Reading an Equity Curve: What the Line Is Telling You
The equity curve is the most information-dense thing on a track record, and most people glance at it for two seconds. How…
Sterling Research
Drawdown
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The Recovery Math: Why a 50% Loss Needs a 100% Gain
Losing money and making it back are not the same size of problem. The recovery table, why it makes drawdown the enemy,…
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Why Drawdown, Not Return, Defines a Strategy
The headline figure sells the strategy. The drawdown decides whether you survive long enough to enjoy it.