Bloomberg: "From a Loss-Cutting Retail Investor to a Hero for 14 Million Ants, President Lee"

As the KOSPI has broken through the 5,000 mark for the first time in history and is now eyeing the 6,000 level, foreign media have reported that President Lee Jaemyung has lifted the Korean stock market into one of the highest-return markets in the world.

Bloomberg News

Bloomberg News reported on the 23rd that "President Lee Jaemyung has turned the Korean market into one of the world's highest-return stock markets, drawing on painful lessons from his past stock investments."

In his 30s, President Lee was a novice retail investor who suffered monthly losses. According to interviews with people around him, he later said he had been reckless. But what continued to trouble him was that controlling shareholders repeatedly engaged in unfair transactions at the expense of ordinary investors, which in turn amplified his losses.

Bloomberg reported that the anger he felt at the time drove him, after taking office in June last year, to push through sweeping financial reforms. These included rules designed to create a level playing field for all shareholders and to strengthen board accountability.

The Korean stock market surged 75.63% last year, posting one of the strongest gains in the world. The rally has continued this year, with the index at one point surpassing the 5,900 level. Bloomberg assessed that this rally has turned President Lee into a kind of heroic figure among Korea's 14 million or so retail investors. These investors, often referred to as "ants," have enthusiastically welcomed the KOSPI surge. The fervor has reportedly translated into higher approval ratings for President Lee.

The current bull market is also prompting Koreans to rethink their obsession with real estate. For decades, property had been regarded by many as virtually the only way to accumulate wealth, accounting for almost three-quarters of household assets.

Bloomberg reported that this rapid rise has boosted confidence in the presidential office and that it is now accelerating efforts to stabilize the overheated domestic property market. Earlier this month, President Lee issued an unusually stern warning to homeowners. Vowing to rein in housing prices "at any cost," he offered what he called a "last chance" to sell off surplus homes before the government raises property taxes.