We experienced 4 Major stock market downturns (also called drawdowns) and lost between 45% and 55%. It took 14 years to just get back to even. That happened because we were Buy and Hold investors in it ‘for the long run’. We learned an extremely painful lesson and discovered that it wasn’t necessary. We found a Strategy called Trend Following that emphasizes not only growth but Risk Management, an integral part of which is the use of Stop Loss orders to protect downside risk and lock in profits. Had we been familiar with this Strategy and the prudent use of Stop Loss orders, we would have had a totally different outcome and would have created a much better financial position over those 14 lost years. “To look at return without also looking at downside risk is a dangerous bet that I am not willing to make.” Josh Hawes and Paul King, “The Great Hypocrisy”, in Trend Following 2017, p.568.