Jeff Blazek
speaker
496 appearances
1 recordings
1 series
first heard Feb 2026
last heard 13 Feb
Jeff Blazek’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
Yeah, you know, this is, to me, the better way to define risk.
Historically, over the last 60 or 70 years, going back to Markowitz and all these things they teach you in business school, we learn about risk and return.
And we often think of standard deviation as risk.
Standard deviation is helpful if you have a trading book or you have to mark your equities to market or your portfolio to market for a given month.
But as the time goes by, months and years, who really cares about standard deviation?
In fact, a lot of investors and diamonds don't care about standard deviation.
But drawdown is something that's different.
Drawdown is where you have a cumulative hit to your net wealth
or your liquidity that may interfere with the ability to pay your bills, your plan participants, your retirement.
That should inform the gut check.
What is the maximum risk I can take?
And so I do think as an industry, allocators and managers, we should focus far more on drawdown risk and probably less on standard deviation.
What's the difference between those two?
Yeah, drawdown to me is not only
How far down does the portfolio go?
How long does it stay down on the map?
And we can use history to our advantage in this case.
So I'll give you a couple of different examples.
So the COVID drawdown was short-lived because of the nature of the virus and the stimulus and the recovery.
It happened so fast in a matter of weeks where we saw a 30% equity drawdown in the early part of 2020.
Showing 41–60 of 496 · page 3 of 25
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