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linking out does not cause the pagerank of the current page to be lost. what it does is split the pagerank that page has to vote amongst all the links on that page. if you do not have much internal linkage on a page and link out to a bunch of sites then it will use much of that pages voting power on the sites you are linking to.
i honestly do not worry about it that much though. a few times I have linked to people with a single mention and they in turn linked to me from their most popular page or every page of their site (without me asking).
in a sense you may not want to link out to stuff, but in my opinion it never hurts to link out to good stuff.
i do also use the popularity of one of my sites to raise the pagerank or link value of some of the links pointing back to some of my other sites, but my own pagerank is not the only reason i do that.
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