Probably because most didn't learn how to invest and don't know how to recognize a viable business plan. It's far easier to blame myths than for some folks to admit they personally made a bad investing decision. Boogyman syndrome.
For folks like Sterling, I don't know. He was clearly a stock trader not a "true long". When he hit CMKX, he fell in love and moved up into space with it. Seriously, his theories are not based on reality. What's scary is folks actually believe him.
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"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
-- Warren Buffett