They bought the top and had almost no chance to profit. If we can just gather enough information, if we can just know, then we can spare ourselves the pain and cost of errors and failures. And we believe that if we can find enough people who agree, we can find comfort in the crowd. If everyone knows XYZ Corp. is a good stock, surely it must be a good stock. And risk free, of course.
Human beings are social creature.
We feel safer in the crowd even though history has shown us again and again that the crowd is always wrong at the extremes. Reality is often just the opposite of what feels safe and comfortable. The longer you hesitate, the more you strive for safety, the greater you put yourself at risk. Windows of opportunity pass by all the time. Those of us who are willing to take a chance early in the game are able to take advantage of opportunity while it is still readily available.