Hello, this is Kim Pi, making investment easier. Today, I would like to talk about the hidden real intention behind Powell's interest rate decision. Oh, there was a speech by Powell in the early morning today, and there was an interest rate decision announcement. The decision was to keep the interest rate unchanged. So, what did Powell say? He mentioned that the labor market is normalizing, the economy is still at a solid level, and all data is flowing appropriately. The recognition of the interest rate is approaching. In this ambiguous manner, as Powell always does, he concluded by vaguely stating that things could go one way or another. However, as we listen to Powell's speech, there is a part that you might overlook, so I would like to mention it. For those who have been watching my broadcast for a long time,

You may know that the New York Stock Exchange rose in September due to expectations of a rate cut. This is what they are saying in the news articles. So, many people who actually only read media articles think that a rate cut is positive. Many individual investors think so. However, in reality, it can also act as a positive factor in the short term because ultimately, how we perceive it in the market creates a rebound in prices. But now, I want to tell you something to consider in the long run. Looking at the typical downward market patterns over a period of more than 100 years since 1871, after the first rate cut, there is a strong tendency for a downward market to progress significantly. This is what the data says, coming from sources like Bank of America and Bloomberg, and is often utilized in the analysis.

I thought that lowering interest rates would be positive because it reduces the burden on the market by lowering interest rates, and ultimately, it supplies liquidity, so the market should go up more. You might think like this. Then, we need to understand why interest rates are lowered first. Why are interest rates lowered? Because which institution adjusts these interest rates? It's the central bank. Each country has one central bank, but the most representative one is the Fed in the United States. Just like how Nvidia's rise and fall affects global markets going up and down, depending on what the U.S. Fed does, the actions of central banks worldwide are somewhat determined. But then, what is the role of the U.S. Fed as a central bank? It's monetary policy. What is monetary policy? Printing money.

It's about adjusting interest rates, there are two main functions. The biggest function is, but when do you lower interest rates? When the economy seems to be worsening, preemptively lowering interest rates or lowering them urgently even when the economy is already bad, plays a role in defending against market shocks. We are guiding the landing of an airplane, right? When the airplane is landing, we try to support it with interest rate cuts so that it doesn't fall abruptly like thump thump thump thump. Do you understand? So, lowering interest rates acts as a buffer. Since the economy seems like it might deteriorate, we try to preemptively handle it with interest rate cuts to minimize the damage to the economy. Therefore, when interest rates are lowered, it usually means the economy is not doing well, and when the economy is not doing well, stock prices also decline without exception. So, the key point is the economy. However, some may now have doubts. Is it always the case that the market...

It wasn't a decline. When interest rates are cut ten times, about eight out of ten times, the market definitely declines. However, there are also one or two periods where it doesn't necessarily decline. So, why did the market rise despite the interest rate cut? Well, you can find the answer in the data. The reason is that the interest rate hikes have stopped. In other words, when interest rates have been continuously rising and then suddenly stop, whether an economic recession occurs or not will greatly affect stock performance. Typically, during periods of economic recession, stocks tend to drop by an average of more than 14%. This is what they say. In fact, even taking into account the fact that stocks have dropped less, the reality is that there have been cases where they dropped even more significantly. However, if interest rates stop rising from their peak and there is no economic crisis, stock prices will rise.

There is a tendency, in other words, no matter what the interest rate is, when we talk about 1995, 2018, and 1989, if it is said that only economic recession does not occur, the market rises regardless of interest rates. However, once an economic recession occurs, there has never been a time when stock prices have risen. In other words, what is more important than interest rate cuts is actually economic recession. Or you can also cite the inversion of short-term and long-term interest rates. Because when the short-term and long-term interest rates are inverted, the economy tends to inevitably go into a recession. Do you understand? The performance differs when the short-term and long-term interest rates are not inverted compared to when they are inverted. When the short-term and long-term interest rates are not inverted, the market tends to rise, and when the short-term and long-term interest rates are inverted, the market tends to fall. In other words, it is true that the market shows weakness when interest rates are cut, but what is more important than interest rates is.

