Public equities often account for 60–80%+ of portfolio drawdown in multi-asset portfolios.

Public-equity fundamental investing often applies:

• private-market analysis (+80%)

  to

• secondary-market mechanics,

  while being measured by

• continuous mark-to-market accounting.

That structural mismatch is why drawdown concentrates in public equity portfolios—and why decades of increasingly sophisticated analytics have not eliminated it.

Until engagement with secondary markets is treated as a first-order analytical problem—rather than a downstream execution detail—drawdown will remain the dominant expression of risk, regardless of how sound the underlying fundamentals may be.