On Holding (ONON -0.96%) has taken investors on a wild ride since its IPO. The Swiss footwear and sportswear maker went public at $24 in September 2021, and its shares soared to an all-time high of $51.45 just two months later.But over the following two years, On's stock lost nearly 50% of its value as rising rates and other macro headwinds crushed the market's pricier growth stocks.Let's see why that sell-off might represent a buying opportunity for patient investors. How did On carve out its high-growth n ...