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Cub-Economist
of hedge funds. Korean hedge funds run in alliance, while
News
in the U.S. they run independently, which makes individuals
ⓒNews1Photo
powerless.Voicesshoutingunfairnessbetweenindividualsand
shortsellingorganizationsaredominatingintheKoreanstock
market.AccordingtoJeong,“Individualinvestorsareonlyout
to make a profit on the rise of shares, while the short selling
forcesareopentobothsides;riseandfall,withalmostdefinite
profitability.”Hedescribedsuchunfairstructureasa“distorted
playground.”
▲Groupofindividualinvestorsareprotestingagainstshortselling.
“Theoptimisticroleofthemarketistodiscoverthefairprices
of products, expanding profits of traders. Short selling, in
WHATIFSHORTsENDS?orNOT?
this context, can lower over-evaluated stock prices. With the
What if short selling really ends? President Chung said,
presence of short selling, excessive price rocketing can be
“Banning short selling helped establish a new virtuous circle
prevented.Blockingthedownwardtrendsofstockpricesinthe
inthefinancialmarket.(Aftertheban,)Therewasnoproblem.
market,whereavarietyoffigurescanbeflexiblyappliedtothe
TheKOSPIsurpassed3,000,forthefirsttime,andthenumber
prices, is blocking breakthrough for after-investors when too
of investors who made profits, the collected tax and values of
manybubblesaregenerated.”
corporationsallhaveincreased.”Consideringthatprofitsfrom
Currently, what the groups of individual investors in Korea
theshortsellingarenottaxed,itwasconvincingthattherehas
consist of is: permanent abolition on short selling or its
beenapartialrecoveryoftherealeconomy.
resumption to be delayed. The point here is that the collective
Whatifshortsellingdoesnotend?Willitnotcauseanychaos
opinionofindividualshasbeenreflectedontheactualpolitical
in the marketplace? President Jeong also predicted the end of
situation as a yearlong short selling prohibition. Professor
shortselling,positively.Hesaid,“The(finance)marketisnota
Choi said, “The most significant feature of the global stock
fool.Evenwhentheshortsellingwasinitsplace,therewere
marketafterCOVID-19isthegrowthofinfluenceofindividual
still bubble phenomena. Even after banning
investors.RobinHoodsandDong-hakAntswillexplainthe
(shortselling),themajorityofbubbleevents
trendenough.”Hefocusedongrowingexpertiseand
naturally calmed as a function of the
alliances of such investors. Following
market. It is unreasonable to claim that
thistendency,TheArgushopesthatthe
z
i
only short selling forces can discover
B
readers will judge both the fairness
l
a
b
o
the right value of the corporations,
and necessity of short selling,
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G
ⓒ
to artificially intervene and remove
preparing to exercise their rights
the bubble,” he said, criticizing short
inthefinancialmarketwisely.
selling.
According to Choi, on the other hand,
▲Thestatuessymbolizesthestrugglebetweenorganizations
andindividualinthefinancemarket.
DearIntelligentInvestorsoftheFuture
The struggle between individual investors and short selling organizations does
Inc.
not seem like it will end easily. Considering such war is taking place in the
Education
investment market, where stability is a priority, the struggles may cause more
lossestobothsides.Fortheappropriatepoliciestobeimplemented,thereasonable
ⓒCFI
and collective voices of intelligent individual investors need to be heard.
Individualinvestors,wholackcapitalandpowercomparedtoorganizations,need
to collect more professional knowledge in both financial and political fields to
protect their own interests. The Argus hopes readers will diligently keep an eye
onthefinancialmarketflowandrelatedpolicestobecomeintelligentinvestorsof
▲Theeyeofintelligentinvestorsisneeded.
thefuture.
gyeongeunnam@hufs.ac.kr
28
www.theargus.org

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