My experience with FOMO in investing — the fear of missing out on whatever asset class or strategy seems to be working now.

In 2017: crypto was generating life-changing returns for early holders. I held 0. I felt FOMO.
In 2019: tech stocks were pulling ahead of broad indexes. I held mostly VTI. I felt FOMO.
In 2021: meme stocks and speculative tech were returning 200-500%. I held VTI and VXUS. I felt FOMO.
In 2022: everything fell. My broadly diversified index fund portfolio declined about 20% peak to trough and recovered within 18 months. Many of the speculative assets never recovered.

The discipline to hold a boring diversified portfolio through multiple cycles of other things looking better is not passive. It requires actively choosing not to chase performance. The reward for that discipline is better average outcomes than most retail investors who chase.

FOMO is the emotion that drives most retail investment mistakes. Name it, understand its function, and build a system that doesn't require you to resist it in the moment.