Today, we will start our morning routine by reading the Korean Economic Newspaper together. As we begin our Friday broadcast, I see that the front-page photo features the Bank of Korea headquarters, where they are transporting bundles of cash, especially the 50,000 won bills, in preparation for Chuseok. The holiday is just around the corner. 

In today's newspaper, you will find an article about investment in gold on the front page, as well as plenty of useful information regarding investments in funds, ETFs, and retirement pensions. We will gradually introduce these topics in the latter part of the broadcast. 

First, let's summarize some fresh news related to the U.S. presidential election. The front-page article is titled Harris Supports Mandatory Electric Vehicles. The Democratic campaign for the U.S. presidential election...

I saw in the fact-check email that candidate Harris has stated that she does not support the mandatory electric vehicle policy. Four years ago, during the presidential election, Vice President Harris had expressed her position to mandate that by 2030, half of all new vehicle sales would be electric, and by 2035, all new vehicle sales would have to be zero-emission vehicles, including electric cars. This is quite a change. On the other hand, Trump has mentioned the possibility of abolishing the electric vehicle inflation reduction tax benefits that the Biden administration has been providing if he were to be re-elected. Regardless of which candidate wins, the likelihood that the U.S. electric vehicle support policy will retreat from its current stance has increased significantly. Prior to the U.S., Europe has already been gradually reducing support for electric vehicles, and European automotive companies...

Volvo has been rethinking its survival strategy in light of recent developments. The company had previously set a goal to electrify all its vehicles by 2030, but it has announced that it will abandon this plan. Instead, the direction has shifted to replacing more than 90% of its sales with electric vehicles or plug-in hybrid cars. The reasons for this adjustment include the withdrawal of electric vehicle purchase subsidies in some countries and the increasing tariffs on electric vehicles, which have contributed to greater market uncertainty. Additionally, the support for infrastructure development, including charging stations, has been noted. These are common issues currently faced by the electric vehicle industry. In contrast, companies like Hyundai and Kia are adapting their strategies to strengthen their hybrid car offerings in response to these changing circumstances. Recently, the CEO of Hyundai presented the company's business strategy at an Investor Day event.

There was a mention of increasing the number of hybrid cars from seven to fourteen models and including hybrid models in all Genesis vehicles. The transition to electric cars is slower than expected, which is why there is a focus on hybrid cars. According to the theory of the electric vehicle chasm, there is also news that if Trump wins the presidential election, he plans to create a government efficiency committee, and he intends to appoint Elon Musk, the CEO of Tesla, as its chairman. Trump stated that Musk has agreed to lead this committee. Musk also expressed that if given the opportunity, he would like to serve the United States and mentioned that he does not need a salary. It seems that both have already reached an agreement regarding this government efficiency committee that Trump intends to establish, which will oversee the various departments of the federal government.

The government will take on the role of thoroughly examining its accounts to identify any instances of budget waste. Related expenditures will be cut, and unnecessary regulations will be eliminated. In a speech yesterday, Trump mentioned that if a regulation is created, he would eliminate it. The establishment of such a committee suggests that the previous Biden administration operated with excessive laxity, and it seems intended to expose these issues. Trump continues to speak about his economic promises, such as tax cuts, deregulation, and methods to control inflation. He emphasized again his plan to lower the corporate tax rate from 21% to 15% and stated that he would terminate Biden's green policy known as the Green New Deal if he comes to power. This would be the largest in history.

It was a scam, probably a scam worth over 10 trillion dollars. There was a strong criticism of this, and it seemed like a commitment to once again change policies. Today, as you join our live broadcast, we would like to hear your opinions on the financial investment income tax that we will introduce shortly. Should it be implemented as planned, or is it better to nullify it, or perhaps modify it? We have these options. Please watch the broadcast and simply click to share your opinions, and we will compile and organize them.

Now, let's check the next article regarding the issue of empty stores in the country. Another article states that due to the blockage of mortgage loans, credit loans surged by 500 billion won in just three days. We looked into the credit loan balances of the five major banks in our country, and it appears that nearly 500 billion won increased in just three days in August. Last August, around 800 billion won was accumulated over the entire month, which is half of that amount.

