If you didn’t invest, the fear-of-missing-out continues to build until the “screw it” moment when you buy in. Maybe you read about Bitcoin, didn’t understand it, and followed Warren Buffet’s (good) advice not to invest in things you don’t understand. Some of your friends made money but you still ignored it. Then you read about Ethereum, which you really didn’t understand, also passed on buying, and later found out that your friends are planning to retire because they did. The lesson seems to be anti-Buffet: only invest in things you don’t understand. This is causing people to check their judgement at the door when the latest all-time high finally convinces them to jump into the market.