STREET DOGS: Social angst and hi-tech funds
‘An extract of a conversation between Jason Zweig and Peter Bernstein’
Fomo, or fear of missing out, is a pervasive apprehension that others might be having rewarding experiences from which one is absent. This social angst is characterised by a desire to stay continually connected with what others are doing. — Wikipedia Here’s a great example of Fomo in action from the book Bull: A History of the Boom and Bust, 1982-2004 written by Maggie Mahar: In Florida, Ed Wasserman took the bait only at the very end of the decade. In the spring of 2000, the 50-year-old business writer finally broke down and invested in a hi-tech fund. "By disposition, I’m a value investor," said Wasserman. "I had a lot of scepticism, but finally, I succumbed. In the spring of 2000, I went into my local brokerage firm and said to these guys: ‘Why did I only make 12% last year, when other people are making 40%.’ And they said, ‘We have this very aggressive fund.’ "Meanwhile, there’s a generational squabble between me and my 24-year-old son, who is totally scornful of my reluctance t...
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