The corresponding amount came in just four days, which is quite unusual. There are concerns that as banks raise the threshold for mortgage loans, the balloon effect is shifting towards credit loans. Consequently, banks are now showing signs of preparing additional measures to curb the surge in credit loans. Yesterday, KB Kookmin Bank announced a measure to limit credit loan amounts to within annual income. Until now, they had provided loans of up to about 130% of annual income. However, moving forward, they have proposed to only lend an amount equal to the annual salary. This continued relaxation of credit loans is interpreted as a potential risk for the real estate market. Recently, there has been much discussion in the banking sector regarding the guidelines from Financial Supervisory Service Chairman Lee Bok-hyun. Chairman Lee also acknowledged various criticisms raised in the public discourse not long ago.

We had a conversation, and despite that, there is a significant concern that store loans may not be available in the current state, so intervention has become unavoidable. Director Lee Bok-hyun suddenly criticized the recent interest rate hikes by the banking sector, stating that the rise in loan interest rates was not what the authorities wanted. Following this, commercial banks announced stricter lending regulations that are not based on interest rates, and it has already been reported that there have been nine such cases. Among actual users, it is said that what is scarier than interest rates is the words of Director Lee Bok-hyun. The Financial Supervisory Service is in a difficult position; whether they intervene or not, it seems to be problematic either way. It would have been better if there had been prior management. Now, let's check the trends in real estate prices before moving on. The housing prices in Seoul have risen for the 24th consecutive week, although the rate of increase has decreased for three weeks in a row.

According to statistics from the Korea Real Estate Agency, the sale price of apartments in Seoul has recorded a 0.21% increase compared to a week ago. Although prices have risen, the rate of increase has shown a decline for the third consecutive week. By region, Seongdong-gu and Seocho-gu have seen the most significant increases, jumping over 0.4% in just one week. However, in almost all autonomous districts of Seoul, the increase has been somewhat reduced compared to the previous week. Since the beginning of this month, loan regulations have generally been tightened, and as home prices have continued to rise significantly, many buyers are feeling fatigued and a considerable number are taking a wait-and-see approach. While there are localized transactions in preferred areas that show higher prices, the overall pace of inventory depletion has slowed down, according to the Real Estate Agency. As for rental prices, in Seoul, they have increased by 0.15% over the past week.

We have recorded a positive trend for 68 consecutive weeks. Now, the fall semester has begun at schools, so let's check how much it costs to rent a one-room apartment near major universities in Seoul. The average monthly housing cost for one-room apartments in university areas in Seoul is 680,000 won. According to price statistics compiled by Dabang, the average monthly rent for one-room apartments near ten major universities in Seoul, based on a deposit of 10 million won and a dedicated area of less than 33 square meters, is around 600,000 won. However, when renting, you also need to bear the management fees separately, which averaged 79,000 won. Although the monthly rent has only increased by 0.2% compared to last year, it is notable that management fees have risen by 11%. The most expensive rent is reported near Sungkyunkwan University, where it reached 620,000 won, a sharp increase of 17% compared to a year ago. Additionally, one-room apartments near Hankuk University of Foreign Studies and Hanyang University have seen a rent increase of over 5% in the past year.

In the past year, the monthly increase rate has been close to stagnant. With the rise in management fees, the actual housing cost burden for college students has become heavier, and this concern has been raised. What you are currently watching is a morning routine program that compresses the main articles from the Korean Economic Newspaper and delivers them every weekday morning at 8 AM. For those who are seeing this for the first time, we hope you subscribe to our Korea Market channel and join us for the economic news briefing on Monday mornings at 8 AM. Now, let me introduce today's front-page article from the Korean Economic Newspaper, titled The Stock Investment Anxiety: Driven to Emigrate. This article discusses how the ongoing uncertainty surrounding the political discussions about the abolition of the stock investment system is increasing confusion among investors. Many of you may already be familiar with stock investment, but let me briefly explain the concept.

If you look into it, whether you are a major shareholder or just an ordinary investor, if you earn more than 50 million won in financial income from domestic stocks, a 22% tax will be imposed. This taxation applies not only to stocks but also to funds and bonds. If the income exceeds 300 million won, the tax rate increases to 27.5%. In fact, discussions about introducing this financial investment tax have been ongoing for a long time. It was announced in 2020 as part of a financial tax reform plan that this new tax would be implemented, and it was passed in the National Assembly. However, during the presidential election two years ago, this became a significant issue. After the change to the Yoon Seok-yeol administration, it was announced that the introduction of the financial investment tax would be postponed for two years. Therefore, according to the original schedule, this system should be implemented starting next January, but earlier this year, the president...

