There are a couple of folks that I see often and talk with about this since they are investment advisors, portfolio managers, etc......
It seems the people most freaking out with sell mentality based on losses on paper are the ones near retirement, which should be the ones with the most experience from the years and should have a diverse portfolio as well, plus are also the ones that will not likely be able to recoup those losses after they sell at this point at those lower numbers, but some people will always be reactive to these sort of things....perhaps some of them still recall the massive losses that people witnessed over the last couple of decades, that never did recover.