You lose nothing until you sell.
So when your 401(k) equity holdings drop from $1 million to $450,000, in your mind you have lost nothing?
Boy do they have you guys turned upside down.
You either don't have the stomach for investing or the right mindset or both.
You have to consider how that money got to $1 million. MOST investors don't put in a million dollars. They get to a million dollars over time through regular steady investing.
You keep mentioning a 50% loss last time, and technically that's correct,
If you have $1 million in holdings one day and $500,000 weeks later, you have lost a ton of money. It does not matter how you got to the $1 million. And yes, when the market drops more than 50% that is "technically" a loss of over 50%. It is by any measure a loss of over 50%.
This is very basic, very clear. Yet you resist the obvious. You want to lose $.5 million in a few weeks and not consider a loss, good for you. I would not look at it that way. I would use basic arithmetic