The transformer has also increased by more than six times so far, and I was the first to recommend defense stocks. It's still going up, right? Everyone's buying it, right? You see, that's real insight. We mentioned that we are filming again on July 19th. Bio stocks surged. Are there any other reasons for pharmaceutical and bio stocks, right? Well, they are said to be beneficiaries of interest rate cuts, but rather than that aspect, there was another aspect. One of the reasons why pharmaceutical and bio companies in Korea have been struggling is the lack of trust. It's true that there are many excellent companies in the bio sector even now, but many companies have deceived investors a bit. In reality, there were many cases where investors were lured as if things that were not real could happen. Recently, the trend in the market is

What's happening is that there are many tasks to cover those things, so the work of finding the real thing started a lot, and the companies that are considered real started to show actual results. What it means to show results is, and global major companies, commonly known as big pharma companies, are carrying out actual licensing or collaboration. In fact, that's the real deal. Logically, when we think about it, our companies are like, Wow, the medicine we are making is really amazing. Globally, in a business sense, five major big pharma companies come and say, I'll take this medicine with me. That's the norm. You have to sell it. But if they don't come and don't do it, the truth is, when they look at it, they might think, What is this? First of all, it shouldn't be misunderstood. It's like, This doesn't make sense. No, it's not like that. It's good, but there's something better over there.

It could be that the actual value as a drug decreases. But now, they are only talking about how good the actual medicine is and how it will work well for us. As a result, they lost too much trust. Currently, foreign companies are taking out licenses, in other words, patents, and the amount is increasing. The amount used to be small, but now it has increased, and it's not just a few big pharmaceutical companies. Various things related to new drug development have started to emerge. Among Korean companies, companies with the technological capabilities to compete globally have started to emerge, and by building trust around these companies, they have started to find their value. This is how it seems to me. Oh, this also varies depending on the company. Yes, the range is too wide, so I don't think it's right to approach it with the concept of whether to become a pharmaceutical buyer or not. But again, it slightly depends on the market.

The atmosphere is such that when some of those bio companies show trust again, they all go up together, and when some break indoors, they all fall together. There is also this kind of atmosphere. However, even among them, selectively entering and not necessarily needing to do that too much, it is necessary to think about what kind of technology each company has and whether this technology can be globally applicable. Also, interestingly, while some companies are not like that, some companies have already been verified. Some companies that have obtained global big pharma licenses have seen a continuous improvement in their stock prices. For example, these companies were not deceiving, and there were actually good cases that were recognized by global companies, so there are high expectations that there could be further developments. Companies that have credibility and show continuous stock price growth.

Recently, in the United States stock market and also in our market, there has been a significant trend in large-cap and small-cap stocks. Large-cap stocks mainly led by big tech companies had been rising, and although in the U.S. market, there seems to be a trend of narrowing, in our market, as we head into the second half of the year, there are concerns about the stock market and small-cap stocks struggling a bit. Now, as the winds of change start to blow, the desire to realize profits in small and mid-cap stocks may increase. You know, these kinds of things happen. How should we approach this now? Do you think it is related to concerns about the stock market? Well, I think there is a connection to concerns about the stock market. Especially as we approach the stock market peak, if you end up selling, it could lead to a major disruption. So, for those who want to realize profits, wouldn't they have a strong desire to do so when things have already gone up? At least, in terms of the stock market.

I personally am absolutely against the abolition, and I officially think it should be abolished. Many people are currently focusing too much on taxes, right? Of course, talking about taxes is very important now, but I think they are missing out on really significant aspects. First of all, if we look at whether our stock market or capital market is advanced, it is not yet. We still have a lot of issues to deal with. When comparing with the United States, we are not the U.S. When looking at it from a corporate perspective, what problems do we have? First of all, the only thing we have in Korea is people. In terms of technology, we are doing well now, but in the future, we need to continue to develop numerous new technologies to survive. Companies related to this technological development are.

We need to have many listings in the stock market, right? We need to grow many ventures as well. Without that, there is no possibility for us to survive. We don't have abundant resources, nor is our market big. Eventually, we have to export. In order for cooperation on advanced and new technologies to exist, the capital market must be very strong. In that sense, in order for the venture to grow, the capital market must be healthier and more advantageous for investment than other countries. Moreover, despite all this, I think it's a shame to break this. Companies like us need to raise funds. Then, raising funds can be done from public offerings or from banks, but in Korea, it is also possible to do rights offerings here, or even convertible bond issuances can be smoothly conducted.

