Risk management is the only thing that matters. Focusing on returns is self-defeating. Returns take care of themselves by holding positive drifting assets. The picture is an example of how indexes can beat themselves. S&P500 out-performance to our fund was erased in just 2 days. Novice investors thought the out-performance meant buying the S&P500 was a better strategy. Consider that it took only 2 trading days to wipe it out, do you think the out-performance was a signal or noise? The most challenging part about investing is distinguishing the signal through the noise... If your signal evaporates so quickly, reconsidering your logic is highly recommended..