WSJ Your Money Briefing How to Get Off the Investing Sidelines
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Jun 6, 2025 
Jason Zweig, a columnist at WSJ's The Intelligent Investor, provides insights into overcoming the fear of investing during turbulent market conditions. He discusses the psychological barriers that keep investors on the sidelines and offers strategies for re-entering the market. Zweig emphasizes the importance of a long-term investment perspective, drawing from 80 years of market cycles. He also tackles hindsight bias, encouraging listeners to adjust their stock allocations thoughtfully, and highlights the wealth-building potential of strategic investing, especially for younger investors.
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Michael's 'Fogey' Fear
- An investor named Michael McCowan coined the term 'fogey' for the fear of getting back into the market.
- At 86, he fears losing money with limited time to recover, illustrating cautious older investors' mindset.
Fear Is Contagious
- Market uncertainty complicates investing decisions, especially when peers express confusion.
- This social contagion of doubt makes fear of investing contagious among individuals.
Stocks Reward Patience Over Time
- Historically, US stocks recover after declines and deliver strong long-term returns.
- However, investors must manage risk based on their tolerance since recovery is not guaranteed.