introduction

Part 1 | The Real Korean Stock Market: What Capital Doesn't Say

1.
Six Reasons Why Ants Can't Make Money
Problem One: Directors Don't Serve Shareholders
Second problem: The law always sides with controlling shareholders.
Third problem: Even the National Pension Service isn't on the people's side.
Fourth question: Is the physical division a stock market or a fraud market?
Fifth Problem: Management Premium, Only Minority Shareholders Benefit
Problem Six: "Ghost Shares" That Destroy Corporate Value
There is no market for ants

2.
I'll revise the Commercial Act and abolish the crime of breach of trust.
Amending the Commercial Act? It's my company, so who can control it?
More responsibility? Just don't take responsibility!
The First Deal in Business: The Principles of Business Judgment
The business world's second deal: abolishing the breach of trust law.
The Chaebols' Secret Service: Poison Pill
Piercing a Crack with a Needle: Differential Voting Rights Shares
The Chairman's Absolute Ring: Hwanggeumju
Can't we just revise the Commercial Act?

3.
Should we get a taste of the Financial Supervisory Service? Doosan, the devil's merger ratio
Striking the Back of the Head for Minority Shareholders ① Creating a New Corporation
Striking the Back of the Head for Minority Shareholders ② Merging Listed and Unlisted Companies
③ The timing of the merger is at the discretion of the major shareholder.
Do you think shareholders know shit?
The miracle of a three-fold increase in shares
The Financial Supervisory Service: "If insufficient, we will request unlimited corrections."
The Financial Supervisory Service: "Insufficient explanation of fair value."
Want to taste ants? Stock purchase warrants

4.
The self-employed are all dying, and we're entering an era where 1 million businesses will close.
Three years into the administration, how long will we continue to blame the previous administration?
If you can't think of anything, at least apply for the People's Livelihood Recovery Support Fund.
The government's small business measures: whereabouts of 25 trillion won
15 trillion won in construction investment, blatantly raising housing prices
The main idea behind the inheritance tax reform
In an era of 1 million business closures, fundamental solutions are needed.
The government is unable to address the soaring burden of delivery costs.

5.
A clever way to fill the tax gap: circulating the foreign exchange reserve fund.
Discretionary spending is at 0%, and the government has given up on economic stimulus.
Compliance with fiscal rules: a blatant lie
They don't give local government money, and instead use up foreign exchange reserves.
The foreign exchange reserve fund was used arbitrarily, and the budget was reduced to avoid repayment.
The Key to Unlocking the Economy: The Private Sector, Trust Only You

6.
The True Face of the Korea Discount: Seen Through the Korea Zinc Incident
Belly button over belly, Korea Zinc over Youngpoong
MBK Partners joins the fray, Korea Zinc, you're mine!
Korea Zinc, ask and get double!
Ants bursting in a whale fight
The Other Side of the Money War: Korea Discount

7.
Sambu Construction's stock price manipulation revealed in a single KakaoTalk message
The rise and fall of Sambu Construction
A single KakaoTalk message: "Check with Sambu tomorrow."
Sambu Construction's stock price chart looks strange to anyone.
Why is Sambu Construction in Ukraine?
Lime, Sambu Construction, and Deutsche Motors stock manipulation family
Suspicion of Sambu Construction's largest shareholder's involvement in stock price manipulation
How did Sambu Construction meet with the Ukrainian Presidential Office?

8.
Divorce costs 1.9 trillion won, SK in crisis
SK Group, the second-largest conglomerate in the world, is struggling.
SK Group Escapes Crisis ① Great Unity Through Merger
SK Group's Escape from Crisis ② Cashing Out Investment Assets
1.9 trillion won, a heartbreaking divorce

9.
40,000 Electronics: If Samsung fails, will the country fail?
Samsung in crisis: What's the problem?
Samsung's memory semiconductors, once a powerhouse, are now being held back by a massive gap.
Samsung wants to excel in the foundry business, but the problem lies in technology and trust.
Samsung in crisis: what is the solution?
If Samsung fails, will the country fail? Or maybe it will survive?
Chronic problems within Samsung: bureaucratization and factionalism
How Samsung Survives ① Run it well!
How Samsung Survived ② Quantum Jump
Samsung's Rising Chinese Semiconductor Industry: A Rise in the Ranks
Astronomical semiconductor subsidies around the world, what about Korea?
Samsung Electronics buys back its own shares for the first time in seven years.
The Real Reason Samsung's Share Buybacks: A Choice for the Owners
Samsung's urgent complaints remain, but the cause remains unknown.

Hong Sa-hoon's Reporter's Notebook ①

Part 2 | The Real Korean Real Estate Market: What Capital Doesn't Say

1.
A Model for Tax Cuts for the Rich: Inheritance Tax Reform
What kind of commoner inherits 3 billion won?
Child deduction of up to 500 million won
5 million people flocked to the lottery subscription

2.
Deja Vu 2009: The Key to Housing Prices: Sales Volume
Will house prices rise if the housing supply decreases?
Signs of a Crash: Increased Selling Volume
The Key to Housing Prices in the Metropolitan Area: Effective Demand

3.
Soaring Housing Prices: Abolishing the Private Land Price Cap
The construction industry is not manufacturing.
Sharing profits rather than lottery subscriptions

4.
No Law for the Common People: Reducing the Inheritance Tax and Abolishing Reinstatement
Why is the Democratic Party talking about easing the inheritance tax?
4,951 people, 0.01%, will receive comprehensive real estate tax relief
The excess profit recovery system for reconstruction projects must be maintained unconditionally.

