Before revision:  Despite its non-coherence, we illustrate through an empirical example some of the insights gained from analyzing drawdown duration in the investment process . Remarks on the challenges of path-dependent risk estimation in practice are given in the conclusion .
After revision:  Despite its non-coherence, we illustrate through an empirical example some of the insights gained from analyzing drawdown duration in the investment process and discuss the challenges of path-dependent risk estimation in practice are given in the conclusion .