The individual investor president with a history of poor trading performance is now leading the South Korean stock market to outperform globally.
According to reports, long before he pushed the South Korean stock market to become the hottest market in the world, Lee Jae-myung was just a novice retail investor in his thirties, losing money month after month. Decades later, Lee Jae-myung, now the President of South Korea, still bears a grudge against the losses he suffered back then. It is not that Lee Jae-myung considers himself adept at day trading - he admits that he was too reckless. Based on interviews with more than six individuals close to Lee Jae-myung, many of whom requested anonymity to discuss private conversations, what truly bothers him is a lingering sense of injustice: the unfair trades where ordinary investors sacrificed their interests for the gains of controlling shareholders were amplified. This long-brewing resentment prompted Lee Jae-myung to implement far-reaching financial reforms since taking office last June, including creating rules to create a more equitable environment for all shareholders and strengthening the accountability mechanism of boards of directors. These measures, in turn, ignited the most powerful wave of stock market rally globally, with the momentum surpassing Lee Jae-myung's campaign slogan of "Kospi 5000." This ambitious index target aims to showcase his determination to reshape the South Korean economic model and rectify the undervaluation of South Korean stocks which have remained at historically low levels compared to other major countries. Last Friday, the South Korean Kospi index closed at 5,809 points, with a year-to-date gain of 38% and a cumulative increase of 115% since Lee Jae-myung took office. Oh Gi Hyoung, a member of the Special Committee on Leading the Kospi 5000, stated: "The rate of increase far exceeds our expectations." The committee's task is to push the market to eliminate the so-called Korean discount, recently renamed as the K Capital Market Committee.
Latest

