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A study was done on 77,000 accounts at a large discount broker from 1990 to 1996. The findings revealed: 1. Investors are more likely to allow a stock to reach a large loss than they are to allow a stock to attain a large gain; they hold losers too long and sell winners too quickly. 2. The probability of buying additional shares is greater for shares that have lost value than it is for shares that have gained value. Investors may readily double down their bets when stocks decline in value. 3. Investors are more likely to take a small gain than a small loss. The results would be no different 50 years ago, or 50 years from now.