Recently, the performance of the Hang Seng Tech Index (HKHSTECH) has been noteworthy. Related ETF products, such as the Hang Seng Tech Index ETF (513180) and the Hang Seng Internet ETF (513330), have brought substantial returns to investors. However, the rapid changes in the market have also left some investors feeling like they've "missed out."

This "miss out" mentality actually reflects a common phenomenon in investment markets. The loss aversion theory in economics can explain this phenomenon well. This theory states that people feel the pain of loss more intensely than they do the pleasure of equivalent gains. Interestingly, this pain becomes more pronounced when one sees others making profits while they themselves have not participated.

Market sentiment is complex, not just dominated by greed and fear. In a bull market, jealousy often becomes the dominant emotion. This explains why some people believe that missing out is more painful than being stuck.

For investors, it is important to recognize these psychological factors and try to respond rationally. Moderately participating in the market, rather than completely staying out, may be a wiser choice. After all, bull markets are not common, and seizing opportunities is also a part of investing.

Returning to the Hang Seng Tech Index, it has increased by 28% in 2025, which is quite an impressive performance globally. Considering that the Stock Connect has only been open for seven months, this rise is even more remarkable.

However, investors also need to stay clear-headed. While investors who are optimistic about market prospects often make profits, excessive optimism can also bring risks. At the same time, a completely pessimistic attitude may miss out on market opportunities.

Overall, in the current market for Hong Kong technology stocks, investors need to find a balance between opportunities and risks, neither chasing excessively nor blindly avoiding. Rational analysis and moderate participation may be a wise choice to cope with this wave of technology stock enthusiasm.