The flip side of this human nature quirk I outlined in my last post, is that folks who have been duped do not want to see the forest for the trees as their ego is now involved.
Witness what happened a few moons ago when I visited Yahoo's infamous message boards over a certain penny stock that sold sponges pre-filled with soap as a gimmick.
When I informed the investors there of all the questionable aspects of the company management, I was attacked and after being called a "basher" who wanted to "get their shares" presumptively at a lower price by inducing them to sell in a panic, the tone became almost threatening.
A famous penny stock shorting specialist also visited the board, and he was dismissed similiarly with retribution called for by the "in for a penny in for a pound" crowd!
The lesson here is even when faced with overwhelming evidence against the firm CEO who promoted past tickers and gutted their reputations and shareholders, the longs STILL would not budge or believe anyone would try to be helpful in a purely altruistic fashion. Even when pointed to SEC filings showing share dilution tactics and a lawsuit pending against their beloved firm CEO for shady business practices, they STILL refused to see the light and attacked anyone who tried to save them.
Why?
Human nature.
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