As equity markets move relentlessly higher in the face of mixed economic and earnings data, institutional investors seem preoccupied with what everyone else is doing, trying to figure out whether every last dollar is already in the market or if there’s more to go. To say that FOMO – the Fear of Missing Out – is alive and well would be a gross understatement. My experience tells me that when investors are more focused on what others are doing than on fundamentals, the trend has probably run its course……
