Today, we set sail for thison trade management. Over the next few months, Kai and I are going to look at both Offensive Tactics (Managing Winners and Managing Early) and Defensive Tactics (Managing Losers and Rolling). Within each one, we are going to examine average performance, long-term performance, and volatility. Thus, we begin by looking at the average performance of managing winners at 50% relative to . Kai has a few slides put together that give us a nice, clean comparison.