We work, we earn, we save. We invest simply and sensibly. Perhaps we’ve accepted the challenge to live on half. Eventually, we have reached our magic number.
We’ve got 25, 30, or 33.33 years’ worth of anticipated annual expenses for a 4%, 3.33%, or 3% withdrawal rate spread across various tax-deferred, tax-advantaged, and taxable accounts.
We are experts in adding to them. But how do we best subtract from them? Today, I’d like to share our drawdown plan in early retirement.

physicianonfire.com/drawdown
Second Article:

5-steps-for-defining-your-retirement-drawdown-strategy

This shows that there's more than price or profits that go into deciding when to sell.
As I recall, you were far from alone in reacting this way. So don't take the following data as a personal comment, or as something one could have predicted. Hindsight is great, but it only works for the past.
As of May 31, 2015, TPINX held 10 Ukrainian government or agency bonds with a face value of $2.919M, and a market value of $1.425M. That was 2.1% of the fund's assets. (In TTRCX these represented 1.6% of the fund's assets.)
Three months later, August 31, 2015, those same bonds (none were bought or sold) had a market value of $2.145M (50% appreciation), and now represented 3.5% of the fund.
Ukraine was in trouble, and what happened that November was that the bonds were swapped:

Ukraine’s other bondholders, led by Franklin Templeton, accepted a 20 percent principal writedown, a coupon increase to 7.75 percent, a four-year maturity extension and GDP warrants - additional annual payments linked to Ukraine’s future economic growth.

https://www.reuters.com/article/us-ukraine-crisis-debt/ukraine-completes-debt-restructuring-of-around-15-billion-idUSKCN0T12FT20151112
The haircut was on the face value, which had been way above the market value. So the fund wasn't hurt by this. After the swap, as of Nov 30, 2015, the replacement bonds and warrants had a market value of $2.831M, and constituted 4.8% of the portfolio.
As a M* analyst put it,

Hasenstab has also shown a willingness to buy what the rest of the market shuns: He loaded up on Irish bonds in the depths of the 2011 eurozone crisis and swooped in on even shakier Hungarian debt that same year. In early 2014, he added to the fund's single-digit stake in dollar-denominated Ukrainian bonds, a move that hurt throughout [2014] but paid off during the first nine months of 2015.

Looking at the holdings rather than the price, ISTM that taking flyers (even 5% positions) in distressed debt was not unusual. But the nearly total, long term move into purely EM debt in the mid 2010s was a fundamental shift. For me, that's what met observant1's third criterion for reevaluation: "Significant investment strategy modifications"

I sold TTRCX in 6/2015 when I discovered a sizeable allocation to Ukrainian debt, which scared the **** out of me ! At that point, return of capital outweighed return on capital . ( Templeton A shares still carried loads then)

There's a difference between liquidating a fund position because one has lost faith in the fund and adjusting the holding because of performance. (Part of the original question included the example: "sell 25% of holding for each 20% gain in a year".)
Performance based adjustments can be done mechanically, based on one's target allocations.
I generally concur with observant1's approach, though I'm more inclined to let a "loser" ride longer, say three years. How much history I use depends on how the fund is managed.
If a fund has a distinctive style, I'll tend to give it more slack. One reason is that it would be difficult to replace. Another more important reason is that because of its style, it may be more likely to do better, or worse, over extended (multi-year) periods.

---

Here's a good exercise, given that "everyone" thinks M* should have downgraded TPINX before now. When would you have sold it, and why?
The fund had great years through 2010, so let's look at the past decade. Here's a M* page with that data. Pay attention to the benchmark index (world gov bond index) rather than the category returns since the fund was not in that category until recently.
http://performance.morningstar.com/fund/performance-return.action?t=TPINX
In relative terms it was only in 2017 that performance began to fall apart. While it beat its index by 2½% in 2018, it underperformed substantially in 2017 (-5%+), 2019 (-5%+), and hugely in 2020 (-14½%).
After its great 2012, in 2013 and 2014 the fund returned very little (2%, 1½%). Would you have sold even though on a relative basis it did great (2013) and average (2014)?
Would you have sold at the end of 2015 after those two low return years followed by 2015 when the fund landed squarely in the middle of the pack and fell just short of its benchmark?
Surely you would not have sold after 2016, which was a fine year (6%+ vs 1.6% for its benchmark).
Would you have sold after 2017 which was the first really clear bad year on a relative basis? Or would you have waited to see what would happen?
If you did wait, would you have felt comforted by the 2018 performance when the fund again beat most of its peers and beat its benchmark by over 2%? Or would you have looked at the absolute performance of 1.27% and said to yourself: this is even worse than 2017 where it returned just 2.35%. I don't care about relative performance, I'm out?
After 2019's relative disaster, would you have called it quits, perhaps because two of the previous three years (2017, 2019) were very bad (each 5%+ under the benchmark)?
Or would you have waited for two successive bad years relative to its benchmark? It took until 2019-2020 for that to happen.

