It is not just true for investors, but also golden for corporate executives.
I am talking about the fast food giant, McDonald's. It finally decided to reduce the number of items on the menu. I think the decision was too late and too little. Most importantly, I think the CEO still doesn't get it. He is arguing with the customers and the market. Look at what he said in an interview with Fortune. He thought people didn't get McDonald's. Customers didn't get the quality and integrity of McDonald's food. Too bad. Perception is reality.
In startups, we try to find the product/market fit. If there is no fit, we pivot. We don't argue with the market. I know it is hard for the elephant to turn around, but the elephant here doesn't know it has to turn around!