Given the cyclical nature of the business, the odds were decent that things might get better as demand came back. We had a significant unrealized loss, less than two years had passed, and intrinsic value was tough to figure out. These are classic signs of being engaged in a furious battle in the heart of the chakravyuh. To have a shot at coming out alive, the answer was obvious—do nothing. Just hold. As my mom always said, “Time is the best healer!”
