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"Dragging a dead horse" describes continuing to do something that has long since lost its usefulness. The first use of "dead horse" in this context dates back to the 1630s. "Cutting your losses" is the commonly used portion of the phrase "cut your losses and let your profits run" first used in the 1885 financial world. This reference advises to get out of a losing position and concentrate only on profitable positions.

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Q: Where did stop dragging a dead horse and cutting your losses come from?
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