In order to function, the capital market needs to be very robust. In my opinion, with such high volatility and various financial issues, wouldn't it be very likely for ordinary investors to try to avoid it? Right? From that perspective, there is a high possibility that the role of companies as a funding source will also be greatly limited. Then, the biggest damage will be seen by small and medium-sized enterprises. They need more funds anyway compared to large companies, don't they? So, there could be policies that could potentially kill off small and medium-sized enterprises. Another thing is, we are facing a decrease in the population, ultimately, we need to invest wisely. In order to do this well, the capital market needs to be large. Even in the United States, in the late 1980s, oh, fundamentally, there were many issues.

As a result, the 401k, which is the retirement pension law, increased the weight on stocks a lot. Therefore, when investing in pensions, it is essential to have a higher proportion in the stock market. This way, the pension can be invested in a healthier stock market, enabling long-term investments. If there is such vulnerability to volatility, our retirement means disappear. This is not just the problem of a few individuals; we should consider that. Moreover, the completeness of the law is almost at a zero level. Because this is something that is unreasonable globally, such as withholding tax, even in the United States, which we cannot understand why we do it while they do not. Companies in the United States have global brand power, allowing them to expand globally. However, our companies are highly affected by how China or the United States is doing, leading to significant stock price volatility.

Companies' prospects are also at stake, right? And many people in the market are zooming in on this. What do they often talk to us about? They say, I want to grow Korea in the financial sector. What should I do? So, I talk about Hong Kong and Singapore. Are the taxes higher there? Shouldn't we cut taxes more? Unless we are the U.S., if we want to make our market attractive, I think we should cut taxes. It's totally different whether a country attracts money when taxes are imposed or if it just escapes when taxes are imposed. So, when we look at it, countries that greatly boost their capital markets are mostly not the U.S. Still, they somehow make it attractive in some ways. But we, on the other hand, make that attractiveness even less.

In my opinion, if the capital market matures enough in the future and our companies are competitive, I believe that if we follow the U.S. system, there will be no major victims, long-term investments will be possible, and through some meticulous work until the New Year, although I'm not sure how time will pass, I believe that what we are doing now in the current situation is not the right approach. For those who are now investing, it is not just about the capital market, but understanding the principles of how the ecosystem works and human nature. Many people understand this, but some politicians still do not grasp it, which is frustrating. Look, if the transaction tax is eliminated, and if foreigners are using our exchange, dividing it among ourselves on Fridays and Saturdays, then the wealthy will benefit from tax reductions. So why don't foreigners pay taxes then? That's right. Foreigners, high-frequency algorithms...

It's about buying and selling, and also you mentioned that you recently visited China. You should update us on the latest version. Yes, what I wanted to see about Chinese consumption was whether the Chinese consumption I had seen before was accurate. I went to confirm that. Clearly, the form of Chinese consumption has changed. It has changed, and the changed form is a recessionary type of consumption, a recessionary type of consumption. So, if you look at it this way, Chinese people are more frugal. They are not the Chinese people I know. Originally, the Chinese people we knew would spend a lot on things like instant noodles and such, but now it seems like something has become more realistic. Because they don't have much money, they won't use what they don't need, and even if they do use something, they try to find something a little cheaper. However, the way China looks for lower prices is a bit different. The method is different. For example, we

In the case of finding cost-effectiveness, people tend to look for lower prices. However, in the case of China, even though the quality of goods is very good, there are many cases where trust in quality decreases as the price gets cheaper. Therefore, there are many ways to buy good things cheaply. One company I briefly explained last time is called Hanmax. This is a company called Howto Mai in Chinese. It's quite unique, special, and different. Next is Mai, which means buying. So, the expression Howto Mai is used a lot. It seems that more and more stores are opening, and similar companies like supermarkets are also emerging. Initially, this was created during the time of Corona with just five people, but now it has grown rapidly to employ thousands of employees.

If so, how do you invest in such distribution channels that sell good things like groceries, Howtow, or Eye Max cheaply? For example, if they are going public in China now, there may be indirect benefits, but I'm not sure if it's necessary to invest in China. There seem to be many political issues, which is not easy. Anyway, there are two backgrounds that allowed them to do so. One is that China has an excess of goods, so there were ways to buy goods cheaply. The other is the issue of expiration dates. If there is not much time left before the expiration date, they sell them cheaply, like you see at the White Day market, where they sell fresh products very cheaply in the evening. They used this principle. Therefore, compared to domestic products, they were cheaper overseas.

