"The first rule is not to lose money. The second rule is not to forget the first rule. – Warren Buffet"
Percentage Loss Gain Needed to Break Even
-8% 9%
-20% 25%
-33% 50%
-50% 100%
-75% 300%

We couldn't agree more. Avoid catastrophic losses is the key to strong long-term results.

Downside risk management is the cornerstone that differentiates CAIA from that of other portfolio managers.