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Ace, I'm not saying that that type of investing doesn't happen. What I'm saying is that's not the type of investing that drives most of the economy.
For most investors, "the gut" isn't a good financial advisor.
What you're talking about is often the lure for speculative investors who probably aren't interested in long-term holds. They're the guys looking for short-term explosive growth before selling off and seeking out the next thing. These guys aren't the norm; many of them are contrarians. You don't see that kind of investing taking up a high proportion of the portfolios of retail investors. Heck, I could probably point out a number of institutional investors who don't do that kind of investing.
Besides, I think much of the speculation going on these days is in resources, not tech, and much of that action happens outside of the U.S. I could be wrong. Either way, speculative investing isn't what drives most of the economy. The average investor is more interested in funding the expansion of existing companies rather than hoping for some nobody to be the next big thing.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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