问题如下：
For a portfolio with 10 year performance, the maximum drawdown is -24% and the drawdown duration is 4 months, which indicates that
选项：
A.the portfolio recovered quickly from its maximum loss.
B.over the 10-year period, the average maximum loss was –24.00%.
C.a significant loss once persisted for four months before the portfolio began to recover.
解释：
A is correct.
Maximum drawdown is the cumulative peak-to-trough loss during a continuous period. Drawdown duration is the total time from the start of the drawdown until the cumulative drawdown recovers to zero, which can be segmented into the drawdown phase (start to trough) and the recovery phase (trough to zero cumulative return). The maximum drawdown was –24.00%, with a drawdown period of four months. Given the 10-year time frame, the portfolio recovered quickly from its maximum loss.
A选项说的loss，但是回撤的话不一定会发生loss。有可能在portfolio上涨了5倍以后，发生了24%的回撤，但是这个时候portfolio还是处于赚钱的状态。所以感觉a选项也不是很准确。
