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Over the past thirty years, hedge funds have proven an uncanny ability to avoid significant down-side risk in equities. By looking at the cumulative drawdown of hedge funds gross-of-fees, we can see that hedge funds have avoided some nasty corrections. Most notably, hedge funds drew-down some -5% through the dot-com bubble while the broader S&P 500 index dropped some -45% from its peak. Subsequently, hedge funds successfully navigated the financial crisis and the recent tumult in markets. While the S&P 500 was down more than -20% during 2022, hedge fund strategies only sold off by about -5%.