Excellent topic jas, interesting indeed.  I too watched his recent Webinar and his comments on stops definitely grabbed my attention.  Apparently this method of not using stops to increase performance is geared toward his specific and fine tuned reversion to the mean method.  I don't think he was stating that stops don't work for different methods.  For example, the turtle method made famous by Dennis and Eckhardt was very heavy on using frequent tight stops to achieve spectacular gains.  That method of course nearly opposite of Connors', i.e. breakout vs. pullback. But the key similarity that both methods are for short term swing trading.  Connors scales in by averaging lower, Dennis higher.  I was so intrigued by what Connors had to say on stops that I googled his name and found several articles/sites in which Connors preaches the use of relatively tight stops, but for methods other than his reversion to mean.

If I read your grahic and comments right, Connors only exits when price drops 75%?  Loose stop huh:)  Another key point need to mention.  Connors I believe states that he mitigates risk despite basically no stops by very small postion sizing, along with dozens of positions. Thus no big outsized winners with his profit exit rules if I understand. The power of compounding can work.  And of course heavy on etfs which also lessens volatility.