I've owned VTI, VXUS, and BND in my taxable brokerage account for 9 years. Here's what I've actually experienced during that time.

The 2020 COVID crash: portfolio dropped about 28% peak to trough over about 5 weeks. I was scared but didn't sell because I had enough in bonds and cash to meet any near-term need without touching investments. Recovery took about 6 months.

The 2022 correction: portfolio dropped about 22% over 12 months — a slower, grinding experience that was psychologically harder than the sharp crash. The bond allocation held better than expected given the rate environment, though it still declined about 15%.

In both cases, what kept me from selling was the combination of: a diversified allocation I'd set up in advance, an emergency fund I didn't need to touch, and having written down my investment policy before either event. I've come to believe that the most important financial decisions happen before a crisis, not during one.