It's never a bad idea to follow advice from Warren Buffett. The billionaire investor has a wealth of knowledge and advice out there for people willing to listen. His annual meetings and shareholder letters offer significant insight into how best to approach investing. 

There's one particular piece of his advice that today could prove immensely valuable to investors, one that could save you from incurring significant losses. If you've lost big on an investment, he says, "The most important thing to do if you find yourself in a hole is to stop digging."

Investors who have incurred losses on a stock may consider themselves to be in a hole. The deeper the loss, the deeper the hole. And there can be a motivation to try and dig yourself out of this position by taking on more aggressive investments or averaging down.

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Source Fool.com