"Assistant Kim, Did You Go All-In on Samsung and SK Hynix?"... As KOSPI Plummets, 'FOMO' Turns to 'JOMO'

From FOMO to JOMO Amid a Market Crash

Relief Turns to Cynicism

Image to aid understanding of the article. Pixabay

The "FOMO (Fear of Missing Out)" sentiment, which dominated the domestic stock market throughout the first half of the year amid a record-breaking KOSPI rally, is quickly fading. Instead, an atmosphere of "JOMO (Joy of Missing Out)"—referring to the relief of having avoided a downturn—is spreading among investors. The perception is shifting swiftly from "I'm the only one who missed out" to "I'm glad I didn't buy."

KOSPI Hits 9,300, Now Facing the Prospect of the 6,000-Point Floor

On June 19, the KOSPI surpassed the 9,300 level during intra-day trading, seemingly on the verge of reaching the coveted "10,000-point KOSPI." Major semiconductor stocks such as Samsung Electronics and SK hynix led the rally, further supported by the government's value-up policies.

However, since late June, market sentiment has plummeted. Several factors converged at once: concerns about a "peak-out" in the semiconductor industry, a global slowdown in AI investment following the emergence of a new Chinese AI model (Kimi K3), and escalating geopolitical tensions between the United States and Iran.

On the 20th, the KOSPI was displayed on the status board in the dealing room of Hana Bank in Jung-gu, Seoul. On that day, the KOSPI closed at 6,516.27, down 304.33 points (4.46%) from the previous session. Photo by Yonhap News

From June 19 to July 20, the KOSPI plunged more than 28% in just one month, falling to 6,516.27. This represents the steepest drop among 46 major economies surveyed—including the United States S&P 500 index (-0.6%), Taiwan's TAIEX (-8.2%), and Japan's Nikkei 225 (-10%)—spanning key Asian countries as well as G20 and OECD members.

Securities firms anticipate that the market will remain range-bound for the time being. NH Investment & Securities has suggested that, based on a forward price-to-book ratio (PBR) of 1.3 to 1.4 times, the KOSPI floor could be around the 6,000 level.

JOMO Morphs into 'Mockery'

Originally, 'JOMO (Joy of Missing Out)' refers to a psychological state of being content with one's choices while reducing social comparison. In consumer behavior research, it is defined as a positive concept that increases life satisfaction. From an investment perspective, it means taking a long-term approach unaffected by short-term market fluctuations.

However, in recent domestic investment communities, JOMO has been distorted to mean ridicule towards those caught at the market top. Comments such as "JOMO is more popular than FOMO these days," "The joy of not holding stocks," "Those who didn't buy are the winners," and "Cash is the best investment" are representative of this trend.

Experts warn against herd-driven investment behavior, regardless of bull or bear markets. They argue that both FOMO and JOMO are fundamentally similar as they are emotional responses influenced by external conditions. Experts emphasize, "Above all, it is important to adhere to investment principles based on company performance and value," and add, "The higher the volatility of the market, the more necessary it becomes to maintain a long-term perspective."

This content was produced with the assistance of AI translation services.