In my experience, and having done my share of 360 turns, I've noticed one thing that keeps me racing in my fleet (despite having the fastest boat out there

- Those rock stars at the top of the fleet are APPROACHABLE, and not condescending (that whole living in the tower thing). No, they do not have to drink beer with me, but my fleet's leaders have always been generous in responding to my questions about boat trim, tactics, etc.
In one case, I ended up in a tactical situation where the only way out was to create a foul or stop dead. I took the foul (and the 360) and continued on, knowing the rock star that I fouled would have clobbered me anyway, so it was best to let him out to compete with his primary competitors (the other rock stars).
What really impressed me was that after that day on the water, the rock star found me and explained how I could have turned the tables on him (by eliminating an overlap in that case), a strategy that I now employ occasionally.
I also agree with the previous post regarding sub-groups within a fleet. I know by looking at the pre-registrants who my "real" competition will be. In most cases it will be my regional sailors whom I compete with on a regular basis.
I know, for example, whom I should beat and whom I may have to lose to if I'm not sailing on my best game. Those that I do not sail with regularly are "wildcards" as I don't have any track record against them. So, even if I know that winning the regatta is out of the question, I still want to do well against my 'group'. Even if we all are in the back of the standings...
Do I resent losing to my competitors? heck yes.
Does it fuel my participation in future regattas? heck yes.
Do I hate them personally? No. Unless they are a smart butt.