you have to be aware of the macro environment: reflation, deflation, stagflation and growth all have different assets being better than others. currently we have reflation, so growth companies melt up, finance earns more due to rising rates, etc. once deflation comes you should be mostly positioned out of stocks, so you don't get blown up. 20% drawdown will get eventually compensated, but if you can avoid it, you've just added 20% to your base of compounding interest.