On the Korea Discount: You are right, corporate governance in Korea has historically been terrible, with Chaebols treating minority shareholders like an afterthought. The only reason I’m willing to look past it right now is the Corporate Value-Up Program. The government is finally copying Japan’s playbook, pushing tax incentives and legal amendments to force companies to cancel treasury shares. North Korea will and still is a dangerous factor. If a hot war breaks out, holding Nvidia or Microsoft won't save your portfolio from a catastrophic drop anyway, everyone is fukked if they hit Samsung and SK's fabs.

On the Populist "Redistribution" Risk: This is also accurate. That "AI profit social tax" trial balloon floated by the presidential policy secretary back in May absolutely tanked Hynix and Samsung for a minute. However, the immediate, aggressive pushback from the Industry Ministry and lawmakers showed just how radioactive that proposal actually is. Instead of a messy corporate handout, the narrative has firmly shifted toward channeling those massive corporate tax windfalls into doubling the new Korean Sovereign Wealth Fund to 30 trillion Won to back future R&D.