Ideas
Gold hedges geopolitical fragmentation.
The revival of Monroe Doctrine-style spheres of influence and 'honest barbarism' in geopolitics may change decades-old market rules; this explains last year's unexpected gold surge and keeps gold supported as a hedge if fragmentation persists.
Korea leads cheap high-growth equity market.
Korea is a prime beneficiary of the post-2022 regime change: it ranked first globally in earnings growth and top in USD returns even without weak-dollar help, is expected to post around 40% earnings growth this year led by semiconductors and bio, and still trades at a low multiple versus the US; a stronger won would add to foreign returns.
Weak dollar tailwind for non-US assets.
He expects a weak-dollar effect this year as China permits yuan strength and Asian currencies appreciate, providing a tailwind to non-US equities and Korean returns; he cautions that trade-weighted dollar measures are heavily influenced by China.
Korean won strength on China, surplus.
The won should strengthen because China is now allowing yuan appreciation and Korea runs a large current-account surplus; FX experts are betting on Asian currencies including Korea, and won strength would enhance USD returns for Korean assets.
China allows gradual yuan appreciation.
China has shifted policy to allow gradual yuan appreciation of about 4% a year to stimulate domestic demand rather than a Plaza-style shock; this supports Asian currencies, opens a capital-flow channel from the US into Asia and emerging markets, and raises China's commodity purchasing power.
Yen seen strongest major currency.
FX experts see the yen as the strongest major currency this year, and he agrees that Japan's fundamentals point to yen strength, though China tensions create short-term confusion.
US expensive and biggest market risk.
The US is his biggest market risk: it is expensive at roughly 22x, AI enthusiasm is tiring as investors demand ROI and sustainability, and Nvidia's weakness on good news shows rising selectivity; because 70% of global investment funds are in the US, a US wobble would hit all markets.
Nvidia faces competition and ROI doubts.
Nvidia faces a more difficult phase: even news that China will buy H200 chips did not lift the stock, and AI investors increasingly question its monopoly and ROI as Google TPUs and in-house chips intensify competition.
AI enters selective ROI phase.
The AI trade has moved from a broad beta phase where all names rose to a selection phase focused on ROI, sustainability, and whether monopolies hold; index-level AI exposure is less attractive and stock differentiation matters.
Value stocks win as rates rise.
The 14-year US large-cap growth and technology leadership has reversed; as long-term rates rise and yield curves steepen, value is historically the winning factor, and capital is rotating from expensive US growth toward cheaper global value.
Russell 2000 starts regime run.
The same regime shift favors small caps; the Russell 2000 is starting to run as leadership moves from US mega-cap growth toward non-US value and small-cap equities.
Europe value banks lead rate regime.
Europe has clearly shifted to a value-led market: its bank index rose 67% last year, a genuine value outperformance rather than just a growth drawdown, and rising long-term rates and steeper yield curves favor this cheap value exposure.
Industrial metals in structural commodity upturn.
Post-GFC underinvestment in old-economy industrial metals, excluding oil because of shale, has created structural supply-demand tightness; copper and aluminum are rising not just on speculation but also inflation hedging and changed supply-demand, suggesting a full commodity upturn.
EM equities gain from yuan rotation.
Yuan appreciation is a catalyst for US capital to rotate into Asia, including China and emerging markets; this flow should support emerging-market equities, especially if the dollar weakens.
China value banks lead Asia value.
As yuan appreciation and domestic-demand support unfold, Chinese banks and high-dividend value stocks have already shown strength; this value and dividend leadership may spread into other Asian markets.
Samsung cheap value with foreign appeal.
Samsung Electronics is a cheap value vehicle within the global value rotation: it trades around 10x earnings and 1.4-1.5x book, is included in both MSCI EM growth and value indices, and thus attracts foreign value money as part of Korea's low-valuation advantage.
This 3PRO TV (삼프로TV) video, published January 09, 2026,
features Song Jaekyung
discussing GLD, EWY, US Dollar Index (DXY), USD/KRW, USD/CNY, FXY, SPY, NVDA, AIQ, Value stocks, IWM, EUFN, DBC, COPPER, Aluminum, EEM, KBA, China high-dividend value stocks, 005930.KS.
16 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Song Jaekyung
· Tickers:
GLD,
EWY,
US Dollar Index (DXY),
USD/KRW,
USD/CNY,
FXY,
SPY,
NVDA,
AIQ,
Value stocks,
IWM,
EUFN,
DBC,
COPPER,
Aluminum,
EEM,
KBA,
China high-dividend value stocks,
005930.KS
