The ones who continued to invest over the last couple of months, convinced the only way was up, yes. The people caught up in the boom reported by the press and who believed all the hype. Those folks.
Plus, you know, it still seems to be falling. I'm not going to make any predictions here, because that's next to impossible in a market driven almost entirely by sentiment, but it's not going to take a lot to unwind time considerably further.
I hope nobody's bet the farm on this stuff.