cliff asness would take a drawdown 50% deeper if it ended in six months instead of three years. he runs $187 billion and has been in the seat since 1998: "I've never seen a model that looks at pain. the negative utility of losing money in terms of how long you've lost money for, not just magnitude." "in real life a drawdown that is one and a half times bigger but with six months instead of three years is ridiculously easier to live through." "you go back after six months. you get a lot of sympathy. you go back six months later, and six months later. eventually they just think maybe you're a dinosaur, maybe you just don't get this new wave."