Drawdowns are the "Tax" for Returns

来源: lionhill 于 2026-01-14 04:47:38 [] [博客] [旧帖] [给我悄悄话] 阅读数 : (826 bytes)

Even a "perfect" portfolio of winners experiences pain. Michael Mauboussin found that the median drawdown for stocks is 85%. Even the best-performing stocks in a 5-year period often see a 70%+ drop at some point. Volatility isn't a sign of failure; it’s the cost of the journey.

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