Feel you've missed the money boat? Don't fall into the FOMO investment trap!
Have you ever wanted to kick yourself for missing out on the last big thing?
Gold's shot up and the tech sector's boomed in the US.
But is now too late? If investors start jumping into tech or gold at this point, are they making a huge mistake?
RELATED: Investing in a pandemic: Gold remains the gold standard
Warren Ingram, personal financial advisor and Executive Director of Galileo Capital has some comforting words:
I think it's only fake human beings that can make money like that, not the real human beings like you and me!
Warren Ingram, Personal financial adviser and Executive Director - Galileo Capital
Ingram uses the topical example of gold as the go-to "safe haven" investment in times of trouble.
Gold is something that shoots up when everyone is really fearful and worried about the state of the world, whether it's an economic system, a political system or just a stock market crash.
Warren Ingram, Personal financial adviser and Executive Director - Galileo Capital
The whole gold mining sector in South Africa on the JSE is up nearly 200%; it's gone up two times in one year. Of course now is when you start to get the question from investors saying, shouldn't we go into gold?
Warren Ingram, Personal financial adviser and Executive Director - Galileo Capital
So we should have been in gold a year ago but we wouldn't have been able to forecast something like Covid a year ago.... Investing by looking in the rear view mirror while you're trying to drive forwards, it's just not helpful.
Warren Ingram, Personal financial adviser and Executive Director - Galileo Capital
And it's no good taking what's happened over the last 12 months as a projection of what's going to happen over the next 12 months, he says.
Unfortunately the world changes again and if the world goes from a state of being very fearful... and becomes less and less fearful because medical treatments get better for Covid and potentially there's a vaccine, then all of a sudden we're in a position where gold starts to lose value...
Warren Ingram, Personal financial adviser and Executive Director - Galileo Capital
But looking forward is very difficult Warren, it's almost impossible to do!... If you won't let me do gold then I'm going to do S&P 500, because that's been doing very well too...
Bruce Whitfield, The Money Show host
What's interesting is that the tech companies have been a big driver of the S&P 500 over the last while... It's names we all know... Again, it's been a great place to be in the past but I'm not convinced that's necessarily where we want to be in the future.
Warren Ingram, Personal financial adviser and Executive Director - Galileo Capital
Listen to more from Ingram about the pitfalls of "riding the trend" on The Money Show:

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