The Ancient Greeks used to say that Phobos, the God of Fear and Panic, ruled the battlefield. We might say the same of FOMO in the realm of financial markets. Even in the face of higher rates, an overblown debate about the debt ceiling and at least the theater of quantitative tightening, speculative fervor has returned once more to the American stock market.
2021 promised a revolution in Blockchain technology, whatever that means. And now 2023 foretells the end of human intelligence for all time. AI, it is said, will solve every conceivable problem. And therefore any company attending to its rise will capture all future financial value. By now call buying on Nvidia is more fashionable than wearing Crocs to a Shawn Mendes concert. And by now we have learned that average retail investors like us are chumps if we think we can chase such a rally as this.
But we must remember that all innovations, whether destined to change business history and our lives forever, must first be overrated in the short term. Before they are underrated in the long term. See the internet in 2000.
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