I was told in the 1960's that I would never finish high school.
I can understand a young person nowadays chalking that up to us being antiquated and ignorant back then, because that's what they think about us in general--clothes, politics, music, etc.
Seems it would take more rationalization for an older person. They must accept that they were antiquated themselves, misguided, ignorant.
"chasing your loses"
Excellent analysis! I've always known some older ones stay in because they don't want the investment of their whole lives to be lost, even though they realize it is. I hadn't thought of it as chasing your losses though. It's true.