Seo Jun-sik

Korean stocks always rise over the long term because corporate earnings accumulate. Despite KOSPI 8,000 being somewhat expensive short-term, reforms such as listing the Korea Exchange will strengthen the market's platform, activate capital, and improve MSCI developed-market inclusion prospects. Over a 5-year horizon KOSPI can reach 12,000; a long-term investor can buy and hold through near-term consolidation.

For long-term investors who want to own the earnings stream of Samsung Electronics and Hyundai Motor, buying preferred shares is much more rational than buying common shares at current prices. The speaker personally continues to hold Hyundai Motor preferred shares and considers preferred shares underpriced relative to the long-term value of these companies.