December 2025 Vol. 247

BRIEF

012 Editor's Note
If the AI ​​bubble bursts
014 Life Quotes
To capture the enemy, you must first capture the king.
016 Hot Topic Auction
Amedeo Modigliani,
018 Editor's Pick
Golden Hour

COVER STORY
2026 Asset Management Checkpoints

022 [Global Economy] Trump Round and Vendor Financing: Key Economic Keywords for 2026
028 [Portfolio] No recession in US stocks... Lower your expectations for the KOSPI.
032 [Asset Allocation] Uncertainty Lurks… Seize Opportunity by Diversifying Risk
036 [ETF] Running into 2026… Picking the Profitable ETFs
042 [AI Trend] The 'Physical AI Era'... AI Steps Out of the Screen
048 [Exchange Rate] Sharp Curves and Hidden Mountain Paths… How to Prepare for Exchange Rate Risk
052 [Retirement Pension] From 'Idle' to 'Investment'... 460 Trillion Won in Retirement Pension Funds Are on the Move
056 [[Retirement Planning] 5 Keyword You Must Know for a Comfortable Retirement
060 [Inheritance/Gifts] The Aging Entrepreneurial Generation… Family Business Succession a 'Hardship'
064 [Digital Assets] From Experimentation to Financial Infrastructure… 6 Digital Asset Trends

SPECIAL
Woori Financial Group: An Analysis of South Korea's Financial Groups
084 "Restoring comprehensive finance is the starting point"... Chairman Lim Jong-ryong tightens the reins on structural transformation.
088 CEOs Leading Woori Financial Group's Restructuring with a "Comprehensive Financial Platform"
From Daehan Cheonil Bank to the first financial holding company… Woori Financial Group's 126-year history of innovation

Investing in quantum computing
Quantum computing reaches a "magic moment"… Global investment floods in.
076 9 Things You Need to Know About Quantum Computing

The Age of K-Beauty Exploration
096 Beyond the US, to Europe and Central and South America… K-Beauty's Success Code
104 Finding the 'Second APR'... Hidden Powerhouses Launching IPOs
108 Park Jong-dae, Research Fellow, Meritz Securities
"Korea is the perfect place for the cosmetics business… Start a business or buy a cosmetics ETF."


MARKET
114 Market Trends
Big tech companies are borrowing to invest in AI, and their performance is also "unprecedented."
In-depth exploration of 118 items
Complex accounting obscures performance... Mirae Asset Securities signals escape from undervaluation.
122 Global Stock Exploration
Ralph Lauren Survives Luxury Recession, Soaring Alone
124 Portfolios of Masters
Buffett's Last Gamble: Stacking Cash and Buying Tech Stocks
128 Catch up with virtual assets
Trading Creates Value… Experiments with a Decentralized 'Perpetual Futures' Exchange
132 ETF In-Depth Analysis
China's Rising Humanoids… How to Invest with ETFs
140 Market Leaders' Perspectives
AI-driven semiconductor shortage to continue into 2026
142 Investment Insights
Balance your portfolio with active investing.
144 Market Data


REAL ESTATE
152 Forestry Notes
Forestry Life Record Book - Dapsimni-dong, Dongdaemun-gu, Seoul
The transformation of the king of close proximity to work
156 Real Estate Issues
The biggest windfall for real estate… Areas that will benefit from the opening of the railway
160 Overseas Real Estate
In this era of high interest rates, find overseas real estate that yields cash.
164 Real Estate Basics
Stronger than expected… The October 15 real estate policy's balloon effect
166 Aha! Real Estate Law
Non-refund of deposit: Waiting won't solve the problem.


FINANCE
168 Financial Issues
Capturing the 460 trillion won market... The four major banks' pension war
172 CEO Insights: Kim Tae-woo, CEO of Hana Asset Management
Asset managers compete on product, not scale…TDFs perform exceptionally well.
178 WM Leader Oh Eun-seon, Vice President of the Asset Management Group at IBK Industrial Bank of Korea
"We prioritize substance over glamour… Inclusive asset management is our goal."
Interview with Kim Hyun, Head of Research Center at Daol Investment & Securities
The ETF Era...Invest in Top Companies
188 New Trends in Financial Markets Yousef Mohamed Alhor, Chairman of the Global Carbon Council (GCC)
"Carbon markets are a vital gateway to net-zero."
194 New Financial Products


Inheritance & Tax
196 Inheritance Issues
Is it right to impose inheritance tax on a surviving spouse?
198 Inheritance Planning
No inheritance tax, no reporting…
The reason for the transfer tax bomb two years later
200 Inheritance Secret Notes
Taxation basis for Korean real estate of a U.S. citizen husband
202 Inheritance Q&A
Will Limited Acceptance End Worries About Debt-Involved Inheritances?


STYLE
204 Gift
TIME BECOMES A GIFT
208 CEO Interview: Gregory Kissling, CEO of Breguet
Tradition and innovation go hand in hand… Breguet's 250th year in Seoul
212 Whiskey Story
Bushmills, the world's oldest distillery
214 cars
Driving around Jeju in a Porsche
216 Brand News
220 Gourmet


LIFE
222 48-hour trip
2026, the Year of Visiting Yangsan, a Great Exploration of Yangsan!
228 Hotel
As for our hotel,
232 Yoo Seung-jun's Gaudi in My Life⑦
Why Picasso Despised Gaudi
238 Performances and Exhibitions Worth Seeing
242 New Economics Books