{
  "slug": "drawdown-recovery",
  "name": "Drawdown Recovery Math",
  "category": "Risk Management",
  "description": "Required gain to recover from a given drawdown. Highlights the asymmetry of losses.",
  "formula": "Required Return = 1 / (1 - DD) - 1",
  "formula_latex": "R_{\\text{recover}} = \\dfrac{1}{1 - DD} - 1",
  "parameters": [
    {
      "name": "Drawdown",
      "symbol": "DD",
      "type": "percent",
      "default": 0.2,
      "min": 0,
      "max": 0.999
    }
  ],
  "outputs": [
    {
      "name": "Required return to recover",
      "symbol": "R_r",
      "type": "percent"
    }
  ],
  "worked_example": {
    "narrative": "20% drawdown requires 25% gain to break even.",
    "inputs": {
      "DD": 0.2
    },
    "expected_outputs": {
      "R_r": 0.25
    }
  },
  "related_terms": [
    "drawdown",
    "loss-aversion",
    "compound-return"
  ]
}