Ann: Appendix 4C - quarterly, page-3

It's insane, isn't it? Amazing that some people still can't see what's going on. Denial is a very powerful force. They'll lose money, and most will attack those trying to explain what's happening, and defend management right until the end, even when the situation was blatantly obvious for years.

Even after the end I'm sure some will pull out the old 'well, we have to have a go' type nonsense, maintaining the denial even then.