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I'm in a similar position, but I don't agree with your way of thinking about what to do about it. It's not a question of whether to "take a 40% hit", because that's already happened. Your investments are worth 40% less than when you invested, whether you liquidate them or not. Trying to avoid what's already happened is impossible, and it leaves you looking in the wrong direction. Think about the future, not the past. The past has happened; nothing is to be done about it, except learning. Except for trading costs (commission and spread), which are much lower now that they used to be, there is nothing wrong with changing your mind about what you want to be invested in, for the future. And the future is the only time frame that an investor should care about, because it's the only time frame we can DO anything about.

So the question isn't whether to "take the hit," but rather: what can I do with my money now, that represents the best utilization of it going forward? Maybe GT is the best investment; if so, stay where you are. On the other hand, if there are other companies that you feel are more likely to enhance your future net worth, then pull the plug on GT and invest elsewhere.

Holding onto a stock because you don't want to take the hit is wrong; only hold onto a stock because you believe it represents a good investment looking forward from right now. Forget the past (except the lessons you've learned), and focus ruthlessly on the future. Hope it's a good one.
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