The idea of "beating the market" which refers to beating the S & P index returns is quite flawed. If anyone tries to impose capital protection measures, like a

The idea of "beating the market" which refers to beating the S & P index returns is quite flawed. If anyone tries to impose capital protection measures, like a stop loss, then there's a good chance they would underperform the S & P by getting stopped out at inflection points. Thats why I feel looking at risk adjusted returns is critical. How much risk does a buy-and-hold investor accept to see those returns? If the stock market tanks 50% next year, what is your exit strategy?