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Why do investors buy stock that had appreciated?
You seem to prefer to trade like I do: "Buy low, sell high." But there are some people that prefer a different way: "Buy high, sell higher." A stock that has "just appreciated" is "in motion." That is a "promise" (not always kept) that it will continue to go higher. Some people want stocks that not only go higher, but also SOON. The disadvantage of "buy low, sell high" is that the stock can stay low for some time. So that's a strategy for patient investors like you and me.