The factsheet prints how far you fall.
Never how long you wait.
26 months
How long a 20 percent fall keeps you below your old high when what you hold compounds at 11 percent a year. The fall itself took three weeks.
A friend compared two factsheets last night. Both funds showed a max drawdown near minus 20. Same risk, he said. So I opened the NAV charts. One fund reclaimed its old high in seven months. The other sat below it for twenty six. Same depth of fall. Completely different experience of owning it. And only one of those two numbers was printed anywhere.