The debate over the abolition of the financial investment tax continues as it has been formalized again as a campaign promise. Currently, the People Power Party, with Representative Han Dong-hoon taking a direct stance, is strongly pressuring the Democratic Party to respond to the abolition of the tax. On the other hand, the Democratic Party has not yet fully resolved its internal discussions. In fact, if no agreement is reached between the ruling and opposition parties, things will proceed as planned. Starting from January next year, taxation will be implemented on the income earned in this regard. The Democratic Party is suggesting not to completely scrap the financial investment tax but to revise it for implementation. What you are seeing on the screen is a summary of the main points of a financial investment tax revision package bill being prepared by Representative Lim Kwang-hyun. This proposal includes raising the basic deduction from 50 million won to 100 million won and also includes withholding tax adjustments.

The proposal includes various measures, such as expanding the investment limit, and to alleviate the complaints of investors, there is a significant increase in the benefits provided for ISA accounts. This is currently under review. Previously, the annual contribution limit was set at 20 million won, but it is now proposed to raise it to 30 million won. Additionally, currently, investments in overseas stocks through ISA accounts are not allowed. Although there is a way to invest indirectly by purchasing ETFs that contain foreign stocks, direct overseas investments are prohibited. However, this restriction will be lifted, and there will also be tax benefits for income generated from these investments. 

However, the current reaction from the financial investment sector, including securities firms and asset management companies, seems somewhat negative. If the tax exemption for overseas investments is implemented simultaneously with the ISA reforms, it could lead to various implications for investors.

From the perspective of investing in overseas stocks, if you use an overseas stock account, you won't have to pay any taxes on the principal amount up to 30 million won. This raises the question of who would want to invest in domestic stocks. According to recent statistics from the Korea Securities Depository, the amount of overseas stocks that Korean investors have net purchased since the beginning of this year has reached a record high of 13 trillion won. During the same period, individual investors in the domestic stock market sold more than 3.5 trillion won worth of stocks. Among the major investors, there are increasing inquiries asking for a consolidation of bonds and stocks through various means. In the investment industry, it is noted that the gap in returns between the Korean and American stock markets is widening, and as people's interest drifts away, if the tax system changes, the incentive to remain invested in the domestic stock market will diminish even further.

It is an undeniable fact that companies' earnings and shareholder return rates of Korean listed companies are significantly high. Therefore, even if we give more tax benefits to domestic stocks, it may still not be enough. This leads to the suggestion that we should not invest in domestic stocks. However, I believe that everyone watching has different opinions on this matter. So today, I conducted a survey, and there have already been various comments in the chat, which I will gather and review later.

Regarding the current situation of the Democratic Party, I can say that it is somewhat undecided. On the 24th, the Democratic Party plans to hold a public debate with a few members who have differing opinions. It seems that the party's position will become clearer here. Up until the first half of the year, there was a strong sentiment that it should be implemented as scheduled, but now...

In July, when the party leadership election was held, Lee Jae-myung, the then-candidate, mentioned that the timing of implementation should be reconsidered, bringing up potential concerns and sparking further debate. However, within the party, there are many who insist that it should proceed as planned without any alterations. As I mentioned earlier, Representative Lim Kwang-hyun is preparing a bill, which the party currently refers to as a personal initiative rather than an official party stance. It is important to note that this has not yet been confirmed as a party position. Nevertheless, he is a former National Tax Service official and currently serves as the vice-chairman of the Policy Committee, so his influence cannot be overlooked. Please keep these factors in mind as you follow future news related to this issue. Now, regarding the regulation of leveraged products that result in tax discrimination, it is expected that the ETF market will also face confusion.

I will show you an article. Recently, if you look at domestic investors in Korea, they prefer to buy foreign ETFs listed in the US rather than those created by domestic asset management companies. This preference for overseas ETF investments is largely due to the fact that many are listed on the US market. Right now, you are looking at the ranking of US-listed ETFs that Koreans have net purchased the most this year. The number one is a leveraged product that tracks NVIDIA's daily returns at double the rate. There are many double products visible on the screen. In fact, half of the top 10 net purchased leveraged ETFs are such products. However, domestic asset management companies cannot create these high-risk ETFs due to different regulations from financial authorities. Additionally, for Korean investors to invest in these leveraged products, there are basic requirements.

