God this is so true and I know even I can fall for it.

For example I bought ethereum JUST before it crashed and halved in volume. Now I can say "hey I am planning to hold for the long haul as a long term value proposition" and I still believe ethereum has a good chance to be long term value (particularly in smart contracts) but at the same time, did I spend as much time researching it as I should have? No. I cherrypicked and fell into the social proof fallacy.