A low water mark is not a floor.
01
A max drawdown is the worst that happened, not the worst that can. It is a record of one sample wearing the costume of a limit. Every one of them is a number waiting to be beaten.
02
The sample is short by construction. Five years of Indian equity can hold a correction. It cannot hold a 2008. Every shelf in the country quotes a worst case measured inside the calmest stretch it had.
03
Profile against a deeper hole than any card shows. Double the worst number in front of you, put it in rupees, and ask again. If your answer changes, the number was doing the holding, not your nerve.
A factsheet tells you the worst thing that has happened so far. Those last two words carry the entire sentence, and they are the only two nobody sets in bold.
Profile against the hole, not the headline
https://rupeecase.com/risk-profile.html