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 sec…