After 30+ years of a bull market in bonds, we are now at or near historically low interest rate levels. That’s also meant an increase in bond prices over the last 30 years.
If you start with $1,000,000 and lose $200,000 you’ve lost 20%. To get back even you need to make back $200,000…the same amount of money, but it requires a bigger percentage gain…25%. If you lose 50% of your portfolio, you need to gain 100% just to break even.