Nightjed said:
....
...i wonder why ppl are buying stock from a doomed company, i guess it was so dirty cheap that they just had to
GREED, is the answer. Some people are always looking for a "get rich quick" opportunity and in the process they usually "go broke quick," instead...
In these cases they think, "I know I'll probably lose this money, BUT WHAT IF a miracle happens and the stock goes to $7? I'll be rich, rich, rich!" Heh...
It's the same reason idiots on Ebay send $30K to "Internet escrow companies" to buy cameras and jewelry from people living in Peru. They think...."Hmmmm....This idiot doesn't know that this stuff is worth $190K in the states, and I can buy all of it for $30K! Ooooo-o-o-o, I'll be rich, rich, rich! This deal is too good to ignore." And so they have a bank do a wire transfer of $30K to a bank account in southern Peru which was supplied by the "escrow service" official the eBayer has corresponded with via email, an escrow service conveniently recommended by the seller, an escrow company the eBayer is convinced is authentic because the email correspondence he's had with "officials" there sounded good and was worded properly, and because the escrow service's web page looked professional. The eBayer chats excitedly with the seller via email while the bank funds are enroute, and as soon as they arrive the seller's email address disappears along with the escrow-service website, and the eBaying clod has just lost $30K. (True story.)
They buy this stuff for the same reason a cleaning lady clearing $150 a week will spend $50 of it each week buying lottery tickets instead of groceries, thinking that any day now she'll be living in a mansion surrounded by servants and driving a different car for each day of the week. She doesn't realize that statistically she has a better chance of being struck and killed by lightning, or dying in a car wreck, than she does of winning a lottery jackpot, and so she keeps on buying the tickets every week. It's like the man who pulls out his life savings and hands it over to a stranger talking on the phone he's never met in his life, who robs him of it, just because the guy presented him with a deal too good to be true. It's like the gambler who never understands that for every big winner there are 10,000 losers--same exactly in the stock markets, which many approach like a gambler approaches a card game. Greed is the pure and simple answer.
I actually knew someone who bought $5K of Commodore Stock for 4 cents a share, right before it went to 00.00 and Commodore vanished forever. He might as well have used the money as fireplace kindling, although he did tell me he deliberately used a few of the stock certificates as toilet paper a couple of times, just for sentiment's sake...
