Terms of Use

An account is personal. It is for one reader, and the password is yours alone — do not share it, and do not let anyone else use your account.

We may end access to an account that is shared, resold, or used by several people. We will tell you why before we do.

Full access to every published article while your subscription is active, including the archive. Access is granted to you, not transferred: you are licensed to read, not to republish.

Do not republish or redistribute the full text of an article — on a website, in a newsletter, in a report, in a chat group, or inside your own company. Quoting a few sentences with a link is welcome and needs no permission.

Do not use automated tools to download the site in bulk, and do not use our content to train a machine-learning model without written permission.

Sharing article links is encouraged. Gift links, where offered, come with their own limits — how many you get, how long each lasts, and how many people can open one. Those limits are shown where you create the link, and working around them is a breach of these terms.

New subscriptions start with a free trial. Your card is authorised but not charged during it. At the end of the trial the subscription converts to paid automatically, at the price shown when you subscribed. The trial length and the price in force are always shown on the subscribe page before you pay.

Cancel at any time from your account page, which opens the Stripe billing portal. Cancelling stops the next payment; you keep access until the end of the period you have already paid for, and your account page shows that date.

Factual errors found after publication are corrected and noted, with the date, at the end of the article.

Articles are editorial analysis, published in good faith and checked before publication. They are not investment, legal, tax or professional advice, and they are not a recommendation to do anything in particular. Decisions you take remain yours.

We may change these terms. If a change matters to you — price, access, or what you may do with the content — we will tell you by email before it takes effect, and you may cancel. We may close an account that breaches these terms, and will refund any unused paid period when we do so without cause.

These terms are governed by French law, and the courts of the registered office's jurisdiction have competence, without affecting any right you have as a consumer to bring proceedings where you live. Questions: hello@gate86.com.