Zero draw-downs are the goal. After all, a dollar saved is a dollar earned.
Our currency arbitrage effectively eliminates draw-downs, in favor of "time-
downs". Currency pair correlation decouples and recouples often, providing us
a consistently safe exit strategy. Investors have been conditioned to believe that
risk and reward are tied together. Large rewards can be earned without large risk,
provided there is a mathematical isolation and insulation from the natural market.