Not in the stock market, at least not for the most part.
Now if you're talking about OTC Pinksheet/ Grey Market garbage, where everyone buys in because some clown confidently states big news a comin'--- well those aren't investors, they are gamblers. Everyone bought in for the quick money, but time after time they start to believe their own BS. Then the price dips and the excuses flow..
The gamblers made a bad bet here-- many got out fast with less painful loses; others pretend they're loyal shareholders and want the liars to lie a little more, so they too can get out.
No greater fool than the ones fooling themselves I guess =/