Ari Paul and Matthew Goetz at crypto fund manager BlockTower Capital experienced a meaningful drawdown in 2018 as Bitcoin collapsed (disclaimer: I'm on their Advisory Board). As they looked to the future, the fund needed to make up substantial ground to recoup their highwater mark. Almost anyone would have folded the tent at that point in time. They didn't; they saw the long game. In the three years since, Blocktower never wavered, changed firm strategy, or lost hope. They innovated with new strategies, hired key team members, and grew their capabilities. In 2020, BlockTower recouped the highwater mark in its flagship fund. This year, well, let's just say they blew past it and have significantly outperformed Bitcoin (which is up more than 100%). The once "battered" 2017 start-up manages over $700 million today.