http://www.attaincapital.com/alternativ ... alysis/380
You could do the same study with passive investments (like a 50/50 U.S. stock/bond mix) and I'm pretty sure you'd get the same results, their "buy a drawdown" is essentially a rebalancing triggered by deviation from target allocation (as opposed to a time-stop rebalancing such as annually).
Reminds me of this cartoon:
http://i563.photobucket.com/albums/ss73 ... 1283374272