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Beware poor decisions made under the spell of financial Fomo
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Fomo is a behavioural finance concept where when a person sees others going into some “hot” investment, he rushes in as well because of the fear of missing out on a good deal.
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SINGAPORE - Remember the long queues at the banks in September as people tried to get better returns on their savings, or heard about others who were switching in and out of different fixed deposits (FD) to take advantage of rising interest rates?
The fear of missing out, or Fomo, has been playing out in the financial markets in 2022. Then there is the hype over cryptocurrencies that fizzled into dismay this year as investors bailed out and crypto exchanges went bust.
