Ann: Letter to Shareholders, page-161

The math of a drawdown of this magnitude is pretty brutal. A 75% loss requires some 400% return just to get back to where it was.

How many stocks a year that aren’t micro caps do that? I’ll give you a hint. It’s a short list. And more importantly, how long does it take them?

Better to know when to sell and lock some gains (or limit your losses). Research shows that what individual investors do worse over and over is let their losers run and sell their winners early. See my above message for more on that.