As is often the case with bubbles,

Since bubbles are temporary phenomena with powerful long-term effects, you should fear missing out. Financial FOMO at its worst is the desire to make easy money at the expense of less well-informed people. But at its best, FOMO is the nagging suspicion that someone is building the future, and it could be you.

In his 2007 book Pop, Daniel Gross runs through a list of historical bubbles, including telegraphs, railroads, dot-coms, and housing, that had undeniable upsides.

Undoubtedly, scientific advancements such as the rapid development of the Covid-19 mRNA vaccine, for which Moderna developed a design in just two days, are awe-inspiring.

and further contributes to aging.

Bubbles literally add new dimensions to the way we view the world, and lead to more precise measurements within those dimensions.

Yet passive investing destroys the price discovery process. No risks are taken and no investments are made based on a determinate vision of the future, because all that matters is the size of a stock or derivative and whether it will get included or excluded from an index. As a result, financial markets have become homogenized, dominated by a few p

That risk was magnified by the nature of the Manhattan Project’s participants. The single most important secret in the United States was left in the hands of people whom the national elite were not particularly inclined to trust: academics who had flirted with the far left, assorted European refugees whose allegiances were unclear, and pure oddball

Unsurprisingly, the Human Genome Project also exhibited a bubble dynamic, driven as it was by an ambitious vision and characterized by excessive government overinvestment.