Still, it is materially better than bonds and far superior to leaving cash in the bank. It is symptomatic of how little thought the average investor gives to the logic of his action. It get worse when you don't use your brain and do your own investing. Not unlike love and sports, for many investing is an emotional pastime. Losing money is extremely easy if you go by emotions, listen to the average broker, or only partially do your homework.
Some people fall for stories or love to buy what has gone up a mile.
Bre-X was the best example of both of these errors for many. To prove that many professionals are only amateurs in disguise, it caught them also. Most are merely vehicles to draw in suckers to feed the promoters. And there are those that look for the highest dividend yields, not realizing that such stocks typically have very low growth rates. There are those with little patience.