How to look at the book

A book starts the quarter at $80,000, rises to $90,000, and ends at $84,000, with no deposits or withdrawals. What does the review write in row 2?

• Only the return, +5%, because the book is up
• Only the drawdown, because it is the bigger risk
• Both: a +5% return and a drawdown of 6.7% from the $90,000 peak

Which of these is a reason, on its own, to trade at a review?

• A line is over its protocol cap
• A vault's quoted rate doubled
• The book's return was negative