A stock falls from 100 to 10. That's a 90% decline. The investor buys in at 10 because it is indeed worth 30. But it has fallen so much it has become detached from the underlying business and so falls to 5.. The value investor is down 50%. Which isn't as bad as 90%, but is still 50 effing percent. The value investor could have sold at 8, and limited the loss. 10 years later the stock is at $30. While said nvestor gies to medical school and finsihes residency to become a surgeon. That's a six times return in 10 years. About 20% per year. Wait, is it not only a triple? No, because the investor could have sold at 5 like just about everyone else did, but did not. What I describe here is almost exactly WBD. And it didn't take 10 years, because it usually doesn't.

My point is if one is down signficiantly on an investment, one owns it there now. And that is the price from which any future return will come. Selling it to forget about that horrible experience and to move on to the next best thing is perhaps not the wise long-term decision.