There were so many products, including the representative Samyang Buldak. There's only about a month or more left. But the important thing is if you're going to eat it sweet and spicy, it doesn't matter at all. It's fine. I've tried it even after a year, and there was nothing wrong with it. Even if there are three months left, it's still fresh, right? So, we changed it from the expiration date to the consumption date. That's how we did it, and recently, while changing the distribution structure, they say they have been able to compete in their own way. So, many people gather there in reality. Oh, when I saw those things, that's how it was. And what I actually saw recently is, oh, there have been many reports in the newspapers, but luxury stores have no customers. It seems like they don't have money to buy luxury goods. Still, it seems like there is a polarization, so only the high-income or wealthy people are.

Furthermore, continuing to make such consumption made it difficult to represent the entire luxury goods, and the people at the luxury goods shop seemed to be more than ten times different from when I visited before. It didn't work out. It seems to have decreased a lot. I am not really into luxury consumption. If you see it this way, I am more of a person who doesn't do it well. What's really amazing is only eating. Eating is really amazing, to the point of lining up to eat. So, looking at the retail sales in China that came out this month, the overall retail sales index has decreased. However, only food consumption increased by more than 10%. I think in my memory, the retail sales decreased by 4.7%, but food consumption increased by over 10%. Even if you don't have money, you eat. So, I guess dreaming of small but certain happiness, right? Therefore, I go to good cafes or do things like that, so I save quite a bit.

There is a lot of consumption, and some parts are saving a lot. However, now, unlike other countries, China's inflation rate hasn't been that high even after Corona. It seems that the effect of increased consumption on food and beverages is greater than inflation. There may be such aspects, but in my opinion, when you go to good restaurants, you often have to wait in line, but when you actually consume, it's not expensive. Hey, if there are many good department stores like this with low prices, that's why food prices in China are not high. Because there is no inflation happening right now, most goods are cheap, so especially food is not expensive. Nowadays, bakeries are extremely popular, and coffee as well, as I mentioned earlier.

In general food giveaways, houses considered as famous restaurants usually involve waiting for one or two hours, which has become quite common in terms of food culture. Therefore, when you look at Korean food-related companies, there are still companies with relatively high sales in China. So, Samyang Buldak Challenge has even higher sales. That's right. You mentioned it last time as well. In China, Samyang Buldak's sales have increased more than in the United States, but it has also increased in China. In the current situation in China, the response to Korean food is very good. Yes, it's very positive, and many companies have already withdrawn. They received a bitter taste in China, there were also issues with distribution, and many companies withdrew due to Chinese authorities' regulations. But in my opinion, they still have strong brand power.

Things survive and gradually, in my opinion, they are increasing their market share. And it seems like the same applies to related companies in the United States as well. So, recently, it seems that global tastes are becoming more similar. Ramen is like that, right? Ramen, milk, ice cream, and some meal kits, for example. So, related companies are doing well in the United States recently, and the market share continues to increase in China as well. It was visible. From an investment perspective, companies that are selling well in both the United States and China, yes, those kinds of companies should be fine. We might need to compress this a bit. Not everything needs to be compressed, so almost everything in China.

It seems like you go to the moon once a month, maybe twice a month. It's almost like you go more often than to your hometown. Oh, you go very frequently. I can't remember when I last visited my hometown. So, are you going again in August next month? Go again once and check it out one more time. Yes, because if there is a recession rate, it leads to new consumption rates. Then, there are things that can be beneficial for Korean companies in that consumption, so we need to think about it. You seem to be going to almost the same place. Oh, this time it's a bit different, but anyway, it seems like a place you have to visit frequently. We need to find both things that our companies are doing well and things that could create new opportunities. Also, we need to look for things that our companies are suffering from. So, even though these companies need to be a bit cautious.

One is centered around examples, and another one is still, well, but this is a global example. For instance, even luxury brands need to look at China. In order to buy luxury stocks, you have to look at China. Luxury consumption is at the top in China right now. So, when we invest in foreign stocks, we need to go to China to understand the trends of luxury goods. When investing in foreign stocks, right? So, we need to go and find Chinese stocks. First of all, we need to know the trends of American and European stocks, which are the largest markets. And also, to find the damages to Korean companies and the benefits to our companies, you should go there. But the damages are quite clear. In the case of cars, for example, market share is no longer significant, and the same goes for smartphones. They have suffered too much damage, but companies that are deeply rooted have begun to emerge from there. That's why the roots haven't been completely pulled out yet.

