People tended to ride losers and cut winners!

"Shefrin and Statman (1985) predicted that because people dislike incurring losses much more than they enjoy making gains, and people are willing to gamble in the domain of losses,investors will hold onto stocks that have lost value (relative to the reference point of their purchase) and will be eager to sell stocks that have risen in value. Effectively, they argued that people tended to ride losers and cut winners. This has become known as the disposition effect."

People tended to ride losers and cut winners!