You need to pay a deposit and complete online training, which are entry regulations. However, when investing in high-risk ETFs listed overseas, these regulations do not apply. From a tax perspective, for domestic ETFs, a capital gains tax of 15.4% is imposed, and if this income exceeds 20 million won, it becomes subject to comprehensive taxation on financial income. In contrast, overseas-listed ETFs have a different structure; income up to 2.5 million won is exempt from tax, while any amount exceeding that is subject to a 22% separate taxation on capital gains. Therefore, it cannot be definitively stated which option is more advantageous, but there are cases where investing overseas may be more beneficial. Recently, asset management companies have been advocating for the elimination of this discriminatory structure, hoping to see more benefits for overseas stock trading.

There are many discussions about the possibility of accelerated capital outflow in certain cases. In the article I introduced today, I provided a lot of insights on the intentions behind this. As the debate intensifies in the future, I believe we will see a variety of perspectives emerge. I will introduce them one by one as they come up. The implementation is only about four months away now. 

Now, let's take a look at the domestic and international stock market situation. Yesterday, the KOSPI index closed at 275, marking a slight decline of about 0.21%. The KOSDAQ index also fell by 0.88%, recording 725.28. 

Let’s briefly discuss Samsung Electronics, the leader of the domestic stock market. The outlook seems bleak. The title reads, The sigh of retail investors: Unable to ride the AI rally, they fall together when it declines. Yesterday, Samsung Electronics' stock price dropped by 1.43%, reaching 69,000 won, marking the lowest point in nine months.

SK Hynix, for instance, has seen a significant rise since the AI rally began earlier this year. Although its stock price has increased considerably, it has also experienced some declines. In contrast, Samsung Electronics did not rise much when semiconductor stocks were on the rise, but now it is experiencing a decline alongside them. Analysts suggest that the completion of Samsung's fifth-generation HBM development did not align well with the semiconductor boom. Just the day before yesterday, there was news that Samsung passed quality tests for its HBM3 8-layer products and started supplying them, but even on that day, the stock price fell. Investors have been waiting for good news related to Samsung's HBM, but many feel it has come too late. Additionally, some experts believe that the recent strength of passive fund investments in the stock market has further impacted Samsung's weakness, especially as the U.S. stock market faces significant downturns.

Global funds are increasingly tending to sell off our country's stocks not one by one but in bulk. This tendency has led to an exaggerated decline in leading stocks like Samsung Electronics. I hope today will be a better day for the market. Now, let me introduce some articles related to funds and ETFs. The first article is titled Funds Encouraging Short-term Trading: Target Conversion Funds. The public fund market continues to be neglected, but there is a rare type of fund that is gaining traction. Have you heard of target conversion funds? This year alone, two new target conversion funds have been launched in Korea, which accounts for more than half of the newly established public funds. Target conversion funds gather capital and then invest it to achieve the promised target return for investors.

This is a product designed to sell off existing assets and switch to short-term investment assets, effectively halting investment. So, from the investor's perspective, there’s no need to worry about when to liquidate the fund. If the timing is right, they can achieve their target return in a short period and exit, which is a significant advantage. An example of this is the Kiwoom Global Semiconductor Smart Investor Target Conversion Fund, which was introduced in January of this year. It successfully achieved its target return of 10% within three months. However, looking back at this year, we can see that a rally centered around semiconductors made it relatively easy to achieve this target. Recently, the trend has shifted; expectations of a decrease in U.S. interest rates have increased interest in bonds, particularly long-term U.S. bonds.

There is a trend of many target conversion funds being launched. Earlier this year, the stock market was relatively stable, and many funds successfully achieved their goals. However, as the market has shifted to one with greater volatility recently, it has become uncertain when the newly introduced target conversion funds will achieve their objectives. This is something that needs to be considered. Some banks and securities firms that sell these funds often promote target conversion funds as mid-risk, mid-return products. Generally, they aim for returns of around 5 to 7%, which might seem better than deposits and appear to be a stable investment option. However, when looking at the portfolio, it is not much different from regular funds. Moreover, since these funds aim to achieve short-term goals and exit, it raises further concerns.

Investing in aggressive assets like stocks or long-term bonds is something we often see. So, I believe that the risk of investment should be viewed as a general approach to fund management. The downside is open, meaning that when the market drops, it falls just like everyone else. However, when others are rising, I have this setting in place, so once I achieve my goal, it ends there. I can't push it further. In the case of salespeople, when they sell funds, they often take about 1% of the investment amount as an upfront fee. Due to this, recently, banks have been unable to sell ELS (Equity-Linked Securities) like they used to, which has led some to criticize that they are promoting target conversion funds merely to line their own pockets. However, I have to mention that our reporter, Nasuji, worked very hard on this article, and I brought it here, but it's not necessarily a bad product.

