Options, page-5

Your statement is illogical. Therefore your conclusion is useless.

You are trying to suggest that for the same capital return taking a loss is worse than making a profit. In fact it is the complete opposite. Given the two choices which would you rather?

1) Sell shares worth $1 million where the capital loss is $900k.
2) Sell shares worth $1 million where the capital gain is $900k.

Obviously option 1 is better because you are better off after tax. Your initial capital of $1.9million or $100k should not have any bearing on your decision to sell (apart from tax reasons).

This probably doesn't feel right to you. Maybe you should forget your emotions and look at things logically.