What may be waiting for a hardcore retail Value Investor?

"I look at technical situation as a summation of all the fundamental views available on a stock at that particular moment and it can sometimes be a warning signal of problems ahead. In the world where every professional fund managers knows that at least two out of five share picks will not work out as they hoped this is very useful." - Anthony Bolton

Read old posting on ? Why Do We Still Need To Read Charts? - Part 2
 
Read old posting on ? Analyst's Company Report or DIY analysis?

Hardcore retail value investors are stubborn on their view/belief that the market is wrong and they can believe that the market will prove them right in the long run. But in long run we are all dead and dead people can't know that they are wrong.

Since they believe market is wrong and they are right, they will tend to average down their position. They see falling price as higher margin of safety and don't see bigger position as exposure to higher risks. They better pray hard that they are not wrong. By averaging down more and more, they are in fact taking on more and more risks than initially expected. If a Black Swan happens, they will be in greater pain! Pray harder!