| Disclaimer

The contents of this book are for educational and reference purposes only and do not constitute any investment advice, financial planning advice, or legal opinion. The investment products, strategies, and data mentioned in the book are all for the purpose of educational illustration and do not represent any recommendation, endorsement, or guarantee by the CLEC channel or the editor with respect to any product.

Investing involves risk, and past performance does not represent future results. Readers should evaluate independently, in light of their own financial circumstances, risk tolerance, and the tax laws and regulations of their jurisdiction, and bear full responsibility for their investment decisions.

Statement of No Solicitation

This book is not a financial-product sales document or marketing material. The editor, the CLEC channel, and the banks, securities brokers, fund-issuing institutions, leasing and financing companies, and all financial-service providers described in the book have no agency, referral, cooperation, commission, or advertising revenue-sharing relationship whatsoever. Readers who have an actual need to open an account, take out a loan, or invest should consult and evaluate the corresponding financial institution on their own.

Statement of No Securities Investment Advisory Business

The editor of this book is not a principal or business representative of a securities investment consulting enterprise approved by the Financial Supervisory Commission, nor a securities investment analyst registered under the Securities Investment Trust and Consulting Act (a Taiwan statute governing securities investment advisory business). The book’s descriptions of specific ETFs, stocks, allocation formations (such as 433 / 442 / 703 / 505 / 514 / 424 / 226 / 3313, and so on), withdrawal rates (referring to the annual drawdown rate of a securities-backed loan), maintenance ratios, Beta ranges, and Half Kelly leverage ratios all belong to the organizing of public historical data, academic exploration of asset-allocation logic, and the sharing of concepts from the CLEC teaching system, and “do not constitute any future price forecast, definite buy or sell recommendation, entry or exit timing instruction, or profit guarantee for any security.”

The practical details described in the book, such as allocation ratios, rebalancing timing, withdrawal discipline, and securities-backed maintenance-ratio defense lines, are all demonstrations of individual teaching scenarios, and “readers’ actual buy and sell decisions should be judged independently by themselves,” bearing their own gains and losses in light of their own financial circumstances, risk tolerance, and investment goals. As for the leverage tools described in the book, such as personal loans and securities-backed loans, their principal and interest should be repaid on the basis of stable employment income, and should not rely on dividends, the selling of stock, or market returns; before use, one must evaluate one’s own debt-servicing capacity and retain a cash defense line.

Special Risk Disclosure for Leveraged ETFs

The leveraged ETFs mentioned in the book, such as 00670L, QLD, and TQQQ, use a daily-compounding calculation mechanism and possess the following characteristics: (1) amplified volatility, (2) a tendency toward decay when held long-term, (3) the contango cost of futures roll-over, and (4) unsuitability for long-term accumulation via dollar-cost averaging. The related discussions in the book are all educational explanations of public historical data and the leverage mechanism, and are “not an investment invitation or a buy or sell recommendation.”

Statement of No Tax Advisory Business

The editor of this book is not a bookkeeper or accountant qualified under the Certified Public Bookkeeper Act or the Certified Public Accountant Act, nor a U.S. CPA, an IRS-registered Enrolled Agent, or any other professional qualified to act as a U.S. tax agent. The book’s explanations regarding Taiwan (the second-generation NHI supplementary premium, the Alternative Minimum Tax system, the combined and separate taxation of dividend income, and overseas income), the United States (capital gains tax, estate tax, gift tax, Return of Capital (ROC), RMD, and Roth Conversion), and the taxation of other regions all belong to the organizing of public tax-law provisions and official announcements, general illustrative calculations, and academic discussion, and “do not constitute personal tax advice, tax-saving planning, or filing guidance for any reader.”

The general statements of tax principles in the book are compiled from the tax laws applicable at the time each cited CLEC video was published, and should ultimately be governed by the latest official regulations and the opinions of qualified professionals. Tax laws may be amended and interpretive rulings may be updated; for an individual’s actual tax filing and cross-border tax planning, please consult directly with the National Taxation Bureau of the Ministry of Finance, the tax authorities of the relevant jurisdiction, or a qualified bookkeeper, accountant, CPA, or Enrolled Agent. Any case described in the book (including publicly adjudicated cases of celebrities owing back taxes) is a factual statement drawn from public news, not a tax-saving or tax-avoidance guide.

Statement on the Timeliness of Data

The information cited in the book on bank loan policies, interest rates, salary-recognition formulas, credit-score calculation, brokerage commission rates, ETF distributions, tax regulations, and the like has a “data cutoff of the second quarter of 2026” (some content dating back to the time each cited CLEC video was published). The policies, product terms, rates, and related regulations of financial institutions may change at any time; “for current terms, please verify directly with each institution’s official website or official customer service,” and do not make decisions based on the information in this book alone.

Statement on Backtest and Trial-Calculation Figures

The specific figures that appear frequently throughout this book, such as annualized returns, cumulative multiples, compounded terminal values, maintenance ratios, withdrawal rates, and allocation-backtest win rates, other than those clearly labeled as sourced from external institutions (such as Invesco, S&P SPIVA, Morningstar, the WFE, or academic papers), are mostly the author’s own results calculated with backtest tools (such as Portfolio Visualizer, testfol.io, or self-built spreadsheets) based on public historical data (prices, indices, and distributions), with the platform, period, and parameters noted in each figure caption or appendix. Such backtests and trial calculations are for educational illustration only, “do not represent future performance, and are not formal research reports of any external institution”; the figures will vary depending on the sampling period, the platform, whether distributions are included, and the assumptions for taxes and fees.

Statement on Descriptions of Third-Party Institutions

The product policies, interest rates, credit limits, recognition formulas, and operational procedures of the financial institutions described in the book are all compiled from those institutions’ publicly available official information or from public teaching content in CLEC videos. The book’s descriptions of each institution “do not represent the editor’s evaluation of that institution as superior or inferior, a recommendation, or a negative appraisal.” Readers who have doubts about the description of any institution should be governed by that institution’s latest official announcements.

Statement on Comparative Presentations

The comparative information in the book, such as institution comparison tables, interest-rate comparison tables, salary-multiple tables, and recognition-formula tables, is “an educational compilation of public policies” and does not constitute a superiority ranking, a recommendation sequence, or a product sales recommendation. The suitability of each institution must be determined by each individual reader’s financial circumstances, credit conditions, and goals.

Statement on Individual Cases

The student cases, backtest data, allocation formations (such as 433 / 442 / 703 / 505, and so on), withdrawal strategies, and securities-backed maintenance-ratio defense lines described in the book are “all educational demonstrations of individual scenarios,” not universal advice. Individual readers differ in age, asset size, cash flow, risk tolerance, and tax status; before applying any of it, please evaluate on your own or consult a qualified advisor.

Reminder on Cross-Border Tax Status

The explanations in this book involving Taiwan financial products apply mainly to investors with Taiwan tax status. If you hold U.S. tax status or reside in another region, the relevant rules may differ; please refer to the corresponding chapters on the retirement and legacy taxation for U.S. citizens and green-card holders, or on the multi-region allocation for cross-border residents, or consult a qualified local advisor.

Data Sources and Timeliness

The video content, data, and market information cited in the book are all marked with their sources and cutoff dates. The market environment continues to change, and readers should be governed by the latest information.