This is not something I am offering. For those who find it difficult to closely examine or manage a fund, or for those who feel it’s a hassle, this can be a very good option. However, please keep in mind that there can be downsides as well, so it would be beneficial to consider this as one of the options when selecting a product. Now, I would like to show you an article about a product that you all like, which is the SCHD. The article states that while U.S. dividend growth ETFs are steadily gaining popularity among domestic investors, they are being overlooked in the U.S. market. The official name of SCHD is Schwab U.S. Dividend Equity, and its ticker symbol is SCHD. As of August this year, a net inflow of $2.7 billion has been recorded worldwide. Last year...

You can see in the graph that the amount has decreased to about half of what it was during the period. On the other hand, domestic investors are still very fond of the fund. The proportion of domestic investors in the total net purchase amount has risen to double digits. This year, Koreans accounted for 14% of the total net investment amount. On a global scale, the net inflow of funds is decreasing, despite the fact that the US stock market has performed well; the returns have not been very good. Cumulatively, the fund recorded a return of about 10.2%, while the S&P 500 increased by 19%. So, one could say the performance has not been good. However, if we extend this period a bit further, what happens? It remains similar. Looking at the five-year return, the S&P 500 has increased by 93%, while the fund has increased by 58%. However, the high dividend growth rate is a strong point of this product. Over the past ten years, the dividend yield has also...

Recently, the average has been around 3.3%. There are those who believe that the diversification of income ETFs has had an impact as well. Products like JP Morgan's Equity Premium Income and JP Morgan's Nasdaq Stock Premium Income seem to be representative examples, and their dividend yields are around 10%. In South Korea, domestic asset management companies are also creating high-dividend covered call concept ETFs, which are becoming more diverse. For instance, the Tiger U.S. Nasdaq Back Plus aims for a 15% premium and is an ETF that targets an annual dividend of 15%. In just three months, over 300 billion won has flowed in, making it the top among dividend ETFs. Similarly, there is a product referred to as the Korean version of SHUD, and we can consider options like Tiger U.S. Dividend Dow Jones, but it has fallen to third place. The brokerage firms are discussing SHUD.

When utilizing this, there are some points to consider, so I will convey this as well. It has been mentioned that the attractiveness of long-term investments may decrease. For younger individuals, as opposed to retirees, it is important to accumulate future dividend income steadily. Therefore, it might be better to slightly reduce the proportion of individual stocks and invest in representative index ETFs like the S&P 500 through a systematic investment plan. Considering the magic of compound interest, a higher yield at present could be more beneficial. Of course, one of the advantages of individual stocks is that they can relatively hold up well during market downturns, and they often have a high dividend growth rate. When investing in representative index ETFs through a long-term systematic investment approach, it is also possible to significantly offset the risks associated with market declines. So, do not focus on just one option; consider various alternatives.

I would like to emphasize that we should look at the overall picture. Now, let's move on to the situation in the New York stock market last night and summarize it. We will check which stocks rose and fell through the charts. The three major indices closed mixed. The Dow Jones index fell by 0.54%, the S&P 500 index decreased by 0.3%, while the Nasdaq index rose by 0.25%. At one point during the trading session, the Nasdaq index surged over 1% but then reversed to close with a slight gain. The Dow Jones index dropped more than 1% at its lowest point but reduced its losses by the end of the day. Overall, it can be summarized as a day of high volatility. With mixed signals from the U.S. economic indicators, it seems that investors are struggling to find direction. Looking at the statistics released overnight, the ADP National Employment Report showed that private sector employment in August fell short of 100,000 jobs, significantly below market expectations.

미달했다는 수치였다는 점을 보시면 되겠습니다. 하지만 미국의 주간 신규 실업보험 청구자 수 통계도 나왔는데요, 22만 7,000명으로, 한 주 전보다 5,000명 감소했습니다. 실업 관련 지표가 걱정보다 양호하다는 것을 보여주고 있습니다. 이런 것들은 투자자들을 안도하게 만들었다고 볼 수 있습니다. 이런 것들이 섞이다 보니 혼조세가 됐다고 정리할 수 있을 것 같네요. 

