Say, if I manage one client's money and successfully bring its account balance from $10K to $1M, and certainly during the course I have also increased the trade size. And now because of some drawdown the account dipped to $800K, that means I have a $200K gap to fill before I can continue to enjoy any performance fee. This is a normal drawdown so I did not expect this to be a problem. However, the client then decide to withdraw $790K from the account, leaving it back to the original $10K balance. With the much reduced account balance I won't be able to trade the size any more, and it seems it is unlikely, if not impossible, for me to fill the $200K gap to high water mark from this small balance. Is this how you calculate high water marks if you manage OPM? Should the high water mark be readjusted a certain percentage after client withdraw?