This is not a bear market, but a distorted market. When things are difficult, resting is also an investment. Even if I bought at the peak, I will sell when it reaches this price. (Super Retail Investor Nam Seok-kwan, Chairman)

Summary

Chairman Nam Seok-kwan describes the KOSPI as a distorted market, not a bear market, where leveraged ETFs have destroyed long-term investing and forced all participants into short-term trading. He advises against buying Samsung Electronics and SK Hynix due to overhead supply and suggests using any bounce toward 7,500-7,800 to reduce positions, as a sustained recovery above 8,000 is unlikely. Short-term traders can profit by buying index dips with leverage.

• KOSPI has seen extreme swings from 9,300 to 6,500; the market is distorted, not a typical bear market.
• Leveraged ETFs are blamed for killing long-term investing and promoting short-term speculation.
• Samsung Electronics and SK Hynix face near-term headwinds: all investor types are short-term trading them, creating a ceiling.
• Low PER alone is not a reliable buy signal, as Micron's fall shows; the technical picture is bearish with a dead cross.
• A technical rebound to 7,500–7,800 is possible, but 8,000 will be difficult to surpass; use the bounce to trim holdings.
• Investors who bought at highs should consider selling on rallies to limit damage, then wait for lower re-entry.
• Short-term traders can exploit intraday dips (e.g., buy index when it falls ~50 points in the morning) using leveraged ETFs.
• Cash is favorable as there will be an opportunity to buy again at lower prices after the bounce.