1/ Drawdowns inevitably happen. Munger talks about the three drawdowns he has seen that were greater than 50% in his lifetime. Systems always adapt and the upward trajectory continues. That doesn't change the fact that it is painful to be in a drawdown. awealthofcommonsense.com/2018/01/180-ye… 
2/ The other view of a drawdown that is much more frightening is this one. But it will get better. That better doesn't comfort someone who, for example, lost a job, is homeless or has no savings. Or someone who has received a margin call. This chart is again from Ben Carlson.
3/ @awealthofcs also wrote: "most investors can handle a 10% correction, people start freaking out a little once we hit the 20% level, the panic sets in at 30% losses and anything over 40% is ‘get me out no matter what I don’t even care anymore’ levels." awealthofcommonsense.com/2017/02/where-…
