2026 Investment Strategy: Invest Like This in the First Half (Park Se-ik, Executive Director)

Summary

Park Se-ik presents his 2026 investment strategy, emphasizing a first-half offensive and second-half defensive approach. He expects the high-rate earnings-driven market to continue in the first half, with semiconductors and AI as key themes, but warns of second-half risks from US midterm elections and semiconductor capex cycles. He also reflects on 2025's surprising rally and lessons on long-term investing.

• Park Se-ik outlines 2026 as a year for first-half offense and second-half defense.
• High interest rates are driving an earnings-focused market where stock selection matters.
• AI momentum is expected to continue until 2029, supported by humanoid robots and autonomous driving.
• Semiconductors are favored in the first half but face capacity-expansion and midterm-election risks in the second half.
• The Korean stock market has shown level-up momentum after a surprising 2025 rally.
• Investors are encouraged to develop their own style using model portfolio insights.
• US midterm elections are highlighted as a potential source of market correction.