“Vanity makes men sell good stocks and keep poor ones in times of distress. They don’t mind disposing of gilt-edged stocks which show a profit — the very ones which might finally make up the losses on others.”— Fred C. KellyMarket Distress Can Test Investor DisciplineMarket downturns often test investors not just financially but psychologically. When stock prices fall sharply, the instinct to protect capital can lead investors to make decisions that may not necessarily serve their long-term interests.Fred C. Kelly’s observation highlights one of the common behavioural traps in investing: selling profitable, high-quality stocks during periods of distress while…