According to The Kobeissi Letter, excluding the S&P 500’s 10 worst-performing days since 1995 would have produced a +6,400% cumulative return (source: The Kobeissi Letter). Excluding the 10 best days over the same period would have yielded only +1,200%, a 5.3x difference that underscores how a few extreme sessions drive long-run performance (source: The Kobeissi Letter). For equity and crypto traders, the stat emphasizes that market timing around shock days carries outsized PnL impact and that missing a handful of sessions can dominate total returns (source: The Kobeissi Letter).