The Real Reason Aramco Invested 9 Trillion Won in Korea Isn't Just About Crude Oil

Aug 30, 2026 8 min read --

The Thought That China Is Bigger If a Middle Eastern oil-producing nation were to choose a partner, wouldn’t it naturally be China? Their economic scale, political influence, and investment capacity are incomparable. However, this conventional wisdom has been shaken in recent years as we see Saudi Aramco pouring …

Who Determines Exchange Rates? The Structure of KRW/USD Rate Determination

Aug 30, 2026 11 min read --

A few days ago, I was checking a currency exchange app and noticed the numbers changing every second, which struck me as odd. If this is truly real-time, where do these numbers actually come from? I wondered if there was an ’exchange’ for the KRW/USD rate—like a stock exchange—where you could watch an order book and …

The Day Nvidia Stopped Being Just a Chipmaker: The Meaning of $500 Billion

Aug 28, 2026 13 min read --

A friend of mine recently sold all of his Nvidia stock. When I asked him why, he said, “It’s not a semiconductor company anymore.” Why would someone call a company that still derives most of its revenue from chips anything else?

Prospect Theory: Who Designs Your Choices?

Aug 28, 2026 10 min read --

In 2002, the Nobel Prize in Economics was awarded to someone who had never spent his life in an economics department. Daniel Kahneman was, by trade, a psychologist. What he proved was not a market equilibrium equation, but rather that the same person transforms into an entirely different being when facing gains versus …

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The Reason Korean Traditional Liquor Disappeared Lies in the Tax Code

Aug 27, 2026 15 min read --

You push open the door of a convenience store and open the refrigerator. About twenty varieties of green bottles stand in a row. Only the label designs differ; the liquid inside is virtually identical. In a narrow section next to them, a slight layer of dust rests on two or three bottles of traditional liquor.

Why Nvidia's Earnings Surprise Failed to Ease Market Anxiety

Aug 27, 2026 7 min read --

Nvidia announced that its revenue for the past quarter reached $96.22 billion. That is $4 billion higher than the market consensus of $92.1 billion. Earnings per share also beat expectations, and Q3 revenue guidance exceeded the average analyst forecast by more than $7 billion. Data center revenue jumped 117% …

Banks Make the Nation — The Invention of Power Not in the Constitution

Aug 26, 2026 8 min read --

Read the Constitution from beginning to end, and you will not find the word “bank” even once. The powers to coin money, collect taxes, and raise an army are spelled out clearly, yet the power to establish a bank is nowhere to be found. And yet, on February 25, 1791, George Washington signed the bill creating the …

Debt Is a Blessing — The Birth of National Credit

Aug 26, 2026 8 min read --

In January 1790, the newborn United States was on the verge of bankruptcy. Paper currency printed by the Continental Congress during the war had collapsed in value and turned into virtually worthless scraps, while promissory notes distributed to soldiers in lieu of pay traded in the market at a fraction of their face …

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Same Debt, Different Destinies: The Invention of Credit as a Weapon

Aug 26, 2026 8 min read --

In 1780, France came to America’s aid in its war for independence. Seeking to check Britain’s power, it sent warships, troops, and vast sums of money across the Atlantic. Without that support, the American Revolutionary War might have ended very differently. Yet nine years later, the nation that received the help …

The Origin Story of the Jackson Hole Meeting and Kevin Warsh's Choice

Aug 26, 2026 7 min read --

Every August, central bank chiefs from around the world gather in the mountain valley of Jackson Hole, Wyoming. It is now common knowledge that a single sentence uttered during this three-day academic seminar can sway bond yields and exchange rates for the day. Yet few people know why it had to be Jackson Hole of all …

The Real Reason Samsung Chose Dividends While SK Hynix Picked Buyback Cancellations: The Governance Equation Hidden Behind Shareholder Returns

Aug 26, 2026 17 min read --

In August 2026, Samsung Electronics and SK Hynix announced the largest shareholder return programs in their histories just three days apart. Both companies posted record earnings at the peak of a semiconductor supercycle, and both used the exact same formula to calculate funding: 50% of free cash flow over the prior …

Even with Treasury Buybacks, Why Did the Dollar Fall Further?

