The term applied to the the delusional, Kool-Aid drinking shareholders of "Wave Systems." Wave Systems is a puny, scam software company that has burned through over $300 million since 1988 but has never generated any profits. Nevertheless, the sheeplike shareholders formed a cult online and constantly convince each other to buy more shares, even as it plummeted from 50 dollars to 50 cents. That doesn't stop the CEO from giving himself large bonuses, though. There was even an off-broadway play written about them. See SmartMoney articles.
Google on the word Wavoids and you'll get a good laugh.
by Larry Nelzoni January 24, 2006