Buffett noted you do not have to make it back the way you lost it. Munger said that mistake is made frequently by those who gamble, continuing to gamble when the right thing would be to walk away. Buffett emphatically summed up his case for reason over emotion: “A stock does not know you own it, the price you paid, who recommended it, the prices someone else paid . . . the stock does not give a damn.”
