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But using standard deviations on a non normal scale is just stupid.

See that's the point, what if the 2.0 is just based on an improbable event not happening?

Isn't it quite useless if the returns are not normal? It favors strategies that consistently profit but have a rare but catastrophic loss. It seems to be a very popular metric so I can only assume most strategies would have this bias. Why is the Sharpe ratio used, and are there any alternatives...