It's about the inversion of long-term and short-term interest rates. What is the long-term and short-term interest rate difference? You can think of long-term interest rates as showing the difference from short-term interest rates. If you search on Google, you will find a lot of detailed information. So, what exactly is the inversion of long-term and short-term interest rates? It causes economic downturns. What happens after the inversion of long-term and short-term interest rates? Events like those on the left happen. When the inversion of long-term and short-term interest rates occurs, significant events follow. For example, after the inversion of long-term and short-term interest rates during the first world war, the Great Depression of 1929, the inflation in the 1970s, the recession in the 1980s, the dot-com bubble in 2000, the global financial crisis in 2007-2008, and the COVID-19 shock in 2020. This is when the inversion of long-term and short-term interest rates occurs. In other words, there is a tendency for the inversion of long-term and short-term interest rates to happen when the economy is in serious trouble and stock prices are plummeting.

So, this is what I asked the AI, and this is how AI responded. Therefore, the inversion of long-term and short-term interest rates has often been a signal of economic recession and stock market decline. So, it is based on the difference in interest rates between long-term and short-term government bonds. This is how it is explained. However, it has been quite a long time since the inversion of long-term and short-term interest rates occurred. It has been over a year. But even though the inversion of long-term and short-term interest rates has been going on for quite some time, why hasn't the economic downturn come? Some people may think this way. If the inversion of long-term and short-term interest rates does occur, the possibility of an economic recession becomes very high, and you must be aware of this. One important tip here is that it's not the inversion of long-term and short-term interest rates that matters, but when the inversion is reversed, that's when economic crises usually occur. And it's around this time that stock prices plummet, and there's not much time left until the recovery now.

The situation is that according to a certain statistic, the period of the yield curve inversion has been long. Therefore, the longer the inversion period lasts, the stronger the tendency for severe economic crises or stock market crashes to occur. So, as the duration lengthens, what happens is that the tendency for a crash becomes stronger. The stock prices will drop by this much, drop by that much. That's why the duration of the yield curve inversion is important. So, if we summarize up to this point, ultimately, although a rate cut may lead to a market decline, it does not necessarily cause a decline. When does it happen? It occurs when there is an economic recession or when the yield curve inverts. Because ultimately, when the yield curve inverts, an economic crisis follows. So, up to this point, considering that the yield curve inversion has been in place for a long time, the longer it lasts, the more severe the stock market crash.

It's coming in stronger. So, how much is it now? By the way, the Great Depression lasted about 700 days. Currently, it's at 7501, and based on the 10-year water and 2-month water standards, 7501 for the 10-year water and 6451 for the 3-month water. In other words, the period around the Great Depression was about 700 days. However, now we are approaching or even exceeding the level of the Great Depression. So, we should consider the possibility that a serious economic crisis may occur, even if it doesn't reach the level of the Great Depression. Since the Great Depression, we are currently going through the longest period of inversion. In order for the long-term interest rate differential to recover, the situation is at a critical point. If this recovery occurs and goes upward, usually during this period, stock prices tend to plummet significantly. Generally, if you look at the data, that's the case. So, since the Great Depression, up to now.

I have experienced the most serious long-term ups and downs in medication for 7561. So, what happened at that time was that the stock index, the Dow Jones index, plummeted by 89% over a period of three years, and the unemployment rate surged to 25%, which is now at around 4%. Knowing that 25% of people couldn't find jobs, even if they tried to work part-time, shows how difficult it was to make a living. Many people around me became unemployed, even more serious than during the IMF crisis. So, looking at the bond market on the iPad now, around September 18th, in about a month, there is a 90% chance that interest rates will actually be lowered in the bond market. So, in about a month or a month and a half from now, if you look at the bond market, you can see that the interest rates will actually be

