The simple analysis -– graphed. Many “rowing” strategies (active, diversified, risk-managed, reduced or no market correlation, etc.) are criticized for not achieving returns during market declines and then not being able to beat the stock market on the upside. The counter-argument: if an investor can avoid the losses, it takes only a fraction of the positive gains to match (or beat!) the market. So the main objective of “rowing” is to avoid the losses; the gains will seem to take care of themselves.