Green today:
XOM +1.05%
CVX +0.38%
XLE +0.34%
IOFIX +0.17%
TOTL +0.04%
FLOT +0.04%
Freed up some cash today via sales of bond OEFs.
ADDing to some US & Foreign stock/allocation funds tomorrow & Thursday.
Disclaimer: Not sure if I'll be a Dipper or Diplet, or both.

I read somewhere about buying LOW and selling HIGH.. I did have some reasons to grab several thousand dollars out of the portfolio, earlier in the year. Glad it was then, not now. I'm almost--- ALMOST at the 40 stocks/60 bonds portfolio I'm aiming for. What's holding me up? Fund managers are 8% in cash. My brother the banker has recommended I go 30 stocks and 70 bonds. Maybe not a bad idea. ..... Living expenses are going to rise for us soon, in an already expensive State, just as soon as we find a place away from the insanely feral, uncivilized, non-socialized, inconsiderate assholes who moved-in upstairs some months ago. Anyhow, it's good to know I have enough to be able to grow and stretch my monthly dividends, to help pay monthly bills.
Buy/Sell philosophy? Answer: take the money when things are riding HIGH. After the big sell-off today, on the heels of a generally stinky September, I'm still down less than -2% off my highest number, approx. I'm selling nothing. Adding a tiny amount to bonds, each month. At 67, I want stocks, just not so much as in the past. Volatility and risk feel like adversaries, these days.
*I find it reassuring and helpful to remember than I've got a very small amount being auto-deposited into my PTIAX every month, whether things are super or smelly. Those dollars will, over time, re-grow the chunks I remove. So PTIAX will never become an after-thought. ... TODAY, post-Market: 42% stocks, 55% bonds. The fund managers are playing with some small short-positions, too.

No comment... even I am speechless for a change- just the link:
➤ Link to NPR article

OJ, you'll be fine with this holding. Their technology remains in a good place for global demand.
ASML competition
ASML held by ETF's
5 year chart Down 10.2% this week, so a decent buy time, IMHO, for a company that is not going away any time soon.
ASML another chart.... click the 200 day icon for other range choices

Good luck @Old_Joe. Interesting pick. I'm reading the drop today was due to some of the research houses moving their recommendations from buy to neutral. Who knows why other than the stock looks like it has had a steady trend up. May be time for a rest.
To your point, I find the getting-out decision harder than the buy. I made a bad sell move on Apple back in 2014-15. It's probably up 500% since. I still play just for the fun of it, but I'm convinced I can't do better than a straight up ETF like QQQ.
I'm glad to hear you are dipping you toes back into equities!

More on ASML : https://www.fool.com/investing/2021/09/15/is-it-too-late-to-buy-asml-stock/

The market closed lower into the Close which is about 5% lower from peak for the SPY. I guess DBs (Diplet buyers) may have decided to hand off the buying responsibility to the Dippers (BTD buyers).
Joking aside, is it possible the relentless DBing or Dipping could be related to the high job openings, high unemployment (and the low gap between those two), and too many < 60 yr olds (at least temporarily) leaving the work force? Is it possible too many people think playing the stock / option market could be a career for everybody? I do not know if these, if true, are long term trends / somehow linked to the pandemic.
Higher interest rates and / or higher inflation may change those dynamics.

