The Most Dangerous Habit in Investing Is 'This' | Lee Sun-yeop, CEO of AFW Partners

Summary

Lee Sun-yeop, CEO of AFW Partners, tells the host that KOSPI's sharp swings above 5,000 are normal for a faster, earnings-supported bull market and does not treat them as a cycle top. He argues AI remains the central investment theme, with semiconductors, robotics, power, and space as connected extensions, while warning that crowded leveraged trades in gold, silver, and possibly US Treasuries can trigger margin-call-driven shocks if rate expectations change. He favors gradual buying of market leaders, expects Warsh to support financial-sector deregulation, and sees Korean brokerages as the main beneficiary of longer trading hours.

• KOSPI volatility after crossing 5,000 is viewed as normal, not a confirmed top.
• AI is described as the main driver of market leadership across several sectors.
• Semiconductor demand from AI inference and conservative capex support the memory cycle.
• Gold, silver, and potentially US Treasuries are flagged as crowded, leveraged assets that could unwind sharply.
• Warsh is expected to align with political pressure and favor financial-sector deregulation.
• National Pension Service allocation changes are seen as reducing a KOSPI selling overhang.
• Longer Korean trading hours are expected to help brokerage stocks but offer little broader market benefit.
• The guest advises gradual buying of leaders rather than waiting for a perfect correction.