The Globe and Mail reports in its Wednesday, Oct. 22, edition that investors' long-held "fear of missing out" is now vying with "fear of wipeout." A Reuters dispatch to The Globe reports that the tension between the two instincts was on full display last week. The suggestion of a credit wobble at U.S. regional banks sent global equities plunging and volatility spiking, yet buyers were drawn back within 24 hours. "Trick or treat?" was the seasonal question Morgan Stanley posed on Monday, adding that markets may be underestimating the potential for the cycle to run "hotter" on the back of the "triple easing" of U.S. monetary, fiscal and regulatory policies. There is no clear consensus on this rally. Is it a peak in a bull market that warrants caution, or the start of a booming artificial intelligence mega trend and investment cycle driven by deregulation? Tensions over two fears were a major topic at the International Monetary Fund's annual meeting last week. Concerns arose from the First Brands auto parts collapse, raising alarms about regional banks' bad loans, which may indicate that the market is nearing its peak. Or maybe they are isolated events getting more attention than they deserve.