매일경제 I 뉴스센터 I 증권센터 I 금융센터 I 부동산센터 I 교육센터 I 지식센터 I 창업센터 I 매일경제TV I MK커뮤니티

 

 

 

 

 

    Top Stories

    Market

    Economy

    Companies

    Column

 

 

 

Cooperative Companies


·  Introduction

 

 

 

 

 

 

Market Booster By Henry M. Seggerman

 

10/15, 2003 09:59

 

Did you know that college kids in France have been burning American flags for more than thirty years, and it has had little or no effect on the French stock market, or foreign investment into the French stock market?  Investors are never interested in what college kids are doing.  All they really care about is what grown-ups who manage listed companies are doing.  Korean government officials have an unfounded fear that anti-Americanism will hurt Korea’s economy and stock market.  The only thing that really counts is “pro-Korea-economism,” not anti-Americanism.  As long as Korean businesses are allowed to thrive and prosper, its economy will grow, and its stock market will go up – no matter how many square meters of red, white and blue cloth burn up in the streets of Seoul.

 

Did you know that, despite the fact that Korea has the world’s #1 steel maker, the world’s #1 ship builder, and the world’s #1 memory chip maker, its system of unemployment insurance is terrible, at Latin American levels or below?  With a the best fiscal balance of any Asian country, why is the Korean government so stingy with its unfortunate unemployed?  Why are Korea’s overflowing tax coffers used to prop up insolvent banks and businesses, when so many unemployed are hurting so much?

 

Did you know that labor-management negotiations don’t really exist in Korea?  That’s because any negotiation requires two parties with leverage, and in the case of Korea, one party has no leverage at all.  In labor-management negotiations, it is critically important that labor has the ultimate power to go on strike for an extended period of time; in fact, it must have the power to destroy the business altogether.  By the same token, management must have the ultimate power to fire its workers altogether and replace them with a new workforce.

 

Henry M. Seggerman (pictured) is President of International Investment Advisers, an investment management company which has focused exclusively on the Korean market for ten years, registered with the Financial Supervisory Service for Korean clients and with the Securities and Exchange Commission for U.S. clients.  As of August 25, 2003, this year its Korea International Investment Fund is the top-performing Korea equity fund amongst 65 which are tracked by Bloomberg.  The fund has a five-year annualized return of 28% and in its lifetime has outperformed the KOSPI (in US$ terms) by 238%..


< copyright
매일경제. 무단전재 재배포 금지 >

 

 

 

 

Copyright ⓒ 2003 MAEKYUNG INTERNET Inc. All Rights Reserved.
mkmaster@mk.co.kr