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The Return With No Stops Is Not a Perfect Strategy
If you look at the return with no stops, it's actually pretty consistent on most of the years. And this is kind of to be expected, because again, you're letting the raw probabilities play out. But when you take a loss, you take big losses, right? So 2020 has that, of course, that mega drawdown, whereas it's much more contained with stops in 2020.