It is almost a confirmed fact that a rate cut will happen. The bond market, well, interest rates were supposed to be lowered around 2023, but they kept delaying it, pushing it back. Now, it seems like it will happen in 2024. Most of the Fed watchers are predicting a rate cut, so if there are no major disagreements until September, the possibility of a rate cut dominating is high. So, what is the outlook for rate cuts in the future? Starting from September 18, they will begin to lower the interest rates gradually, lowering it again in November, then in December, January, and March. It seems like they are trying to quickly reduce the interest rates with each announcement. This is how the market is looking at it, with the highest probability. Therefore, it is almost certain that there will be a rate cut by 2025 at the latest.

You can think of it as non-existent. So, if we say that, what about other countries except the United States right now? In reality, other countries have already started lowering interest rates. The number of countries currently lowering interest rates is increasing rapidly. Therefore, it is predicted by the Bank of America that by the end of 2024, about 80% of countries will have lowered their benchmark interest rates. This means that 80% of countries, in other words, most countries, will be lowering interest rates. What does this mean? Currently, the yield curve is inverted, and the economy is getting tougher, which is confirmed by data. By that time, there is a high possibility that stock prices will continue to face downward pressure. This is the discussion going on right now, or rather, the downward pressure is likely to increase, and a downturn may start soon.

It's not a matter of words, but rather, there is a possibility that the increase in stock prices will be more limited than in the past, so you should consider it as a signal to be cautious. It's definitely not the case that the market will just plummet. Therefore, if we look at the current trend of benchmark interest rates, the trend of interest rate cuts has been continuing since last year, and interest rate cuts are now rapidly accelerating worldwide. Just to give you an idea, during the COVID-19 shock, interest rates were cut at a speed similar to that of the global financial crisis. During the dot-com bubble, interest rates were cut at a similar speed. Currently, although the pace is a bit slower than back then, the trend of interest rate cuts is firmly established, so there may be some challenges ahead for the global economy. This is a possibility.

It seems to be gradually opening up, but just a reminder that you shouldn't only focus on the United States. Especially investing in Korean stocks or foreign stocks is more important. When the whole world is like this, an economic crisis starts from small or weak countries and ends with the strongest country collapsing. But if China collapses and other countries are doing fine, isn't it okay? China has already started collapsing with other developing countries in front of it, and that domino effect is now reaching the United States. So, when the tsunami reaches the United States, if you prepare for it later, you won't be able to respond because the stock prices have already plummeted. Recently, some of you may be investing in big tech like NVIDIA.

The market capitalization of 400 trillion won will evaporate 100 trillion won in a month. Could you respond to this? Could you cut losses? If you couldn't cut losses at that time, saying you will respond when an economic crisis hits won't work. Because if you didn't respond when 1% of the market capitalization disappeared, it's too late. If you were going to cut losses, you should have done it earlier. So, when it's already halfway down and falling apart, it's already too late. That's why early response is quite important. I'm not saying to sell all stocks right away and wait. I just want you to consider a little more about the risky parts in your investment direction, intention, and thoughts. I hope you make a wise judgment. So, now.

Some time ago, there was an article about this. What was said was that 54 developing countries are in a bankruptcy crisis. As time passed, what happened? The global economy is already worsening. The real economy in South Korea is very bad, and how about the stock prices? The secondary battery sector continues to decline, and although there are some stocks like bio stocks that are rising, they are only a few. Most stocks are plummeting, and shortly after this article came out, Sri Lanka went bankrupt. In addition, various countries, including Russia and Ukraine, are now facing bankruptcy crises, abandoning war. However, I'm going to tell you a really interesting fact from now on. Like I mentioned earlier, where are the institutions that adjust these interest rates?