이제 오늘 밤, 우리 시간으로 9시 30분에는 미국의 8월 고용 보고서가 공개될 예정입니다. 일자리 증가와 실업률 같은 것들의 8월 수치를 확인하실 수 있는데요, 이 데이터는 연준의 기준 금리 결정에도 영향을 줄 것으로 예상되고 있어서 시장에서 주목하는 지표입니다. 한 번씩 체크해 보시는 것이 좋을 것 같습니다. 어제 주요 기술 기업들은 대체로 양호한 흐름을 보였습니다. 지금 화면에서 아마존이 2% 넘게 상승한 것을 보실 수 있습니다.

Tesla has risen nearly 5%. They announced plans to launch fully autonomous driving software in Europe and China next year, which has had a positive impact. On the far left, Nvidia has increased by 0.94%. Originally, there was news that the Department of Justice had issued a subpoena for antitrust law violations, which I reported on in yesterday's broadcast. However, CEO Jensen stated that he had not received the subpoena, which helped the stock price rebound slightly. Eli Lilly and AstraZeneca have both fallen by over 3%. It was a tough day for pharmaceutical stocks. Additionally, foreign news articles reported that the Organization of the Petroleum Exporting Countries (OPEC), including Saudi Arabia and Russia, announced that eight member countries have agreed to extend voluntary additional production cuts of 2.2 million barrels per day until November.

I announced that it was originally scheduled to end at the end of this month, but it has been extended by two more months. This voluntary production cut will be extended until November and will be gradually reduced over the course of a year, increasing oil production again by next November. Now, let's set aside the map and introduce another article about U.S. stocks. Warren Buffett has appeared here. However, he seems to be making a face that suggests he thinks the stock is overvalued. Recently, Berkshire Hathaway, a top-quality stock that surpassed a market capitalization of $1 trillion, has been embroiled in a controversy over its stock being overvalued. Even after surpassing the $1 trillion mark, the stock price has been steadily rising, and the market capitalization continues to grow. On Wall Street, the advantages of being a defensive stock have been highlighted, so the upward trend has not been halted, but the assets...

There have been recent comments stating that the stock price level is excessively high compared to corporate performance. Berkshire Hathaway is a conglomerate that includes subsidiaries in insurance, energy, railroads, and more. Even when concerns about economic downturns arise, its portfolio is structured to generate stable income, which has led to stock prices for both Class A and Class B shares rising over 30% this year. However, Edward Jones, a U.S. brokerage firm, recently rated its investment opinion on Berkshire Hathaway as hold, citing that while the company continues to generate solid profits, these have already been reflected in the stock price. Additionally, they pointed out that Berkshire Hathaway is reducing the scale of its stock buybacks. In the first quarter, the company repurchased $2.6 billion worth of its shares, but in the second quarter, it fell short of $350 million, marking the lowest buyback in the last five years.

It was a low amount. I'm curious about what Warren Buffett thinks about this controversy. Now, I will show you an article related to retirement pensions. In our finance section today, I will present an op-ed written by Oh Hyun-min, the senior manager at Mirae Asset Investment Pension Center. The title is Starting October 15, Things to Check Regarding the Transfer of Retirement Pensions. 

Currently, those who have a DC0 retirement pension or an IRP account know that they can transfer to another company. However, there is a hurdle to overcome in this process. You must sell all the funds or deposits in your account and convert them into cash before making the transfer. Considering the maturity when we subscribe to deposits, it can be quite difficult to do this at any time. If you withdraw early, the loss of interest can be significant.

Switching accounts serves as a hindrance. After cashing out and transferring to a new account, you have to select and repurchase all the products, which can be a bit cumbersome. As a result, the transfer of retirement pension accounts is not as active as expected. Starting from October 15, the burden related to the transfer of my retirement pension account will lighten a bit. A system for physical transfers will be implemented, allowing you to transfer to another company's account without having to liquidate the products. This means you can conduct physical transfers within the same type, such as DC to DC or IRP to IRP. Funds, ETFs, and deposits can all be transferred physically; however, products like REITs, MMFs, and ELSs cannot be transferred. For those, you will still have to liquidate as you do now.

