$ADBE down 70%+ from peak — worst drawdown since 2002.

Reminder: even great companies can spend years in the penalty box. Adobe isn't going anywhere, but momentum works both ways. The crowd that bought it at 52-week highs because "it's a quality name" is now underwater for years.

This is why position sizing matters. This is why paying any price for quality is still paying any price. And this is why diversification exists — so one stock's lost decade doesn't become yours.

Buy and hold works. Buy and hold at nosebleed valuations? That's a different game.