What is the role of the central bank? It's about printing money, then adjusting the amount of money printed, and adjusting interest rates. It is the place where monetary policy is conducted, the central bank. So, they basically make decisions on interest rates by fundamentally observing whether the economy is improving or deteriorating. Powell cannot be unaware of the fact that the economy is deteriorating, even though it can be confirmed by data. Despite this, he continues to avoid using vague expressions. For example, the economy is rapidly deteriorating, and the labor market is quickly freezing. This expression freezing is accurate, but Powell says something different. He describes it as labor market normalization. Where does he see normalization? The unemployment rate is hitting rock bottom now. So, it's a good state, right? Employment is stable now, but the unemployment rate is rising.

We express it as the normalization of the market because in the past, the unemployment rate has been high or low on average. So, on average, the unemployment rate should rise to this point to be considered normal. When you look at the average or median, the unemployment rate should slightly increase to see the labor market as normalized. That's why we describe it as normalization. Also, inflation at 2%. For example, currently, there doesn't seem to be any problem in the labor market. In a way, there are plenty of jobs, and the unemployment rate is at its lowest. However, calling it the normalization of the labor market means that the labor market is overheated because there are many jobs, so there is a need to calm it down a bit. I see this as a similar discussion. And saying that inflation should be kept at 2%, but inflation is already under control.

Once you pass, everything will be caught, so what is ultimately an interest rate cut is like a buffer device considering the economy will collapse. So, an interest rate cut, so I'm saying this as stepping on the gas pedal in Excel. In the same way, if you don't step on the gas pedal in a car, eventually it will stop. If it's not autonomous driving, so the car will keep running and if the speed slows down, accidents will happen when the economy is no longer growing and starts to retreat, just like reducing the speed on the highway when you think the economy is going to retreat. So, to make the car run well again, it's a function of stepping on the pedal. Interest rate cuts play a role as a buffer device considering that the economy will collapse, so hidden in this interest rate cut is this intention. In fact, I just mentioned the normalization of the labor market, but if you look at the JOLTS job turnover report, there is an interesting fact.

Everyone, please take this with you as it is truly useful. At that time, the dot-com bubble burst, the financial crisis burst, and the corona shock burst. Do you see any commonalities now? The unemployment rate may not seem problematic, but when you look at the number of people and job reports, job opportunities and hiring rates worsen at their peak, usually leading to an economic crisis. During the dot-com bubble, the global financial crisis, and the corona shock, stock prices almost halved at that time. The Nasdaq dropped by about 70% compared to its peak. So, it's no different from saying that NVIDIA could drop by 70% from its peak now. Compared to the dot-com bubble and the corona shock, what is one of the indicators that can predict this in advance? Jobless claims, that's right. This is a real golden tip. Please mark this with a star and pay close attention. But now,

According to the current Jolt report, it has been quite a long time since the labor market started deteriorating. Powell refers to this as the normalization of the labor market. Is this normal? Shouldn't it be expressed as deteriorating? But if you express it as deteriorating, how will it be received? People will criticize and attack. That's why they keep emphasizing the normalization of the labor market. This is Powell's real hidden intention. So, what happens when the Jolt report drops from its peak? When events like the Covid shock, financial crisis, or dot-com bubble occur, job opportunities decrease, indicating a worsening economy. Therefore, when stock prices plummet, it clearly indicates that the economy is deteriorating before the stock prices crash. Just by looking at this,

You can roughly gauge and predict an economic crisis in advance. Powell knows all about this. Not only Powell, but most people working at the Federal Reserve in the U.S. know this. But why don't they speak out? Why do institutions like Goldman Sachs keep quiet? Do you know who the shareholders of the Federal Reserve are? The Federal Reserve is not operated by the U.S. government like the Bank of Korea. The Federal Reserve is not operated by the U.S. but by private institutions. Of course, the U.S. has control over employment rights and such, but in reality, the shareholders of the Federal Reserve are private institutions like JP Morgan and Citibank. They are the ones who founded the Federal Reserve. So, when the Federal Reserve issues government bonds and goes through processes like that, they receive dividends from private banks. Did you know this? It's interesting, right? So, the Federal Reserve System is...

