high watermark(A high-water mark is the highest peak in value that an investment fund
or account has reached. This term is often used in the context of fund
manager compensation, which is performance-based. The high-water mark
ensures the manager does not get paid large sums for poor performance.
If the manager loses money over a period, he must get the fund above the
high-water mark before receiving a performance bonus from the assets under management (AUM). Moonranger)
