Drawdown

The peak-to-trough decline in a portfolio’s value. Maximum drawdown is a key risk statistic, and recovering from one requires a proportionally larger gain (a 50% drawdown needs +100% to break even).

Where Drawdown comes up

Hedge Fund Strategies, and What Each One Is Betting OnThe label on the fund tells you what it is exposed to, how it is paid and what it will ask you in an interview. Applying without knowing which is a wasted round.Read the guide — 12 min Hedge Fund Careers: The Roles and How People Get ThemThe job everyone applies for is one of about six, and the path to running money is shorter and less forgiving than anywhere else in finance.Read the guide — 11 min

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