I realized in the recent past that another part of the picture that may be missing for the HOLDers is that the losses can be initiated by other parties. That is to say if someone liquidates a company and it gets bought for $X which is some fraction of the share price the HOLDeler paid, then they will be forced into taking loses. That third party factor adds a whole other dimension to the risk of holding indefinitely, because there is no such thing as an indefinite runway in the market, someone can put an end to a company at any point in time just like we saw with TWTR recently.