Ann: Successful Placement of $0.3M and $0.1M in Convertible Notes, page-71

Of course it's worse than that. The stock market moves up and down and a diversified portfolio should track the ASX, sometimes you beat it but not always. The holders here went in big and kept following it down, never learning and breaking golden rules of investing. At that point it became gambling and the house has collected big time. So the losses aren't offset by gains elsewhere and worse had they admitted Norwood was a dud years ago when it was supremely obvious, they could have invested in something good.

Norwood needs to 4-5bag from here just for a break even, that's a horrible place to be when large portions or even all of your portfolio is in it. 100% gains are really hard to find as it is.

The fanaticism is as much about mental self presentation as anything else.