The Brains Trust, page-3159

Hmm I think there'd be quite a few here in that boat really.

The main issue is this:

Let's say you have $1m and make 50% over a period. You're now at $1.5m. If a slump comes, you only have to lose 33% to be back where you started.

Another classic example. If you lose 50% of an investment at some point, you need to generate 100% on it to get back to evens.

Managing risk is everything, which is why I rarely chase stocks that have already run hard and when I do, it usually ends up like DCN lol