Yeonjun in the United States was born on December 23, 1913. As far as I know, I also need to learn more about history and study. As far as I know, JP Morgan at that time was too dominant in the market, lending money to companies, and somewhat manipulating the market. In the old days in our country, before that, one of the presidents somewhat uplifted all the businessmen and somewhat killed all the moneylenders. In this way, somehow, he somewhat controlled the market of businessmen and somewhat suppressed the moneylenders. But there was also such a thing in the United States. J.P. Morgan established the Federal Reserve to transparently manage and supervise these financial giants that were dominating the market. This is how it was established. But on December 23, 1913.

Established, over 100 years have passed since then. Here, let me tell you a chilling fact. After the Federal Reserve was established, there has never been a single instance where they warned in advance of an economic crisis, a surge in unemployment, a stock market crash, or anything like that. However, they can know everything because they track data in advance. Over a period of more than 100 years, they have experienced various things like financial crises, pandemics, and so on. So, they surely have tools and expertise to predict the market to some extent. Because, as I also know, there is no way people wouldn't know. But why don't they tell you? When you watch disaster movies in movies, like tsunamis coming or asteroids colliding with Earth, or some kind of problem occurring on Earth, the privileged class informs the public.

You should never do that. Why are you talking about this? When you talk about it, it causes tremendous social chaos. For example, Powell will explode the unemployment rate from now on, and if the interest rates go up, the stock prices will plummet. If you keep talking like this, what will happen? The stock market will go into panic. Then where will all the arrows point to? They will point towards the U.S. and the Federal Reserve. But if the Federal Reserve doesn't warn about this and keeps talking like this until an economic crisis hits, then it's not easy for the U.S. Federal Reserve to blame the U.S. for it. People just suddenly think that an economic crisis has come because a bank collapsed in the economic system. People wonder why the financial crisis happened. It happened because of people's greed. People gathered a lot of subprime mortgages and borrowed a lot of money like that.

When we talk, fundamentally, the country has the obligation to manage and supervise these things, right? But if they leave it alone and it explodes, what happens? Ultimately, we are the victims. It's us, the investors. Individual investors are the ones who always suffer the most. So, in this market situation, how should we respond? I brought some interesting data related to how we should respond in this kind of market situation. This is actually data that I knew very well, but I brought it to show you. Showing the data gives credibility to what I'm saying. So, I recently brought some data. What kind of data is it? It's about comparing the performance in the stock market between small-cap and large-cap stocks before and after a rate cut. Before a rate cut, usually, when the rate drops, the performance is better in large-cap stocks.

Until the interest rate cut, large-cap stocks tend to perform well. But what happens after an interest rate cut? Small-cap stocks tend to perform better. When the economy starts to deteriorate, small and medium-sized enterprises are already struggling even before the downturn. Therefore, even when large-cap stocks are rising, small-cap stocks are already at their lowest. But when an economic crisis hits and stock prices plummet, like when NVIDIA starts to drop, small-cap stocks have nowhere to fall. Well, they might fall further into the basement, but when large-cap stocks drop by 10%, small-cap stocks either drop by 5% or even record a +5% increase. So, their relative performance is better. It means that small-cap stocks don't rise in absolute terms, but rather they rise relatively compared to large-cap stocks plummeting.

When they drop or slightly rebound, they say that small-cap stocks are better as a relative value. But recently, if you look, Nasdaq and Russell are fighting each other. Just a few days ago, Nasdaq went crazy with interest rate announcements and went up, but before that, how was it? Russell beat Nasdaq. They used to have stable performances, but now suddenly they are fighting back and forth. You can confirm that Russell is now rising from the bottom while showing better relative performance. In other words, what does that mean? It is quite similar to the time when small-cap stocks were performing well after interest rate announcements. Do you think gold is a safe asset or a risky asset? This is a very important aspect of your response to the market.

