LEGAL
How Walter Uses Newsletter Data
Last updated: August 7, 2026
Walter rates newsletters the way a serious reviewer reviews anything: we obtain every copy honestly, we measure everything, and we never give away the product we measure.
- —Every copy is paid for or publisher-provided. Content reaches Walter through subscribers' own inboxes at their direction, through partners who transmit it to us under signed agreements, through subscriptions Walter purchases at retail, or through partner-authorized archives. We never scrape, and we never circumvent a paywall.
- —Non-subscribers never see actionable content. Open positions and issue text are visible only to a newsletter's own subscribers — direct, or through the Walter marketplace, where the publisher is paid.
- —Nobody is promoted. No newsletter is featured, advertised, or preferred on Walter; discovery surfaces are ordered by objective data and your own filters, and placement cannot be purchased — by anyone.
- —Closed trades publish only after a two-trading-day embargo.
- —Quotes are minimal. Where a short excerpt appears at all, it appears only to entitled readers, capped, attributed, and linked to the publisher.
- —What we publish is ours: facts, and our analytics. Grades, scores, and audit trails are Walter's original work, computed under a public methodology.
- —We never train AI models on newsletter content. Content is processed to extract facts — never used to train or fine-tune generative models — and we put that commitment in writing for every partner.
- —Attribution everywhere. Every surface that names a newsletter links to its publisher.
- —Corrections are open to every publisher, signed or not, for data and classification errors.
- —Reader privacy is engineered in. The rating ledger is identity-stripped: it counts sources, it never names them.
- —Our own team doesn't trade on the stream. See the Trading & Information Policy.
Walter Grades is an independent analytics and ratings provider. Walter Grades does not provide investment, tax, or legal advice. Grades and scores are information only and are not recommendations to buy, hold, or sell any security or product. Past performance does not guarantee future results.