The market's momentum is tempting. But it's not all about the economy—and that's scary

摘要

Make no mistake, fear is running amok on Wall Street these days-fear of missing out. As the S&P 500 got off to its best start to a year since 1999 and the Dow Jones industrial average topped 25,000, it's clear that fear of missing out-FOMO-has jumped to the top of the fear charts with a bullet. It's risen above worries about North Korea's "Rocket Man" and the unpredictable U.S. president who revels in provoking him. It's blown past lingering concerns about the European Union coming apart at the seams. It's even eclipsing the most popular talking point of fear merchants everywhere: marketwide valuations that in many cases are approaching the highest they've ever been.