Today, it's not only important to invest but also to provide you with important information on how to respond in the market until you die. Now, as I listen to the live broadcast, opinions on whether gold and silver are safe assets are completely divided. However, I think the answer lies somewhere between option 1 and option 2, around 1.5. Because gold is fundamentally a raw material, so when there is an economic crisis, it often follows the trend of raw materials. However, why is gold not a safe asset but a raw material with a slight safe asset characteristic? The conclusion is that it varies depending on the situation. Please pay attention. Firstly, when the economy worsens, stock prices inevitably fall. Because when the economy is bad, consumption is also bad. If consumption decreases, companies' revenues decrease because someone needs to buy the companies' products, but if consumption decreases, companies' revenues also decrease.

I will come out. If companies' sales and profits do not come out, their stock prices will drop because the guidance is not coming out. But look closely. From 1929 to the present, there have been numerous downturns in the U.S. stock market. In the past 100 years, there have been well over ten downturns. So, we often encounter downturns while living our lives. It's not a special market; downturns always exist. When there is a downturn, the drop can be significant, like 80% in some cases, or smaller, around 10% to 20%. However, how does gold behave in these downturns? It can fluctuate around 0.29%, showing almost no change, drop by 10% to 45%, or even record a slight increase. But do you know what is important? Do you know why gold serves as a safe asset in stock market downturns and economic recessions?

The relative performance of gold in the stock market is excellent. When it comes to relative performance, small-cap stocks have shown outstanding results. In times of economic crisis, gold tends to perform much lower than stocks. Comparing the relative performance, except for one out of several downturns in the past, gold has shown significantly superior relative performance to stocks. However, when looking at nominal performance, in reality, gold does not show significant increases, such as a 1% or 130% increase, excluding those times. Nevertheless, when the stock market is in turmoil, gold serves as a defense compared to stocks. Therefore, it is quite good. Even in times of economic recession, the relative performance is quite good, so when a slight economic downturn comes, it plays a role like an umbrella protecting our accounts. According to the statistics I have seen, among American investors, gold is included in portfolios from the perspective of asset allocation.

What percentage do you think you have in total and what percentage do you think you will have? What do you think, everyone? How much do you think it will be? They say they have about 1%. But in the past, gold naturally accounted for a significant portion of investment assets, like 20% or 30%. However, how about today? No one is paying attention to gold. As a result, there is a statistic that only accounts for about 1% to 5% of the total assets. You must remember the stock market saying, Flowers bloom where others do not see. Do you understand? Therefore, nowadays, central banks, led by Turkey and China, are buying gold like crazy. Articles even say it's at the highest level in 40 years. So, what do you think about central banks around the world buying gold like crazy? How about the price of gold now?

I'm marching on a high road, but the raw material market is currently the most undervalued in 100 years. I've confirmed it with data, so even though gold has risen so much, there is a high possibility that the overall raw material market is undervalued. Because it is true that gold itself has risen a lot, but if you think about the money that has flowed into the stock market so far, stocks have risen this much, but raw materials haven't risen much compared to that. Therefore, there is a possibility of a ping-pong effect in this market. If the money that has gone into stocks now moves into raw materials, what will happen is that gold and silver may benefit a lot. I'm not saying to buy gold or silver right away, but I'm telling you that there is this information. However, recently, China has been buying a lot of gold, but recently, maybe because the economy is tough, they suddenly almost stopped buying gold.

There are situations where you avoid this, so please keep that in mind. Even though I am talking about the risky situation now, in fact, when it comes to the market, it tends to go up sharply like a bubble at the end and then fall sharply. It creates a pattern like the Hyman Minsky pattern, where it rises sharply once and then falls sharply. So, in order for the last storm that cools off to rise, there should be something like that, but so far, nothing like that seems to have emerged, except for items like GameStop. But back in the 1600s, there was a tulip bubble, a situation where tulips, which had no real value, were traded at very high prices. In simple terms, there was a bubble incident like the Honey Butter Chip or Pokémon Bread Sticker.

