It really wouldn’t have mattered. Any firm you picked, with instructions like that, would have lost money. I think limiting the capital loss to only 10% shows JPM invested the money relatively conservatively. There were many structured high-income vehicles advertised as ‘safe’ that lost more than 50%.
Client probably bailed at the bottom too.
I’ve been 20% with JPM for over a decade.
Was -5% at the bottom.
That 20% has never been ahead of the other 80%.
20% equities if that wasn’t clear.