Ann: Corporate Presentation - 121 APAC Conference - March 2021, page-29

Perhaps one can think gloomy people still holding shares and talking AZY down are doing so because:

1. They are underwater and don't want to realise the loss by selling.
2. They are thinking of buying more shares to average down their purchase price. This shows some hope that it will rise to that price and maybe go higher, but it's more a desperate hope and way different from buying out of real confidence in the company.
3. They are reflecting their sincere gloominess by making negative comments. Gloom, fear and even depression are understandable when your investment is doing badly.

There is an interesting psychological trait in people dealing with financial loss or the fear of it. It sounds counter-intuitive, but many continue to make negative comments about their investment, even though you'd think they would be talking it up to console themselves. The reality is that people don't want to feel foolish themselves or look it to others. By talking down the shares they're following point (3) above, but also saying, "See, I'm right, the company is crap."

Feeling "right" is important when you're losing sleep and feeling bad – even stupid – for having made the investment. It's easy to be seen as "right" when you're saying that a stock in decline is going to continue on that path, because that's often the direction it takes for some time. Maybe it never goes back up, in which case they can continue being "right" and at least salvage some dignity and credibility in doing so. If it goes up, they're so happy, they don't care that they're now "wrong".