Julian Emanuel, a senior managing director at Evercore ISI, said the most intense period of investor fear of missing out has not yet arrived [1].
This assessment suggests that the current bull market may have significant room to grow before reaching a peak. If a "buy-at-any-cost" mentality takes hold, it could lead to rapid price increases across equities regardless of traditional valuation metrics.
Speaking on Bloomberg Surveillance, Emanuel said there is potential for a shift in investor behavior toward a more aggressive pursuit of gains [1]. He said that while markets have seen growth, the peak of speculative fervor may still be in the future [1].
"I would say that the true FOMO — the wild‑eyed, buy at any cost, whatever it is I’ll take it — is still potentially ahead of us," Emanuel said [1].
Emanuel said that this psychological driver will push more investors into the market as they fear missing out on future gains [1]. This behavior often characterizes the later stages of a bull market, where sentiment overrides cautious analysis, a cycle that Emanuel said is not yet complete [1].
His comments come as market analysts monitor the sustainability of recent gains and the impact of upcoming high-profile market events [3]. The transition from calculated investing to a "wild-eyed" mentality often signals a shift in market dynamics that can lead to extreme volatility [1].
“"the true FOMO — the wild‑eyed, buy at any cost, whatever it is I’ll take it — is still potentially ahead of us"”
Emanuel's perspective indicates that the market has not yet reached a state of total euphoria. In financial cycles, 'true FOMO' typically represents the final stage of a bull run where retail and institutional investors abandon discipline to chase returns. If this phase is indeed still ahead, it implies that current price levels may not yet be the ceiling, though such a phase often precedes a sharp correction once the buying exhaustion point is hit.
