Living through a track record is very different than viewing it on paper. Even the most efficient track records in history have periods where they would have been very uncomfortable to stick with. Warren Buffett has had multiple 30-50% drawdowns in his career. In the world of indexing, there is nothing magical about the S&P 500. Yet it’s well known how difficult it is for a fund manager to beat it over the long term.

Source: Lorintine CapitalWhy Simple Isn’t Easy – Lorintine Capital