Without the facts from a very thorough study, I don't believe you know what "most people do". I have bought shares which I have bought on several occasions across several years and not sold any of them.
Others, my decision to buy is based on something I have learned about a company which is promising.
If you believe we are able to know when a share's price is at its peak, then you must have a wonderful crystal ball.
I think the issue is pedantic. Lots of people hopped into shares during the Techie Wreck period but, they were hardly well-informed or regularly buy and sell shares as investments. They ended up getting burned, as we all know. But many, many people didn't get tempted at all. Hence, no statements about what people do and don't do in the share market is verifiable without a detailed study perhaps by psychologists.
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