Two investors start the same year with the same money and see identical markets, yet end up in very different places. The difference is usually not what they owned. It is what they had to live through along the way. That is drawdown, the peak-to-trough decline before a new high, and it matters more than the headline return because recovery math is asymmetric: a 50 percent loss needs a 100 percent gain to break even. This article explains drawdown and how changing exposure kee
