It’s just that rotation and momentum turn the thoughtful into lemmings – we saw that in the February-March, 2020 sell-off in the first wave of the pandemic. Out go those stocks managers and individual investors real like and see as core holdings – no one wants to be caught holding duds, even if there is no evidence they are duds – just that they could be. Tech stocks especially have been hit by FOHO – Netflix, Apple (lately), Amazon, Alphabet, Microsoft’s, Mets (née Facebook), Snap, Twitter, even Tesla (for various reasons) have fallen victim to it. Investors have their favourite stocks and FOHO emerges when a big selloff happens – as we have seen in parts of May and this month.
Real world analysts have been quick to grab the acronym to describe some of the selling we see when the risk is well and truly front of everyone’s thinking.įor investors in equities, FOHO is the final step before capitulation – we saw that idea paraded off and on over the past fortnight as market measures fell, bounced and fell again. It continues to drive momentum in the stricken crypto world and among equities perceived as being exposed to higher inflation, rates and a recession – sort of like the entire market, if you think about it. There have been a lot of hastily-reclothed investors since May when nervousness about rising interest rates hit equities and crypto at roughly the same time, and returned a month later to administer an even bigger shock to the system.Īnd despite a more comfortable tone this week – more a bear market relief rally than anything more substantial – FOHO – Fear of Holding On – still stalks investor thinking.
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More fashionable have been TINA (There is No Alternative) and FOMO (Fear of Missing Out) which have been the dominant emotional drivers for a lot of investment thinking in the past couple years of easy money and sugar hits, courtesy of central banks.Ĭheap money made it easy for lots of investors to look clever and smart, but the surge in inflation, rising interest rates and growing fear and loathing in markets, is exposing that simplistic idea that investment is easy.Īs Warren Buffett once colourfully put it “Only when the tide goes out do you discover who’s been swimming naked.” ASX, S&P, FAANGs, BRICs, RBA are so of the better known, but pretty old hat, ones I’m sure you are familiar with.
Lemmings Amiga ADF (1.4 MiB) - not fully playable.On most systems, the game features 120 levels divided into 4 difficulty ratings (Fun, Tricky, Taxing and Mayhem). The player must guide a group of lemmings to safety by telling individual lemmings to climb, explode, build, block, dig, bash, and mine. Lemmings, developed by DMA Design and published by Psygnosis, was one of the most popular computer games of its time.
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