The stock market is dual in nature, with the two parts that make up a stock’s market value being the implicit and explicit value. But you see, without explicit value, implicit value would not exist: investors’ interpretation of how well a company will make use of its explicit value is the force behind implicit value.
In a bull market, there’s an overall positive perception of the market’s ability to both continued to produce and create. This perception wouldn’t exist if there weren’t evidence that something is either being or will be created. In a bear market, the opposite happens.
So, call the money dissappearance what you will, it all depends upon market perception and what investors deem valuable or not.
Instead of hanging onto losing long-term bets for dear life and hoping against hope for a rebound, have a stop loss and let those losing positions go. Then take that cash and use it to find other opportunities in the markets.