They prefer what is performing well to what has recently lagged

"Price is perhaps the single most important criterion in sound investment decision -making. Every security or asset is a “buy ” at one price, a “hold” at a higher price, and a “sell ” at some still higher price. Yet most investors in all asset classes love simplicity , rosy out looks, and the prospect of smooth sailing. They prefer what is performing well to what has recently lagged, often regardless of price. They prefer full buildings and trophy properties to fixer-uppers that need to be filled, even though empty or unloved buildings may be the far more compelling, and even safer , investments. Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy , even though it virtually guarantees against superior performance.”

—Seth Klarman, The Baupost Group"

They prefer what is performing well to what has recently lagged