Specific stocks I buy with the intent to hold until bankruptcy, takeover or lifetime dividends and will not sell at any price unless the nature/makeup of the business fundamentally changes (I define what is fundamental when I purchase the stock). With miners, mostly only goldies pay a dividend so we are chasing takeover or bankruptcy at this point if market maturuty.
Other stocks I purchase knowing what aspects of that business I believe will have it outperform, ideally with a timeframe of investment in mind - typically 3-5 years. I set price minimums and price maximums, the maximum and minimum assessed to move up as a stock improves and only selling when I feel the stock is strongly.overbought based on future ROE (ROCE for mining co's) projections.
If I were to have sold every time any of my holdings was -40k, I most surely would be seeking financial aid by now. Raw numbers muddy the waters, only percentages will truly define how much your investment vehicle will grow over time.
If I were in your position, I would take a day to think over why you invest in the business, why you invested initually. If they are not both the same, is the new reason you invest a valid reason to hold.
I would then look at future prospects for the business itself, as well as the market it operates in.i would consider if goals are being kicked, excuses are being made, or if shareholders desired outcones are being ignored.
I would finally look at my overall percentage loss, and work out how much profit (in percentage terms) I would have to gain to make back losses. Anything more than doublin the initial investment is a pipe dream in most cases, or blind luck. In such scenarios (I am in one of these with both A2 Milk and also Synlait Milk) I just keep the money in the company, hoping that some of the losses will be clawed back over time and a takeover or business transformation wl occur in coming years.
How did I end up in these scenarios? I underestimated the impact the will of a political party to transform an industry in their vision would have on costs, which translated to reduced profits as well as the ongoing effects of falling global birth rates.
We all lose, but knowing when to hold your hand, and knowing when to walk away and learning the lessons from those experiences afterwards is part of the journey I hope most of us are on.
Full disclosure: I owned 1MC shares as part of the Altura grandfathering in, and sold out in Jan 22 at 4.4c.
