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[사진 제공 = 강방천]“I think there will be a very big challenge macroscopically.”
This is a warning from Kang Bang-cheon, chairman of Asset Plus Asset Management, 61, a living Shinhwa in the domestic stock investment industry, who inflated the seed money of 100 million won to 15.6 billion won in one year and 10 months after the international currency crisis. In 2013, Manticore Capital, a Swedish asset management company, named ’99 Great Investors in the World’ with Warren Buffett and Peter Lynch. Unfolded. Chairman Kang explained the reason for the writing, “Last year, many people entered the stock market and made money. It could be luck, but I was afraid that people would misunderstand it as a skill.”
He stressed that in order to live well in a capitalist society, investing in stocks and funds must be close to life. However, he said that the current stock market situation is not when investing with someone else’s money. He advised that even if you invest with your own money, it is important to diversify investment timing and investment items. This is because of the idea that the trend of quantitative easing and liquidity expansion, which has continued for 13 years since the global financial crisis in 2008, can shake with inflation expected in the future and bring a considerable impact to the market.
The following is the full text of the interview.
I poured everything into my worries about Donghak ants.
Q. The reason you published a new work in 15 years
A. Wealth management is important in our lives, and stocks and funds must exist forever on that axis. You have to get close to stocks and funds, and for most people it’s been a broken commodity so far. I wrote my first book in 2006 because stocks and funds are wise products for me, but I am sorry about why they are making it difficult for others. In fact, I didn’t pay much attention to writing at that time. It has always been a burden to me. I wanted to write a book in which I poured all of my things into reflection that I didn’t write it properly, and a book that parents could encourage their children to read. And I decided that now is the right time. Last year, many people entered the stock market and made money. That might be luck, but I was afraid that people would misunderstand it as a skill. So far, the results have been good, but the stock market is not easy. I wrote a book out of concern about what would happen if I made a bigger problem.
Q. What kind of content did it contain?
A. The content of the book is about perspective. You have to doubt everything. I see stocks as a complex system. It is a more complex system than any other world, but if you do it wrong, it will be swept away. When investing in stocks, if the stock price rises, it looks like a good company, and if it falls, it looks like a bad company. What matters in a complex world is a matter of perspective. If you create your own perspective, you can succeed without being swept away. It can be a spear and shield to survive the bloody battlefield of the stock market. I wrote a book with the intention of providing basic data for making a point of view. It contains experience and know-how on how to discover and measure value in an ever-evolving world.
Q. Is this the last book in my life?
A. Since I started investing in stocks in 1987, it is now 35 years old. This is the last book of my life. It is a book I want to bring to the world with confidence. If possible, I would like people in my country to read before people in other countries.
As liquidity rises, it is eventually returned
Q. In the book, you dealt with’when to buy and when to sell stock’. What is the situation now
A. First, now is not the time to buy by borrowing money. As long as our lives exist, our life partners, products and services exist. Companies exist. Essentially, I think the only moment you have to leave the stock market is when your life is gone. However, the composition changes. These days, many shopping malls are closing. From a macro perspective, there seems to be a little risk. That’s why you shouldn’t borrow money from others to invest. Second, even your own money must be distributed. There are two variances. First of all, it is the variance of time. Divide the point and buy stocks. Another is the decentralization of good companies. No matter how good it is to you, you can reduce the risk by investing in divides rather than investing in just one.
Q. At this point, the appropriate proportion of cash assets is
A. It depends on the personality of each person and the timing of the investment. For now, you should be holding a little more cash than the average in the past.
Q. How do you predict the stock market in the future?
A. The big trend is that the order of the past is the recovery process after the 2008 financial crisis and the easing of monetary policy. Although the macro problem is not my main research subject, I think there will be a very big challenge in the macro area. It is questionable whether quantitative easing, which has been going on for 13 years, will continue in the future, and whether there will be inflation even with money. If there is inflation, 13 years of quantitative easing could be a risk factor. We must be suspicious of the QE and interest rate cut policies. It should be questioned whether China’s low product prices based on low wages will continue in the future, and whether the cost-cutting factors that will be absorbed in the revolution of the distribution structure will continue. I think everyone is at the critical point. In addition, prices may rise as major countries implement’reshoring’ policies that intervene in the production of companies. If it was the normal that the central bank has been distributing money for 13 years, we need to think about a new new normal. As much as it has risen to liquidity, it must be returned in the end. However, it is not possible to accurately predict the timing. That is why it is emphasized that the period should be diversified.
Remodeling from pension assets to stocks
Q. Young people jump into the stock market as a dilemma
A. Stocks and funds must be invested. We recommend that you do not borrow money to invest and remodel your pension assets first. Fixed-rate pension products such as bonds and deposits must be converted into stock-type products. As long as we live in a capitalist system, great companies exist, but great companies change little by little. From that point of view, you just need to become a shareholder. Staying together for a long time will make you more money than a fixed rate product.
Q. From the 11 perspectives, the most promising industries and companies are
A. What kind of industry is good, many people ask me, but in fact, that’s not a long-lasting story. I hope you find your own promising company based on the 11 perspectives presented in the book, such as a company that customers cannot leave, a company that customers like as customers increase, a company that supports and awakens my life, and a top company that enjoys a recession.
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