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Markets aren’t driven by averages

December 20, 2025

Markets are not driven by averages but by human perceptions of gains, losses, and risks, which are distorted under pressure, as explained by Prospect Theory. Investors exhibit risk aversion in gains and risk-seeking during losses,… Read More

Shell Capital Management, LLC

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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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Tag: personal-finance

Markets aren’t driven by averages