5.
Soaring Housing Prices in the Seoul Metropolitan Area: August 8 Real Estate Measures
Greenbelt Development: A Feast for the Big Shots
Government-led housing supply
The government plans to stabilize housing prices through supply in 10 years.
No more candy, just giveaways and redevelopment
Mortgage loans increase by 5 trillion won every month
Soaring Seoul, Declining Provinces
Real Estate Market and Politics
Key Real Estate Reforms: Market Fluctuations and Housing Welfare
Real Estate Reform: Perhaps the Last Chance

6.
Real estate PF rollover, record-breaking household debt
Real Estate PF Policy: Leaving the Blame to the Private Sector
Household Debt Soars: A Clear Policy Failure
Does increased lending lead to increased marriages and childbirths?
The government's rubber-band lending policy
Real estate must be sold to make money.
A chaotic administration, a bank that is in disarray
Growing household debt and a crippling domestic economy

7.
Why can't the government do it? Private REIT business.
Private enterprise rental housing: the gateway to privatization of public works projects
Who is the culprit? Who benefits?
From private to public, policies for the homeless

8.
So when are you buying a house?
Have house prices stabilized?
Why is trading volume decreasing?
What is a stable leverage ratio?
What policies does the government pursue?
Selling volume determines home prices.
Correlation between interest rates and house prices
Understand the statistics properly
Two Characteristics of Real Estate: Use Value and Effective Demand Limits
Homes that others want: Transaction turnover, high investment ratio
Real Estate Market Outlook for 2025
Buying a home, not when, but how

Hong Sa-hoon's Reporter's Notebook ②

An economy in ruins, a society in chaos, and a crumbling democracy.
South Korea regresses to the 1980s, leaving the entire nation in a state of "uncertain emergency."

For a fairer world, for a better world
The first thing we must know
That's capitalism.
Only those who know the truth will survive.

Korea's capital market is blatantly advantageous only to vested capital.
The capital market law itself, which constitutes the market, is like that.
The absurd exploitation of capital, such as splitting up companies and splitting them into physical units, is clearly an act of greed that is beyond anyone's comprehension.
But if you look at it from a legal standpoint, they are all legal.
The same goes for tax policy.
While labor income is taxed without any special treatment, capital income is taxed with lenient standards for all sorts of reasons.
The reason is simple.
Because capital has the power to make such laws.

What Capital Doesn't Say About the Korean Stock Market
The Truth About Capitalism: It Threatens My Happiness and My Family's Future
“Why can’t we be rich?”

If we were to point out the problems in the Korean stock market, there would be no end to them.
The commercial law that has not changed for decades, the merger ratio of Doosan Bobcat and Doosan Robotics, the Korea discount revealed in the Korea Zinc incident, suspicions of stock price manipulation at Sambu Construction, the 40,000 Electronics that is just around the corner, SK that needs 1.9 trillion won for the divorce cost of the CEO, an era where 1 million self-employed people are going out of business, the government trying to cover the insufficient tax revenue with the Foreign Exchange Stabilization Fund, etc., etc. There are a thousand problems that threaten the Korean economy.
What is the real problem with capitalism that's eating away at Korea? Only by understanding the truth about Korean capitalism can we discern what threatens our happiness and our families' futures, and then determine how to address the problem.

Korean real estate policies that are ruining the market
What's happening in Korea, where I live now and will live in the future.
“Why doesn’t my debt decrease no matter how much I pay it?”

The current average price of an apartment in Seoul is about 1.3 billion won.
When purchasing a home, real demanders naturally need a loan.
If you calculate the mortgage interest rate as 4%, you will have to pay 3 million won to the bank in interest every month.
In this way, to live in Seoul, one month's salary is needed as bank interest.
The era has arrived where ordinary citizens cannot even afford to maintain an apartment in Seoul.
In this situation, the government is pouring out policies for various real estate cartels.
The reason why the already dead local ecosystem is completely destroyed and only real estate prices in Seoul are skyrocketing is because of the relaxation of the comprehensive real estate tax, the abolition of the re-exchange, the abolition of the upper limit on the sale price, the reform of the inheritance tax, the shifting of real estate PF to household loans, green belt development, and private REIT business.

A stock market without shareholders, real estate without a market
Policies for the common people without the common people: Anarchy in the Republic of Korea

Small shareholders, the homeless, and the common people.
There is no country for them.
The fundamental causes of the Korea discount, including directors who only care about the company, skewed laws and systems, physical divisions, management premiums, and phantom treasury stocks, have remained unresolved for decades.
The government is resolving the unprecedented real estate PF through policy loans and private debt.
The government's announced policy for the common people includes a tax reform plan for those who inherit more than 3 billion won.
Can we just leave this deformed capitalism that is eating away at our future as it is?

At the very least, we need to know why we are suffering so that we can stop the tyranny of capital and gather the strength to solve the problem.
Only by understanding the true face of Korean capitalism can we create a fairer and better world.
How should distorted Korean capitalism change? Let's prepare for the coming crisis with "Capitalism Unspoken," the first book of "Hong Sa-hoon Show," a series featuring leading intellectuals!