The fear of missing out is inescapable. It usually manifests in a singular way. People get obsessed with one thing. This obsession grows so much that everybody becomes greedy exactly when they must be fearful. They end up buying something without thinking of the valuation, attractiveness or return potential.

The last fortnight is seeing a spectacular #FOMO in not one but two places. The first is in the listed shares of India’s largest company by value and the other in India’s favourite investment choice by value. The frenzy in both seems to be rising in tandem. The shares of Reliance and Gold are both seeing this inexplicable double tango of #FOMO. This is rare, inexplicable, and probably coincidental.

How both decisions eventually play out may not even be identical. We could see a distinct divergence in how both investments turn out. But for now, retail investors are rushing to buy both. The fear of missing out on the upside is creating a retail rush. While the rush to buy the stock is an India centric phenomenon, clearly the gold rush is as much global.

The coming weeks will see how the FOMO factor plays out in two very different investment choices. Clearly, this is a test of FOMO as much as it is of the two investment options.

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