Jack Sparrow, a Vancouver based techie, had a fascination for Facebook Inc. shares. He bought 200 shares of Facebook during the IPO for $38 on May 18, 2012. During August 2012, the share price fell below half its IPO price for the first time. Jack was not willing to sell the shares below the purchase price and he decided to wait for the price to climb up. Explain the behavioural finance concept Jack is exhibiting and how is this influencing his decision making.