A portfolio can be profitable while quietly depending on one path to recovery.

Imagine several positions fall together.

Your recovery plan assumes volatility will normalize, correlations will fall, and stronger assets will rebound first.

That may happen.

But if the portfolio needs that specific sequence to recover efficiently, the structure is more fragile than the headline drawdown suggests.

This is recovery-path dependence.

Good risk management should consider multiple recovery scenarios—not only the one that historically worked best.

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But the larger question is whether the portfolio remains functional when recovery arrives differently than expected.

Surviving the decline is only half the problem.

You also need enough liquidity, flexibility, and uncommitted risk capacity to participate in the recovery.

A resilient portfolio does not require the market to rescue it in exactly the right order.