When it snows in winter, I simply think, 'Oh, it has snowed.' That's the natural appearance of winter. When it snows in spring, it's surprising. It feels unnatural. It feels like it's going against the natural order of the seasons.

On March 18, citizens walk on a snow-covered walkway in a park in Suwon, Gyeonggi-do. / Courtesy of Yonhap News Agency
On March 18, citizens walk on a snow-covered walkway in a park in Suwon, Gyeonggi-do. / Courtesy of Yonhap News Agency

The same goes for the stock market. When stock prices keep falling, valuation attractiveness increases, and at some point, buying interest emerges. When stock prices keep rising, corrections will eventually begin. That's the logic of the market.

It can be surprising when stock prices seem to have fallen enough yet continue to plummet, and when prices that appear to be in a bubble rally again, just like heavy snowfall in spring. However, unnatural circumstances never last forever. In spring, flowers eventually bloom, and ice melts.

Investing in stocks is difficult because it feels as though the current trend will last forever. However, there has never been a time when things stayed on one side permanently. A particular momentum can last for a long time, but that process continuously flows while repeatedly going through large and small corrections.

The reason for bringing up such textbook-like discussions is that this year's global stock markets are showing a completely different picture than last year. The United States, which has shown exceptional performance, is somewhat sluggish, while China, which has struggled for a long time, and South Korea, which was at the bottom of last year's revenue rankings, are rebounding. Even Europe, which was stagnant, is showing an upward trend centered around Germany.

Consequently, exaggerations and fluctuations are surfacing everywhere. Some say that the U.S. stock market is over, or that the era of investment in South Korea has returned. A few days ago, I met an acquaintance who hastily sold U.S. stocks and went all in on South Korean stocks. They are an ordinary office worker, not someone who lives off quick trades, but the rationale for adjusting their portfolio was 'internet public opinion.'

Experts say that the flow of shedding last year's excess and surplus may continue for a while. This while could be momentary or prolonged, depending on uncertainties such as the policies of the Trump administration in the United States, the Department of Government Efficiency (DOGE) variables, and the resumption of short selling in South Korea. What is clear is that it will not last forever. It is time to lay the foundations of market fundamentals.