The last few weeks would have really done some damage to that portfolio

What I've learned is to take profits along the way to buffer yourself against these huge dips.
I am sure it would have but not so much huge damage to zero anyway. However, looking at some of my holding and the way they dipped seriously in value, I would say not taking some out when the market was hot and everyone was busy buying before the correction happened would have been a wrong decision.
However, it is not everyone that has the idea of how the market works, some are just holders and they prefer to keep holding for as long as they are pleased with what they have left. The only problem is even if it gets pretty huge, human greed may want you to keep holding further.