Disclaimer and notices

1. Simulation, not advice

Honeycomb is a calculation and simulation tool. All results are mathematical projections from the user's own inputs and from historical data. They are not a forecast, not investment advice, not brokerage, not financial analysis within the meaning of the German Securities Institutions Act (WpIG) or Banking Act (KWG), and not tax or legal advice. We do not recommend financial products, providers or investment decisions. The user chooses every parameter.

2. The past is not the future

Historical returns, volatilities and drawdowns say nothing about future results. Monte-Carlo simulations produce ranges from random draws of historical data or from distribution assumptions; they can underestimate extreme events.

3. Simplifications

Taxes, allowances, product costs and inflation are modelled in simplified form (taxation at the end of the horizon, flat rates, no German Vorabpauschale, no church tax, no state taxes, no tax-advantaged accounts). Your actual tax burden may differ substantially. For binding statements consult a tax adviser or a licensed investment adviser.

4. Third-party data

Market data comes from public sources (including FRED of the Federal Reserve Bank of St. Louis and Yahoo Finance). It is ingested automatically and may contain gaps, delays or errors. Source and date are shown per series. Price indices usually exclude dividends.

5. External links

Linked third-party sites are outside our responsibility. There is no affiliation and no compensation.

6. Liability

Use is at your own responsibility. To the extent permitted by law we accept no liability for decisions made on the basis of the simulation. Liability for intent, gross negligence and injury to life, body or health remains unaffected (see terms).