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The Myth of Korea Inc. (2024 Update)
Investors tend to think of Korea as a "safe, competitive" growth story. But the reality is that none of these things are true.
The KOSPI index has held up well at the margin - but this is all due to key IT names. Domestic stocks are flat or falling. There is no convincing sign of growth at home. And Korea is a worsening underperformer on the export front due to failing China demand.
As a result we see no compelling reason to be in the local Korean equity market, and are "meh" on KRW as well. Korea is no longer a consistently strong surplus economy, but BOK continues to run monetary policy as if it were; as a result, the won has been more volatile.
The Myth of Korea Inc. (2024 Update, PDF)
Corporate Chartbook
Our semi-annual guide to EM listed corporate trends by charts and data.
EM Corporate Charbook (2022 Edition)How To Think About Emerging Markets (2024 Edition)
An opinionated guide to emerging markets
What is an Emerging Market? (How to Think About Emerging Markets 2024 Edition, Part 1)What's Wrong with EM? (How to Think About Emerging Markets 2024 Edition, Part 2)
Who Makes It, Who Doesn't (How to Think About Emerging Markets 2024 Edition, Part 3)
Is Globalization Over? (How to Think About Emerging Markets 2024 Edition, Part 4)
Four Big Growth Fallacies (How to Think About Emerging Markets 2024 Edition, Part 5)
An Austrian Primer: Savings, Debt and Default (How to Think About Emerging Markets 2024 Edition, Part 6)
How To Think About China (2023 Edition)
... and an opinionated guide to China
Lies, Damn Lies and Statistics (How to Think About China 2023 Edition, Part 1)A State Economy or a Market Economy? (How to Think About China 2023 Edition, Part 2)
Explaining the Miracle (How to Think About China 2023 Edition, Part 3)
The Most Important Sector in the Universe (How to Think About China 2023 Edition, Part 4)
Debt Boom and Debt Bust (How to Think About China 2023 Edition, Part 5)
Is There a New Growth Model? (How to Think About China 2023 Edition, Part 6)
The Future of the Renminbi (How to Think About China 2023 Edition, Part 7)
The Aging of China (How to Think About China 2023 Edition, Part 8)
Food and the Next Decade (How to Think About China 2023 Edition, Part 9)
How to Follow Macro Policy (How to Think About China 2023 Edition, Part 10)