Over the past decade, the global economy has gone through very pulsating cycles.
But because the cycle has become so long, many people have forgotten that the economy has cycles.
Inflation and interest rates remained low, and asset prices continued to rise amidst abundant liquidity.
The real economy was not particularly active, but it did not shrink significantly either.
Many people have become so accustomed to this cycle, which is supported by the power of enormous amounts of money, that they have even shown signs of addiction.
---From the author's note

When have we ever experienced inflation?
Since the financial crisis of 2008, and even further back, after the dot-com bubble burst in the early 2000s, the era of low interest rates and excessive liquidity has begun in earnest, leading to sustained, high-inflation in almost all asset-based sectors of the economy and the lending markets that support them.
It's just that inflation didn't occur in the so-called real economy.
---From "From Abnormal to Normal"

It is worth looking at how different asset classes behaved depending on the level of economic growth at the time when inflation occurred globally.
In 2005, Barclays Bank in the UK published a study examining how different assets performed in the UK market under four inflation/growth rate combinations from World War II to 2004.

---From "Four Stages of Price Outlook and Four Interest Rate Hike Scenarios"

Household debt in Korea has grown at the fastest rate in the world since the COVID-19 pandemic and the Moon Jae-in administration.
Housing prices also increased faster in the metropolitan area than in most countries.
The Seondae Economic Research Institute examined transactions that occurred during the COVID-19 pandemic in about 10 apartment complexes in Seoul and Gyeonggi Province.
We investigated the actual state of debt by checking each copy of the register.
---From "Landscape 4: The Revenge of Debt" that Returns to the Parents' Generation, the Children's Generation, and the Entire Household

There is a tendency to think that Korea's household debt problem will be easily resolved, comparing it to the United States, which faced the 2008 financial crisis due to excessive mortgage lending.
Let's compare Korea's household debt problem with that of the United States.
Unlike Korea, the United States has implemented strong measures to curb bad household debt.
Since the 2008 financial crisis, the United States has pursued reforms aimed at eliminating various threats to the stability of the financial system.
---From "How Household Debt in the U.S. and Korea Differs"

The responses of the Japanese government after the Plaza Accord and the South Korean government after the COVID-19 outbreak are strangely similar.
The fiscal ministries of both countries, obsessed with fiscal soundness and responding with indiscriminate monetary easing, seem to have triggered a real estate speculation frenzy, leading to a massive inflated real estate bubble.
---From "Landscape 2: Korea during the Corona Surge"

The logic is that there is a shortage of housing that meets people's rising expectations. This is to fill the shortage of supply from the last housing downturn cycle. There is a shortage of supply in certain areas, such as Gangnam in Seoul, where people really want to live.
This argument was also made during the housing price increase cycle in the early to mid-2000s.
However, in the last cycle, after passing the inflection point, housing prices continued to decline even after a certain point, despite a decrease in the housing supply in the metropolitan area.
---From "Low Interest Rates and Excess Liquidity vs. Housing Supply Shortage Theory"

When a real estate frenzy hits, the population decreases by a few tens of thousands, but it doesn't have much of an impact.
But the effects of demographic change continue to accumulate.
Even if it's not a year or two, what will happen in the future if the population in the age group that needs housing decreases and the elderly population that plays a role in supplying housing increases accumulates for 10 or 20 years?
---From "Population Structure Change and Real Estate"

Typically, after an economic downturn or crisis, industries are reorganized around companies with financial resources and competitiveness, or the market share of leading companies increases.
Ahead of this restructuring process, many domestic companies are already moving quickly to secure future growth engines while absorbing the shock of economic downturns or economic cycle shifts.
---From "Opportunities After Crisis"

It seems theoretically correct, given the background of macroeconomic trends.
But individuals must fight in a David-like manner, suited to individual investors, rather than as Goliaths like institutional investors.
Except for some super ants, individual investors do not handle large sums of money like institutions.
---From "Survival Strategy 2: Small and Mid-Cap Stocks Over Large-Cap Stocks"

Among these, it can be seen that staying in the market was the most profitable.
A key reason to stay in the market as much as possible, even during corrections or bear markets, is that the top 1% of trading days with the highest returns determine most of the returns over the entire period.

---From "The Profit Principles of Box Markets and Bear Markets"