This again is a misnomer because, not just because you stop looking… but because people find it hard to admit things are lost. All part of the half serious, half ridiculous psuedo science of Findology (disclaimer: my own blog)
Embarrassingly it took me years to realize what that quote meant. I had always interpreted it to mean that the item is found in an unexpected place.
But of course what it really means is that you stop looking once the item is found, therefore that's the last place you looked 🤦