> You can have 4 years of 20% returns and if the last year you're down 50%, You can also have 4 years of 20% returns with 10bn of capital, and then 1 year of d

> You can have 4 years of 20% returns and if the last year you're down 50%, You can also have 4 years of 20% returns with 10bn of capital, and then 1 year of down 50% with 50bn and have actually lost $$$'s despite a nice looking % return. It also happened to some household names that you would consider "legendry investors" who made massive returns in 08.