Agreed. The reason the OTC market is a different ball game, is because the vast majority of investors down here assume that it isn't even Weak Form Efficient.
Weak Form Efficient means that you cannot forecast future prices based on a stock previous price. Yet I see so many posts across so many boards saying that the PPS last year was in Dollars etc.
Then, investors actually invest based solely on previous PPS.
Which leads me back to your assessment, people are investing on emotions (which is what it is) by looking at previous prices.
Not even a bad, incompetent financial planner or hedge fund manager would ever do that.
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