The moment you sell now, you miss a big opportunity | Lee Seon-yeop, CEO of AFW Partners

Summary

AFW Partners CEO Lee Seon-yeop discusses inflation, the recent CPI print, and oil markets before turning to the Korean equity market. He sees May as the peak in inflation and expects US yields to gradually decline. His core message is that Korean semiconductor stocks are in a super bull market with earnings exceeding high expectations, and that long-term supply contracts are re-rating the sector upward. He urges investors to hold through extreme volatility driven by the two dominant chip names and to look at deeply undervalued holding companies that own large semiconductor stakes.

• U.S. inflation likely peaked in May; oil prices have normalized and yields are declining, though structural forces slow long-end rate falls.
• Korean equities face extreme daily swings because Samsung Electronics and SK hynix now make up ~60% of KOSPI.
• The speaker describes a semiconductor super cycle: earnings keep surpassing even elevated forecasts, and long-term supply contracts are improving earnings stability and valuation multiples.
• Investors should ignore volatility, avoid trying to time pullbacks, and hold core semiconductor positions for the long run.
• Pension fund and foreign selling are forced rebalancing, not negative signals; they create buying opportunities rather than reasons to sell.
• Korean holding companies such as SK Square, Samsung C&T, and Samsung Life are compellingly cheap relative to the value of their semiconductor holdings.
• The overall stance is aggressively bullish on Korean semiconductors and related holding companies.