RISK DISCLOSURE
Investment and backtest risk
Effective September 5, 2026Research, not personalized advice
Market states, signals, reference allocations and watch conditions are informational research. They do not account for any reader’s assets, costs, taxes, risk tolerance or horizon and are not personalized investment advice.
Market risk
ETFs, stocks and options can move quickly and lose principal. Signals can lag, fail or reverse repeatedly. Cash has inflation and opportunity costs. Readers remain responsible for their own decisions.
Backtest limits
A historical backtest is a simulation under stated data, fee, fill and rebalancing assumptions. It is not live performance or a guarantee. Revisions, slippage, tax, liquidity and execution differences can materially change results.