Accepting losses is the most important single investment device to insure safety of capital. It is also the action that most people know the least about and that they are least liable to execute. I’ve been studying investments, giving investment advice and actually investing since 1921. I haven’t found the real key yet and don’t ever expect to, as no one has found it before me, but I have learned a great many things. The most important single thing I learned is that accepting losses promptly is the first key to success.