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Great Offense. Excellent Defense.

They say a good offense wins games, but a great defense

wins Championships. It doesn’t matter how many points

you score if you allow the other team to score even more

against you.

This “Winning by not losing” strategy also holds true for

investment management. It doesn’t matter how much

money you gain in a bull market if you lose it all in a bear

market. For example, if you earn 100% in a bull market
Mike Shell

Chief Investment Officer it only takes a -50% bear market to put you back on the
Portfolio Manager
losing team.

Hedge funds are known for active risk management. They don’t buy and hold. They

sell losers before the loss gets too large and apply hedging strategies to limit losses.

Mike Shell has one of the strongest and longest running track records applying active

risk management global tactical strategies to exchange traded securities like ETFs.

It’s a hedge fund style strategy but it’s offered as a managed account. Your account is

titled in your own name at an institutional custodian like J.P. Morgan or Trust Company

of America. Shell Capital manages the account for you.

If you are looking for an alterative to passive buy and hold or a complement to ixed

asset allocation, call (865) 539-9070 or visit www.shell-capital.com to learn more

about the Asymmetry® Investment Program.

Shell Capital Management, LLC | 500 Ebenezer Road | Knoxville, TN 37923
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