1. Your investment process is flawed and is nothing but a momentum strategy – i.e. you failed to anticipate a fundamentally predictable reversal in earnings (i.e. Technology sector earnings predictably shrinking after the Covid overconsumption)

2. Your investment process is Macro blind – you failed to see rotations into Sectors or countries with better fundamentals and cheaper valuations – Energy or Brazil or Turkey

3. Your investment mandate is overly tight and doesn’t allow you to drift outside of the style and sectors.  

While the third one is unchangeable, the first two are structural but fixable deficiencies.
Please don’t tell me about tough markets, the Fed, the Inflation, or the war in Ukraine, etc. – there are plenty of countries and sectors being up YTD (Energy, Brazil, Turkey, etc.).
Have you captured any of these rotations?