In a certain market environment fueled by excess liquidity or excessive exuberance, Investment Managers can generate very high returns by taking very high risk. These returns will last only till the music lasts. Once the music stops and investors get a reality check, they lead to a wipe-out risk. A 12% CAGR over a 15 year period with a draw-down of 80% in the 16th year leads to a total CAGR of 0% over a 16 year period. Thus, in analysing investment performance, it is important to look at risk-adjusted returns rather than only pure returns. We, at Multi-Act, are focused on generating high returns per unit of risk rather than just high returns.