Identifying Behavioral Bias in Investment Decisions

John, a well-off retiree, has considerable wealth accumulated over his lifetime from successful investments. Recently, he became very interested in social media narratives about new investment opportunities touted by influencers. Despite his advisor’s caution regarding speculative investments, he feels a pressing need to invest in trendy assets based on these narratives.

This scenario illustrates John’s potential behavioral biases. Behavioral finance suggests that psychological factors can significantly impact investment decisions, leading investors away from rational choices.

Considering the influence of social media narratives and John's reaction, which behavioral bias is most likely affecting his decision-making?