A simple analysis–a powerful statement. What percent of the gains during positive months is needed to achieve stock market returns if an investor avoids losses during declines? Many “rowing” strategies (active, diversified, risk-managed, reduced or no market correlation, etc.) are criticized for not getting much return during market declines and then not being able to beat the stock market on the upside. The answer: if an investor can avoid the losses, it takes only 26% of the positive gains to match the market. And, if losses are confined to 50% of the market drop, it takes only 62% of the gains to achieve market returns. So the main objective of “rowing” is to avoid the losses; the gains will seem to take care of themselves.