Warren Buffet says that the key to investment success is to avoid the major losses. For example, if your portfolio experiences a 25% decline in value, you will need a 33% gain to get back to even. A large, but reasonable gain to experience during a market recovery. On the other hand , if you experience a 50% loss of principal, you will need a 100% gain to get back to even. That amount is so large that by the time your portfolio has recovered, it may very well be time for another bear market decline.

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