Information only, not an offer
This website describes ideas that Callosum Capital Management is developing. It is for general information only. It is not an offer to sell, or a request for an offer to buy, any security, fund interest or advisory service. Any future offering would be made only through formal documents, to eligible people, as the law allows. Nothing here is personal investment, legal, accounting or tax advice. Visiting this site or signing up for emails does not make you a client and creates no advisory or fiduciary relationship.
Status
Callosum Capital Management’s legal structure, any registration, fees and terms have not been set. No statement here means that any person or entity is registered with, licensed by, or approved by any regulator. Nothing here has been reviewed or approved by the SEC, CFTC, NFA or any state regulator.
Risk of loss
All investing involves risk, including loss of some or all of the money invested. Diversification, rebalancing and risk controls do not guarantee a profit or prevent losses. Past performance, including our own trading experience, does not guarantee future results.
Futures, leverage and automated trading
Futures trading involves substantial risk and is not suitable for everyone. Leverage means a small price move can cause a large loss, and losses can exceed the amount initially deposited. Margin calls can force positions to be closed at bad prices. Stop-loss orders do not guarantee an exit price; prices can gap past them. Automated systems can fail because of software errors, data problems, connection loss or broker outages. Models and signals can be wrong.
Backtests and practice trading
References to testing on historical data (“backtests”) or to practice (paper) trading describe hypothetical results. Hypothetical results have built-in limits: they are prepared with the benefit of hindsight, do not involve real money, and may not reflect real trading costs, slippage or the effect of real market conditions. No hypothetical or actual performance figures are presented on this site.
Income and distributions
Income, dividends and distributions are not guaranteed. They can be reduced or stop. A distribution may include a return of capital, which is a return of part of your own investment, not a profit. A payout rate is not the same as total return. The value of holdings can fall while payouts continue. Selling options can limit gains and does not remove the risk of loss. Borrowing on margin increases risk.
Taxes
Callosum Capital Management does not give tax advice. Tax treatment depends on your circumstances, account type and where you live, and tax law can change. Tax-loss harvesting does not guarantee lower taxes, and wash-sale rules can disallow a loss. Return of capital generally reduces cost basis and defers tax rather than eliminating it. Section 1256 futures are generally treated as 60% long-term and 40% short-term capital gain or loss and are marked to market at year-end; not every contract qualifies. Some states, including California, tax capital gains as ordinary income. Retirement accounts follow different rules. Consult a qualified tax professional. Background: IRS Publication 550.
Images
Screenshots show our software for illustration. Private details are blurred. They are not a record of trading results. Artwork and logos are brand images.
Email sign-up
Signing up for updates does not verify your identity or eligibility, does not entitle you to any offering document, and does not obligate you or us to anything. See the privacy notice for how we handle your information.