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Glossary

Concise definitions of investment, technical analysis, and AI infrastructure terms used across Closelook's research. Each entry links to the Closelook framework where the concept is applied.

Looking for AI infrastructure deep dives? The AI Infrastructure 101 section has 25 proprietary entries with full investment analysis. This glossary covers standard finance and technical terms.
Kelly Criterion
A mathematical formula for optimal position sizing.
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Elliott Wave Theory
A technical analysis framework that identifies recurring fractal wave patterns in price action.
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Market Regime
The prevailing market environment that determines whether risk-taking is rewarded or punished.
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EBITDA Multiple
Enterprise Value divided by EBITDA — the most common valuation metric for comparing companies across sectors.
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Sharpe Ratio
Risk-adjusted return: excess return over the risk-free rate divided by standard deviation.
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Maximum Drawdown
The largest peak-to-trough decline in portfolio value.
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Covered Call
An options strategy: own the underlying stock and sell a call option against it.
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Cash-Secured Put
An options strategy: sell a put option while holding enough cash to buy the stock if assigned.
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DXY (US Dollar Index)
An index measuring the US dollar against a basket of six major currencies.
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VIX (Volatility Index)
The CBOE Volatility Index, measuring expected 30-day volatility of the S&P 500.
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HBM (High Bandwidth Memory)
Vertically stacked DRAM dies connected to GPUs via advanced packaging.
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CoWoS (Chip-on-Wafer-on-Substrate)
TSMC's advanced packaging technology that bonds compute dies with HBM memory stacks.
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EUV (Extreme Ultraviolet Lithography)
The most advanced chipmaking technology using 13.
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ATE (Automated Test Equipment)
Machines that test semiconductor chips before shipping.
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Net Revenue Retention (NRR)
Measures how much revenue existing customers generate year-over-year including expansion, contraction, and churn.
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CapEx Cycle
The pattern of capital expenditure growth and contraction in an industry.
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Economic Moat
A durable competitive advantage that protects profits.
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Alpha
Return above a benchmark.
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Functional Index
A proprietary Closelook concept: indices weighted by supply chain function rather than market capitalization.
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Sentinel Ticker
A Closelook concept: companies at supply chain chokepoints whose data provides early warning for the broader cycle.
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