The thing that is moronic is flipping stuff over and over and revisiting the same stuff time and again. Have never done that, even when I could only afford one rig at a time. As you note, the people doing that pathologically are taking major financial losses over time (no matter what their claims) and that is assuming your time has zero value...
I guarantee you there is some kind of weird ADD/addiction thing going on w/ some TGPers who flip stuff at super high rates, often literally without unboxing or in some cases even, having taken delivery of said thing. They're addicted to the 'action' it's like gambling is for some folks or something.