Yes, that's the way that I see it also. Back in 2020 I had owned 50 shares, and sold them for what I thought was a decent 5k profit. Totally stupid move. I'm going to stick around this time. Will buy more if it continues downward.
Thanks again- appreciated your thoughts.
OJ

I don't think you'll have an issue. It is the leading company in its area in the semiconductor industry. I believe it is one the leaders in the lithography on wafers. With semiconductors having a shortage, there should be strong demand for their product.
Years ago, JP Morgan had a direct purchase program of ADRs. You could enroll with a minimum investment of $250 plus fees which I subscribed to for ASML. As time has passed, my shares of ASML ended up with Equiniti for safekeeping.

@TheShadow- Thanks much for the opinion... I just threw 20K at it. Since that will undoubtedly casue a further 85% decrease just remember that you have no one but yourself to blame! :)
Thanks again-
OJ

The commodity price surge is getting my attention. It feels to me to be too soon to sound an alarm. But there seems to be an increasing amount of smoke in the air. Just how long does "transitory" last?

The world economy is facing a buildup in stagflationary forces as surging energy prices boost inflation and slow the recovery from the pandemic recession.
“We’re seeing all of this inflation,” Supriya Menon, a strategist at Pictet & Cie. told Bloomberg TV. “Ultimately how does that get resolved? Part of the way it could get resolved is through demand destruction.”
Bank of England Governor Andrew Bailey highlighted the conundrum when he drew attention to the limits of monetary policy to deal with some of the factors causing higher consumer prices.
“The shocks that we are seeing are restricting supply in the economy relative to the recovery of demand,” he said Monday in speech. “This is important because monetary policy will not increase the supply of semi-conductor chips, it will not increase the amount of wind (no, really).”

Stagflationary Blow

Just received an email from T Rowe Price concerning lowering its fees on some of its fixed income funds. I was unable to locate some of the other filings for some of the funds T Rowe listed below from their email:
At T. Rowe Price, our mission is simple: help our clients achieve their long-term investment goals. As a part of this mission, we are committed to putting the needs of our clients first.
With this goal in mind, we recently conducted a periodic review of our fixed income lineup and are pleased to announce that we are reducing fees for a number of fixed income mutual funds, effective October 1, 2021.
IMPACTED MUTUAL FUNDS:
Fund Name
Corporate Income Fund
Credit Opportunities Fund
Dynamic Credit Fund
Emerging Markets Bond Fund
Emerging Markets Corporate Bond Fund
Emerging Markets Local Currency Bond Fund
Global Multi-Sector Bond Fund
GNMA Fund
Intermediate Tax-Free High Yield Fund
New Income Fund
Short-Term Bond Fund
Tax-Free Short-Intermediate Fund
Total Return Fund
U.S. High Yield Fund
Ultra Short-Term Bond Fund
This link from T Rowe in the email should help:
https://www.troweprice.com/content/dam/iinvestor/Forms/t-rowe-price-mutual-fund-pricing-updates.pdf?cid=PI_Fixed_Income_Crit_Com_202109&bid=796548385&PlacementGUID=em_PI_PI_Fixed_Income_Crit_Com_202109-PI_Fixed_Income_Crit_Com_202109_20210928&b2c-uber=u.80951A52-33FF-ED8F-B172-05378DF37F53&van=FI-MF-fees

While the S&P 500 has yet to see even a 5% correction in 2021, nearly 90% of its members have already had at least a 10% correction at some point.
https://www.schwab.com/resource-center/insights/content/market-perspective?cmp=em-XCU

And the ride continues ! More diplets today, or so it appears at this time. Will the DOW hit 34K or 35K at the next stop ?
@Mark : I believe animal rights activists had that removed ?
Still holding, Derf

I suppose one has to pick one's vices.
In addition to the vices covered by this ETF, other sins include tobacco and arguably food (when taken to excess). OTOH, I'm not quite sure where pharmaceutical companies come in (oxyContin excepted).
If one wants to cover a broader range of sins, there's VICE.
If one wants to focus more narrowly - name your favorite vice - there's:
Gaming: BJK; and ESPO covering video gaming and eSports
Cannibus: MJ
There don't seem to be funds focused on tobacco, alcohol, or dining. If you're willing to take the good with the bad, various funds that focus on the consumer discretionary sector or parts thereof may provide a "healthy" exposure.
These ETFs don't have low ERs. 0.75% for BAD (prospectus), 0.99% for VICE (from M*), 0.75% for MJ (from M*), 0.65% for BJK (from M*), and 0.55% for ESPO (from M*). Sins apparently don't come cheap.