Markets just hit another all-time high.
The headlines sound triumphant. The charts look strong.
But for many investors, the gut reaction isn’t excitement—it’s hesitation.
That hesitation has a name. Not FOMO—the fear of missing out—but something less obvious and more paralyzing:
FOGI — Fear of Getting In.
FOGI whispers things like:
“This rally’s too fast—it’s bound to reverse.”
“It’s probably better to wait for a dip.”
“I’ve already missed the run-up—why buy now?”
It sounds logical, cautious, even responsible.
But waiting for the “perfect” entry point often turns into waiting indefinitely, while the market keeps moving forward.
🧭 A History of Market Highs
All-time highs might feel like dangerous territory, but they’re actually quite common.
Since 1950, the S&P 500 has hit more than 1,250 all-time highs.
That’s about 16 per year, on average.¹
Market highs aren’t the end of the road—they’re more like mile markers on a long journey.
And what happens when you invest at those so-called “danger zones”?
Historically, it’s worked out just fine:
- 1-year return after a market high: 11.2% vs. 12.6% for any random day
- 3-year return: 10.9% vs. 11.5%
- 5-year return: 10.3% vs. 11.3%²
In other words, investing at a market peak has delivered returns that are slightly below average, but still strong and consistent.
📉 What About the Risk of a Drop?
That’s a fair concern—and one that’s backed by emotion more than evidence.
In the year following an all-time high, the market has fallen more than 10% only about 9% of the time.³
Zoom out even further?
Over any 10-year period following a record high, the S&P 500 has never ended more than 10% below that high.
That’s a powerful reminder for long-term investors:
Volatility is temporary. Growth tends to be permanent.
⚖️ FOGI vs. Your Financial Plan
I’m not suggesting you throw everything in.
I’m not saying the market won’t pull back.
But if you have long-term goals, it may be time to ask yourself:
“Is inaction helping—or hurting—my financial plan?”
You don’t need to chase markets.
You don’t need to predict peaks and valleys.
But you do need a plan—and someone in your corner to help you stick to it, especially when fear shows up dressed like logic, wearing a suit and tie.
Sources:
1. Shiller Data, 2025 [URL: https://shillerdata.com/]
2. Bloomberg, RBC GAM, 2024 [URL: https://www.rbcgam.com/en/ca/learn-plan/investment-basics/investing-at-all-time-highs/detail]
3. Shiller Data, 2025 [URL: https://shillerdata.com/]
Chart sources:
Bloomberg, RBC GAM, 2024 [URL: https://www.rbcgam.com/en/ca/learn-plan/investment-basics/investing-at-all-time-highs/detail]