Yes, but why do so many buy at the top of the pump and ride to the bottom of the dump and beyond without selling? Makes no sense. Why not cut your losses?
In general, every decision that a person makes, in every given circumstance (including inaction) is because they think it will make them feel better. So why do people "ride" as you put it, because they think it will make them feel better.
But I would also argue that most people aren't simply riding to the bottom they are buying on the way down. If you believe in your investment it is logical to lower your cost basis. Are they correct, are they wrong? That's why they call it speculation.