This is one of the big points Ben Graham makes in the classic book The Intelligent Investor -- <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;The_Intelligent_Investor" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;The_Intelligent_Investor</a><p>Essentially -- <i>unrealized</i> losses don&#x27;t matter unless they are <i>uncover-able</i> losses.