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we used weekly data and just looked at the distribution of future drawdown for each and every data point. then we considered the distribution of the events with time, with the time stamp being the drawdown date.in other words - the events are not mutually exclusive - september 1974 represents various levels of drawdown depending on when capital was invested. continuing on with that example, for capital invested in 1960, 1973-74 did not represent a drawdown, whereas for capital invested in 1964 it did.tr
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