While going against the herd may result in higher risks, it can also (sometimes) produce spectacular returns. The accepted wisdom as applicable to a crowd is not always correct when applied to an individual.
"The recession is bad for companies"
"The recession is great if you are an accountantcy firm specialising in insolvency"
In the case of Ryanair, outside spectators may have the benefit of an independent viewpoint, they are also at a disadvantage in that they do not have the same amount of information as those actually running the company.