I wrote about this issue a couple years ago, observing similar behavior. I used a modified horse gambling game as a metaphor for the investor dynamic.

"It's easier to play the option than the bet." http://www.pixelmonkey.org/2010/12/13/its-easier-to-play-the...

    In this new race, small signals have a big impact. 
    Charge ahead suddenly and you might get your 3 spots
    filled. Convince a top-tier gambler to go to bat for 
    you, and you’re all set — your other two spots will
    fill up quickly. If you’ve been in the race before 
    and had your spots filled up quickly, you’ll likely 
    get them filled up quickly when you enter the race
    again.