When you want to utilize this system, you need to check whether the company you are moving to has the products you currently possess. If the retirement pension products offered by the company you are considering do not include the products you currently have, you will not be able to transfer them in kind. This means that larger companies, which tend to have a more diverse lineup of products, are more likely to offer what you need. It would be wise to compare these options before making a choice. Recently, there has been a lot of discussion about national pensions, but managing the returns of your retirement pension is also crucial for our future planning. Many people are aware of this. In fact, I, like many others, often find it difficult to delve into the details due to our busy schedules. However, since you have seen the articles, I recommend that you take a look at your retirement pension portfolio this weekend and check how the returns are performing.

I wanted to introduce this for you to check. I have shared all the prepared articles, and now let's take a look at the entire page from the first page of the Hankyung. We will also wrap up the survey related to investment in financial securities. What do you all think about this investment? Let's take a look. The most common response was that it should not be implemented and should be removed, with 60% agreeing. It seems that those who watch our Korea Market are quite interested in stock investments, which might explain this result. 14% believe it should be implemented but with some restrictions, and 12% think it should proceed as planned. More than 1,300 people participated, thank you. Lastly, regarding the article on the transfer of retirement pensions, it seems that our guest is satisfied. Please make good use of that. Hello, Ok's PC in Sangil-dong, it's nice to see you again after a long time. I hope you are doing well every morning.

I recently subscribed to a newspaper because my oldest child will become a middle school student next year, and I thought it would be good to read and study together. However, the newspaper has not been arriving. I can't believe this is happening! I don't have the number for Sangil-dong right now, so I can't help you directly, but if you could call our headquarters' reader center and let them know, I will make sure to address it sincerely. I’m really sorry about this.

I showed an article about Warren Buffett's Berkshire Hathaway being embroiled in a valuation controversy. A commenter, Lee Risebi, mentioned, Who can evaluate Warren Buffett? You just have to trust and go with it. Another commenter, Tae, suggested that it seems a bit like a religious belief rather than just stocks. Additionally, there was a mention of target conversion funds, and it was noted that banks have been actively selling these recently.

A blind person suggested that banks should only sell deposits and loans, and they wondered how that would work. They mentioned that selling funds has caused various problems, and to prevent these issues, the bank would need to take responsibility for all the funds sold, which doesn't seem feasible. They expressed that, from an investor's perspective, there are times when it feels like they are being scammed. 

Hello, Ms. Lee. Earlier, I introduced the legislation related to investment funds that is being discussed. It seems that American companies are in a good position because the Korean government is reportedly taking care of the Korean retail investors. 

Hello, Ms. Eunjeong. You mentioned that you are listening while on your way to work, and I appreciate your constant support. Welcome, Sunny! I had introduced the article written by our reporter, Ms. Nasuji, earlier, and those who know Ms. Suji would surely be glad to hear that.

You mentioned that what you're doing now is taking on a significant risk, and it seems to me that you're trying to focus solely on the tags without considering those aspects. BMK pointed out that losing money is just losing money, but if taxes are collected on the profits made from stocks, then where exactly can one find profit? You also noted that you saw an article stating that Samsung Electronics rises when others rise, and falls when others fall, but you remain hopeful that there will be days when it goes up. When do you think that might be? It should come soon. Hotpants mentioned that cutting losses on Samsung is indeed a painful topic. I believe there are still many people who bought in at 80,000 won, and now that it's dropped to the 60,000 won range, Taegeukgi Hyuba has shed some tears over it.

Hello, everyone. To implement the tax, if there is a loss of 50,000, I would agree to provide some other incentives, but I think that just taxing profits will be a policy that could ruin the Korean stock market. Additionally, in a country like ours, where there is a strong sentiment towards real estate, it seems that this would make people more hesitant to invest in gold. Currently, securities firms and asset management companies are expressing similar concerns, worrying that the money leaving the stock market will not just go to real estate. Ji-eun mentioned that it's pure chaos, and Mr. Butter Knife pointed out that there is plenty of money to spend, but no place for it to go. The government needs to create new revenue sources, and the conclusion seems to be that income tax will be increased. Please share your diverse opinions on this financial investment security legislation.

You asked me to check through the chat window. Also, there were some inquiries about the meaning of my nickname, Mang-a. We explained it, so please view it kindly and call me by it often. Now, let's wrap up today's broadcast. It's Friday, and since there are many hot topics, it has gotten a bit lengthy. Please enjoy your weekend, and I will come back on Monday with plenty of new content. You've all worked hard this week, and I look forward to greeting you again in the new week. Thank you.

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