If Warren Buffett Isn't Afraid to Cut His Losses, Then You Shouldn't Be Either
Although it isn't a competition, many would consider Warren Buffett the Michael Jordan of investing, and for good reason. The Oracle of Omaha has invested his way to a $100 billion fortune (it was $120 billion in April 2022). But just as Michael Jordan has taken losses, so has Warren Buffett. Even with all the success Buffett has had in investing, he's made many mistakes along the way.
When you invest in a stock, your plan should always be to hold it long term. Buffett himself once said, "If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes." However, there may come a point where holding onto a failing stock may do you more harm than good, and you're better off cutting your losses before they get worse.
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Source Fool.com
