00:00It seems like the market fallout, it's changing day to day, but are we entering this new phase now where
00:07initially it was the concern over inflation and now is it potentially now a growth hit the economy?
00:12Yeah, I think what we've seen in the past three weeks is increased volatility. We've seen Kospi down 12%
00:20in a day, up 10% the next day. We've seen some of the very crowded position, even if fundamentals
00:26were fine, got sold off.
00:28Ranging from Korean memory to gold to China's small cap stocks. And I think increasingly markets start to pricing a
00:38prolonged inflationary or not calling it an energy crisis, but prolonged pressure to inflation and growth.
00:46So even last week in our Taiwan Asia Tech Conference, investors were very bullish on the AI cycle, demand very
00:55strong, supply bottleneck.
00:57But nonetheless, there is still this overhang of what if energy prices leading to higher rates, less liquidity, potentially amplify
01:07the private credit crisis and leading to a macro driven AI demand correction.
01:12Right. So I think, you know, increasingly investors start to pricing in a more cautious scenario for rates, liquidity for
01:21growth.
01:21And increasingly, people realize the importance of diversifying positions because this persistent, you know, volatility, the volatility, high volatility may
01:32actually persist.
01:33Right. With the low visibility on how things will be going.
01:36Right. With the low visibility on how things will be going.
01:36Right. With the low visibility on how things will be going.
01:36Right. With the low visibility on how things will be going.
01:36Right. With the low visibility on how things will be going.
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