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Funds' Five-Year Returns Are Magically Levitating--- Don't Be Fooled
Yes, beware. I see it too with the Maximum Drawdown numbers based on the five year window. Typical fund now show about 20% drawdown from fall of 2008 to spring of 2009, but the "real" MaxDD is more like 50% from fall of 2007, which is when the descent started. It's one reason I like looking at lifetime numbers...can't hide.
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