usted se lo pierde

I just heard this in a video series I've been watching. The context screams out "It's your loss!" but I can't seem to confirm this via the web. Is that the correct translation? It's a useful phrase.

I found a translation website that gives the meaning in context and this is one of them.  Here is an example:

De acuerdo, hermana, usted se lo pierde.
Okay, sister, it's your loss.

Just what I was hoping to see. Thanks, Robert.

It is a very useful phrase. I'll use it at work tomorrow. I just don't know how Margarita will react. She will probably say, "what is she talking about?" Another Filipino word, "she lost her house playing mahjong". Na pierde ang bahay nya sa mahjong.