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1.
The formation of a libidinal investment. The attachment of oneself to a particular external element or a particular alignment of discourse, a role, etc. through the rearticulation of psychological desires/drives which are already present.

The verb for is "to cathect".
His frustration with his father was repressed, but re-emerged through a cathexis in relation to his boss.
by Andy May 07, 2004
 
2.
A psychoanalytical term. It's defined as the investment of emotional significance in an activity, object, or idea.

In layman terms, the focus of an obsession.
Guy A: Man, have you seen Joe? What's up with him lately?

Guy B: Being an obsessive stalker like always. This time his cathexis is the girl next door.

Guy A: That's screwed up.
by edeniz April 07, 2011