NO.PZ2020020202000020
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.
老师，这两个概念请解释下，1、began to recover是指portfolio亏损已全部恢复到0了还是指组合开始有盈利时（但是portfolio仍然处于亏损状态）就算开始recover？
2、maximum drawdown是指累计亏损到达24%还是指下跌过程中某一次的下跌幅度是24%？
