momentum in our commercialization efforts and confidence in financing efforts, the time for growth is now. 'Over the last several years, we have continued to invest time and resources in progressing our global growth plans and this capital will allow us to execute on those plans. We're excited to share these attractive investment projects with investors. 'This is an impressive group of investment organisations and we are thankful for their continued support.' In April 2025 PureCycle partnered with Landbell Group to increase polypropylene plastic recycling in Europe. "PureCycle to raise $300m to expand plastic recycling capacity" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