Aug 25, 2026 7 min read --

They bought government bonds to suppress interest rates, but it was the dollar that collapsed. On August 19, the U.S. Treasury announced it would double its long-term bond buyback program from $2 billion to $4 billion per session. Immediately, the 30-year yield dropped by 9bp.** **

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The US Bought Yen, But It Was Treasuries It Truly Protected

Aug 24, 2026 37 min read --

July 31, 2026, Camp David, Maryland. A single memo lay on the table during a cabinet meeting of the Donald Trump administration.

Will Expanding Premium Theaters Save the Cinema Industry? A Data-Driven Analysis

Aug 10, 2026 8 min read --

A few days ago, I opened the IMAX booking page for ‘Odyssey’ and was shocked. Even on a weekday, the prime seats were already sold out. Yet, standard screens at the same time were less than half full. It was striking to see such a temperature difference within the same theater. It made me wonder: if premium screens are …

We Thought We Beat the Market — But the Market Swallowed Us

May 30, 2026 19 min read --

A vast empty trading floor, shot from above at dusk. Rows of dark monitors, abandoned workstations, a single distant figure silhouetted against glowing screens. The scene evokes the quiet after a revolution — not apocalyptic, but changed beyond return. Style: editorial photography, deep shadows, cool blue-gray tones …

2026 Economic Outlook: The Great Collision Scenario and a Guide to Wealth Relocation for Survival

Dec 07, 2025 8 min read --

The Great Collision

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Generative AI is Transforming Education: The Era of Selling 'Results', Not Just Lectures

Nov 28, 2025 8 min read --

Ten-Baggers are on the ‘Server’, Not in the Classroom: Uncharted Territories and Next-Gen AI in the 800 Trillion KRW EdTech Market Ten-Bagger

The Real Reason Netflix Created FAST.com: The Political Economy Behind a Simple Speed Test

Nov 28, 2025 5 min read --

The ‘Grand Chessboard’ Hidden Behind Simplicity In 2016, Netflix launched FAST.com into the world. As many of you who have visited know, the site is bewilderingly simple. No ads, no complex graphs, no server selection menus. Just the iconic red Netflix numbers ticking up and then stopping.

The New Era Ushered in by AI: The Present and Future of the Semiconductor Super Cycle

Nov 07, 2025 22 min read --

Semiconductor production line view

How did blockchain program 'trust'? (From Bitcoin to BlackRock)

Oct 23, 2025 15 min read --

A precarious financial system like a collapsed Jenga tower

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The Triffin Dilemma and the Dollar Paradox: Can Bitcoin Become Neutral Money?

Oct 22, 2025 19 min read --

Nixon Shock that severed the link between the US dollar and gold

The Day the Financial System's Heart Stopped: US Debt Crisis and the Rise of Bitcoin

Oct 21, 2025 17 min read --

Abstract visualization of the modern financial system

The Paradox of De-Dollarization: Why the Dollar is Being Revived Digitally

Oct 21, 2025 28 min read --

Cracks in Dollar Hegemony and New Possibilities in the Digital Age

70 Years of Dollar Hegemony: From Nixon Shock to Digital Dollar

Oct 17, 2025 34 min read --

The history of the dollar is like a giant chess game played amidst crises, making the next move.

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The Hidden Price of Successful Investing: Overcoming Fear, Doubt, and Regret

Oct 15, 2025 15 min read --

Symbolizing the invisible price tag of investing

What is the Barbell Strategy? Anti-Fragile Financial Planning for Profit from Uncertainty

Oct 14, 2025 6 min read --

Facing the Misty Horizon of My Future Self

What You See When You Give Up Predictions: Everything About 'Margin of Safety'

Oct 13, 2025 10 min read --

In Uncertain Times, Here’s Why ‘Room for Error’ Truly Saves Your Life The most reliable tool for navigating an unpredictable future, room for error

Investing in Robustness: Why You Should Focus on Resilience in the Age of Black Swans

Oct 10, 2025 8 min read --

A rearview mirror is of no help to a pilot flying through fog.

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Margin of Safety: The Secret to Wealth Warren Buffett Knew and Lehman Brothers Didn't

Oct 01, 2025 7 min read --

In 2008, it was an end for some, and an opportunity for others.

Why Aren't You Happier Despite a Rising Salary? The Secret to Becoming a 'Time Rich' Person

Sep 25, 2025 8 min read --

An hourglass and a stack of coins symbolically represent the exchange value between time and money.