They want to make money today, now, immediately. And if it isn't up the second after it is bought, it is junk. We rely on earnings. You know, that's the number that tells how profitable a company is. A funny thing happened last year, the better your rating, the more likely the stock would be down.
Investors didn' t care what the company did or the profits.
They wanted the name, the action. They didn't want to be left behind. At least they serve cheap drinks while you lose all your money. During 1999, the best performing stocks were also the poorest quality rated. This makes it difficult to manage portfolios for investors.