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Language discipline is risk disciplineASYMMETRY® Lexicon

Every term we use has one precise meaning. Vague words hide vague thinking, and vague thinking loses money.

The vocabulary of asymmetric risk management, trend following, volatility and portfolio construction: how we think about markets and seek to protect capital. Built and refined since 2013.

Every term we use has a precise meaning. Language discipline is risk discipline — vague words hide vague thinking, and vague thinking loses money. This glossary defines the vocabulary of asymmetric risk management, trend following, volatility, and portfolio construction: the intellectual foundation of how we think about markets and seek to protect capital. It’s been built and refined since 2013.

A B C D E F G H I K L M N O P R S T U V

Absolute Returns Adaptive Markets Hypothesis Adaptive Portfolio Management Adaptive Risk Management Advance Decline Line Alpha Alternative Investments Antifragile Payoff Asymmetric Bet Asymmetric Hedging Asymmetric Information Asymmetric Investing Asymmetric Payoff Asymmetric Return Compounding Asymmetric Return Distribution Asymmetric Returns Asymmetric Risk Asymmetric Risk Management Asymmetric Risk Reward Asymmetric Thinking Asymmetric Trading System Asymmetric Volatility Asymmetry®ASYMMETRY® Investment Program

Barbell Strategy Bear Market Benchmark Beta Buy and Holding Investing

CAN SLIM Investment System Capped Downside Concavity Convexity Correlation

Data Snooping Mining Dredging Disposition Effect Diversification Downside Capture Ratio Drawdown Control

ETF Strategist Evidence Based Investing Exit

Factor Investing Fear and Greed Index Full Market Cycle

Gauging Market Sentiment Global Macro Global Tactical Asset Allocation Global Tactical Rotation®Gross and Net Exposure

Hedge Funds High-Water Mark Historical Volatility

Illiquidity Premium Implied Volatility Inflection Point Intermarket Analysis Investor Behavior Investor Objectives Investors Overreact

Kelly Criterion Keltner Channels Kurtosis

Loss Aversion

Market Bottom Market Top Math of Loss Maximum Drawdown Momentum

Negative Asymmetry Negative Skew

Overconfidence Oversold

Positive Asymmetry Positive Expectation Positive Skew Predefined Risk Predictive Value Prospect Theory

Realized Risk True Risk Actual Risk Reflexivity Regression Toward the Mean Relative Momentum Relative Strength Relative Return Relative Strength Index RSI Risk Measures Risk-to-Reward Ratio

S&P 500® Index Seasonality and Stock Market Seasons Sector Rotation Sequence of Returns Risk Sharpe Ratio Situational Awareness Skew or Skewness Sortino Ratio Standard Deviation Symmetric Risk Systematic Trading Systemic Risk

Tactical Management Tail Risk Hedging Technical Analysis Time Series Momentum Trend Following

Unconstrained Investment Strategy Understanding the VIX Upside Capture Ratio

Value at Risk (VaR)Velocity Volatility Volatility Expansion Volatility Risk Premium (VRP)Volatility Targeting

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Shell Capital Management, LLC

200 Prosperity Drive Knoxville, Tennessee 37923 (865) 539-9070

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Shell Capital Management, LLC (“Shell Capital”) is an independent, fiduciary registered investment adviser, registered since 2004, with its principal office in Knoxville, Tennessee, serving clients across the United States. Nothing on this website constitutes personalized investment advice or a solicitation to buy or sell any security. Shell Capital provides advisory services only in jurisdictions where properly registered or exempt from registration. Form ADV Part 2 is available upon request.

Client accounts are held at Goldman Sachs Custody Solutions, which provides custody, clearing and brokerage services. Shell Capital is not affiliated with Goldman Sachs, and its people are not employees, agents or registered representatives of any Goldman Sachs entity. Shell Capital selected this custodian and may use other custodians or broker-dealers. Goldman Sachs does not supervise, endorse or recommend Shell Capital and is not responsible for its investment advice.

Investing involves risk, including the possible loss of principal. No investment strategy—including tactical management, trend following, risk management, volatility trading, or hedging—can guarantee a profit or protect against loss. A planned exit is an instruction, not a guarantee: prices can move past it. Hedges have costs and can reduce gains. Past performance does not guarantee future results. Discussions of risk management or hedging reflect general investment philosophies and do not guarantee future outcomes. Illustrations and calculators on this website are arithmetic examples, not forecasts or client results.

ASYMMETRY® and Global Tactical Rotation® are federally registered trademarks of Shell Capital Management, LLC.

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