It's nothing special, but people are trading at a very high price. However, what is the end of all these bubbles? It ends with regret. It always ends with regret. Now, creating crazy price surges like this, we have experienced this so far. Because we are still living in the current market, it's not easy to see this objectively. Honestly, have we really seen true madness yet? Have we experienced a market where you buy today and it doubles or increases tenfold the next day? So far, it seems not quite like that. But if you look at the daily chart of NVIDIA, after passing through history, people might say that NVIDIA's bubble could be like this. Because of the stock price, it just goes straight up. So, what kind of controversy is arising now?

Will the related NVIDIA revenue be sustained? This kind of talk is continuing on Wall Street, and the truth is, I want to stop talking about risks related to NVIDIA. Because NVIDIA shareholders are being attacked with malicious comments, and those who invest in NVIDIA-related stocks are being warned to be careful with NVIDIA. Just mentioning this much, I just feel very hurt because I have suffered a lot of losses. Although I tried to toughen up, I have been hurt a lot. So, I actually want to leave this topic alone. NVIDIA's stock price has risen so much until now, so it may not be easy to judge if this is a bubble. But considering the future, isn't it possible to say that there is a bubble when people look at this level of rise? It is true that there has been a significant upward trend, and it is not that it cannot rise further, but rather that it can rise further like it is now.

Doubts about whether it is possible are natural, but we should consider this part more systematically. So please stop beating around the bush. Even so, if the demand surges, short-term investment opportunities still mainly lie in AI. What do you want to say? Looking at the long term, it has already risen enough, so instead of expecting a stormy rise like before, it is more likely to continue to rise steadily for the next 5 or 10 years. Rather than thinking about this, I believe short-term investments for making profits in the short term are fine for a while. However, in actuality, [Ji...]

I have no other investments. All the money in the world is pouring into real estate. What can I do? Whether it's a bubble or not, in the end, there's nothing else to do but this. Instead of thinking of holding it for 5 or 10 years, there are risks of overvaluation in the short term. By investing in the short term, we can have a chance to make a profit, and if it seems to drop, we can sell immediately, which helps manage the risk. Then, when we hold something in the long term, we can defend against the systematic risks of this market. Since there are always many investment opportunities, there is no need to be impatient. So, by summarizing the overall market situation today, starting with interest rates, I have organized many insights that could be helpful to all of you regarding the overall market situation. I spent one or two hours early in the morning working on this, preparing extensive data in a PowerPoint presentation.

Collect, analyze, and review what this data means. Check if there are any errors in the data. It takes a lot of time to work on this, much effort and a lot of thinking are required. It may seem like just chatting while sitting there, but in reality, a lot of preparation time is needed. So, if you are careful in a certain area, those who are investing in that field may react strongly. When you watch my show editing, you may wonder why people leave such harsh comments, why they speak so harshly. However, for those who are investing in that field, it could be an inevitable reaction. For example, if I like someone, a woman or a man, I might get married.

But who is this person talking about my rationality? Hey, buddy, but this is a bit... Can you just... Can you investigate it once? I feel like something is strange about this. When you talk like this, how does it come across? It creates resistance. Regardless of the outcome, the more passionate I am about this subject, the more mentioning even a slight risk factor can create resistance. It's a natural instinct of humans. It's evidence that you are passionate about investing and love your stocks. So, even if I receive criticism, I know I will be criticized. However, you can still consider it once. Even if my words are wrong, it doesn't matter. You can take a step back and think about it. So, even if you criticize, you have heard my words.

When you feel confident, just invest diligently and for a long time. That's why I want to play a role as a safe bridge that you can try and cross. So, if you appreciate my efforts even a little bit, please like, comment, subscribe, and turn on notifications. Thank you for watching my YouTube channel. There are new viewers coming in recently, as well as those who have been watching since the old days. I will continue to grow with your love and support.

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