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What does chase rainbows mean?

Looking for the meaning or definition of the word chase rainbows? Here's what it means.

Verb
  1. (idiomatic) To pursue unrealistic or fanciful goals.
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Examples
It makes all the sense in the world for them to refocus where they're strong, rather than chase rainbows.
Investors might be wise to just use the jets to chase rainbows before investing in this stock.
If the presence of the man who produced rank commercial potboilers at the film festival was construed a mismatch by many, he insisted he was not there to chase rainbows.

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