The Globe and Mail reports in its Tuesday edition that fear of missing out defines overheated markets, including real estate back in 2021-22. Guest columnist Rob Carrick writes that home prices back then reflected a level of financial derangement that exceeds anything he can recall. Parents dipped into their savings to help adult kids get into the market, and trend-jumping entrepreneurs devised ways to help people without the financial resources to buy homes nevertheless participate in residential real estate. What happened next was that the number of people willing to pay inflated prices for homes plunged, while the cost of financing a purchase with a mortgage surged. As ever, the people hit hardest by this shift were the ones who bought in at the peak. There is zero excitement about real estate today, while the opposite is true of investing in stocks. You see this in the hype over SpaceX and artificial-intelligence stocks and in the way the investing industry is exploiting the long bull market by gamifying stock and options trading into something like gambling. The next frontier in speculative finance is prediction market trading. Fortune favours the bold -- until the bold get rolled, that is. It never fails.