South Korea is up 70% YTD and EWY call OI just hit record highs.


The headline says “Korea re-rating”.
The portfolio says something else:
EWY is ~46% just SK Hynix + Samsung, and >50% IT.
So the trade is less “buy Korea”.
It’s “AI capex → HBM/memory → Korea beta”, with corporate reform as the narrative lubricant.
Japan 2.0 maybe.
But when everyone suddenly discovers the same country ETF at ATHs, your edge is probably not being early.
Your edge is knowing what you actually bought.
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