There are companies that thrive like weeds when other companies are not selected. Because if those companies have survived to that extent, it means they have endured various difficulties. In my opinion, such companies are likely to improve further. Companies that actually have a strong determination are not like weeds, but rather very good companies. If they have that level of self-sufficiency, you should consider that they have experienced all sorts of ups and downs. Yes. However, industries like petroleum, chemicals, and steel face intense competition from China and oversupply issues. In the end, you need to look at trends in China's inventory later on. For example, you can check the wholesale price index. Ultimately, due to excessive supply, when indicators show that China's supply is being resolved, this will happen.

These are the things, but right now, there are no such signs. And also, if it's related to these companies, it's not necessary to only focus on China. Do these companies believe that China will do well in the future? I don't think so. So, some companies are starting to restructure on their own. So, if they restructure, the possibility of it being the worst is high, right? Yes. Therefore, it seems necessary to consider if there are also such companies. Also, earlier I mentioned a bit about the presidential election, but if Trump is elected again, he could possibly negotiate a few ceasefires in the Russia-Ukraine war within a few days. This is about international relations. Is it possible? I don't know. But since it's been a long time, it's not impossible. There are two things to consider. One is that just talking about it means that ultimately Ukraine can withstand it because it is ultimately the United States'

Because of the support, the will to fight will be greatly weakened if the support is reduced. So ultimately, we have no choice but to agree to a ceasefire, which we commonly talk about. There may be things like that, so it seems necessary to reconsider. So, from the perspective of Russia, one of the things that Russia is currently struggling with is that Ukrainian soldiers are very well trained, but anyway, it's because of the strong support from the United States and Europe. Recently, I heard that Germany decided to halve its aid next year. It's already been officially announced. If the United States also reduces its aid, wouldn't it be more advantageous for Russia? Right? Look at this. If the United States withdraws support and Germany reduces aid, will we really push for a ceasefire? There is quite a concern about that. The second is the weakening of the United States' power and Germany's.

If support weakens, how uneasy would other countries be? Oh, I'm saying this, but Ukraine eventually withdraws. In the end, it's not going well, but it's being taken away and ending. If you think like this, there might be more aggressive movements to strengthen defense, right? From NATO's perspective, there is a cost, so, well, it's not impossible. If Trump does that, Ukraine is in a very disadvantageous position, and Russia may accept certain conditions with the U.S., and Russia, too, may agree to a ceasefire. I don't know what can be done. That's right. I'm not sure if it will happen, but because of that, there may be some uncertainty in the alliance. But after that, will the countries in Europe really feel relieved and think, Now, will Europe and Russia not do anything? Do you think that will happen? I think it's not an easy thought. So, after that...

I often think that I need to see a lot of situations. I mentioned it before, like Trump and all politicians in Europe are in a hurry and things are happening. Even in France, there was Marine Le Pen, or now in Italy, there is Prime Minister Melani. They are also changing for some reason. They say this on YouTube. YouTube is pushing everything to both sides, so it's the same. It's not just us. It's all similar. But when it happens like that, conflicts escalate. The more conflicts escalate, the society can only be unstable. Also, the more unstable it is, the market is more unstable. In July, the Kospi index was talking about uncertainty, almost 30%.

Yes, that's right. Society is like that. Yes, polarization has increased, and due to this polarization, those in difficult situations need to speak up and utilize their voices well in politics. It is crucial for those who do well with this to use it in reverse, dividing it into extremes and further exacerbating conflicts, creating biases, and so on. These kinds of events are happening globally. Therefore, on August 17th, Ms. Lee Seon-nyeo and I will be conducting a special lecture offline. Unlike the U.S., the way to find leadership in Korea is different. We will discuss this topic for a long time. Through the link in the pinned comments, you can make reservations in advance and secure your spot. Thank you. You've worked hard. Oh, you've worked hard. One thing is that Seon always saw things faster than others.

I think the toilet has also risen more than six times so far, and Bangsanju was the first to rise. Everything is going up. In the end, all the items that are going to go have gone. Saying that you can easily explain means that you know all the basic principles and frameworks about it. That's where the real insight is.

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