Top priority for lecture invitations from leading domestic corporations such as SK, LG, and Samsung!
Shinhan Investment & Securities analyst Park Seok-joong's first solo book

“This is the book I’ve been waiting for.
His insights are always deep and realistic.
I hope it will be widely read.”
_ Choi Chang-won, Chairman of SK Supex Pursuit Council

From Trump's reorganization of the world order toward a greater America
The future scenario of the new Lee Jae-myung administration, aiming for KOSPI 5000.
The story behind the technological revolution that shook the world!

Welcome to the final golden time that will determine Korea's future!

The reason the Trump campaign's policy slogan, "Make America Great Again," was able to resonate deeply with the public may be evidence of a sense of crisis that "America is no longer great."
Is American hegemony truly on the path to decline? If we project America's long-term cyclical cycle across its political, economic, financial, social, and moral systems, we see that the United States has already entered a cycle of structural decline as a hegemonic power.
At the same time, debt-driven growth is also reaching a critical point.
It is also undeniable that we are in a period of inter-class conflict caused by the widening gap between the rich and the poor, and that we are in the process of re-establishing laws, institutions, and social systems.
The big picture of American reconstruction emphasized by Trump ultimately leads to the goal of the "Great Rotation."
To understand this, we need to take a long-term perspective and read the historical flow.

--- p.23

Let's get to the point.
The current risks facing the Korean economy stem from long-standing, accumulated imbalances.
Gross domestic product (GDP) is composed of exports, investment, consumption, and government spending.
Since 1970, Korea has maintained high growth within a virtuous economic cycle where corporate sales (exports) have led to domestic investment, creating jobs and expanding the domestic market.
The virtuous cycle of growth began to break down in 2012.
Following the US-originated financial crisis, China implemented large-scale economic stimulus policies, leading to a recovery in demand from China and a supply shortage.
From this point on, Korean companies' overseas direct investment in China began in earnest.
--- p.105

Why did I emphasize the urgency of change? It's because we're creating an environment that's completely different from the one we've seen over the past 20 to 30 years, and we must recognize that this poses a grave risk to Korean households.
As corporate (export) competitiveness began to decline in earnest, a long-term recession in the job market began.
The burden of high interest rates, which are at their highest level in 20 years, is also prolonged, exposing us to direct risks.
Household consumption and real estate speculation driven by debt expansion and rising real estate prices are no longer sustainable.

--- p.121

We stand at a crossroads.
The choice is whether to pursue preemptive restructuring, or to pursue large-scale corporate bankruptcies and government-led forced mergers and acquisitions due to the expansion of corporate insolvency, as in Japan's case.
Korean companies are moving in the latter direction, though still slowly.
Ultimately, rebalancing a Korean company's business portfolio should be a process of "giving up businesses that we know we can do well in based on past experience and choosing businesses we haven't tried before but must do anyway."

--- p.164

Government policy must extend beyond institutional reforms like the Commercial Act to improving the overall structure of industry and the economy.
In a changing policy environment, companies must demonstrate growth potential (=profit growth) through new industries and secure stable cash flow (=resources for shareholder returns) through restructuring existing businesses.
Only when these two work together can the goals of increasing ROE, revaluing the stock price, and reaching a KOSPI of 5,000 become a reality.
--- p.194

Did you know that crises that have struck the global economy have been recurring? The 1986 US Special Offer and Loan (S&L) crisis, the 1997 East Asian financial crisis, the 2008 US-originated financial crisis, and the 2019 pandemic all occurred at intervals of 10 to 12 years.
What's interesting is that repeated crises have invariably been followed by massive government stimulus measures, and these strong policies have ultimately expanded to drive robust investment and technological innovation.
Like a rhythm that follows a certain cycle, the global economy has moved through major currents of crisis, policy, investment, and technological innovation.

--- p.218

AI technology is no longer confined to subscription services; it is rapidly expanding into advertising, online shopping, and even enterprise work tools.
Along with this, demand for peripheral technologies and services such as power, security, communications, and digital devices is also expected to increase significantly.
In conclusion, now is the time to focus on ‘companies that create value with technology’ rather than ‘companies that created technology.’
As technology becomes more widespread, the landscape of industry changes as well.
Investors also need strategies to broaden their horizons to accommodate these changes.

--- p.246

Investing always requires a core.
This is especially important in fields of rapid change, such as technological innovation. The US and China have already established a difficult barrier to entry when it comes to AI leadership.
However, as we are still in the infrastructure construction stage, we cannot predict the entire evolution of the technology.
It's similar to past experiences, where no one predicted that platform companies would ultimately benefit from the smartphone revolution.
There are technology-focused stock indices in the US and China, including the NASDAQ in the US, the STAR Market in China, and the Hang Seng Tech in Hong Kong.
It is advisable to adopt a long-term holding strategy with the stock indices of these two countries as the core.
A more effective strategy is to supplement or maximize index returns through thematic ETFs rather than individual companies.

--- p.271