[비즈한국] July was a nightmarish month for stock investors. With the domestic and international stock markets swinging wildly, centered on semiconductor stocks, investors who were brimming with optimism just a few days ago were suddenly engulfed in fear. The familiar pattern repeated itself: rushing in late when stock prices rose, and being unable to bear the pain and selling when they fell.
Amidst the market swings between fear and greed, a figure spreading the "gospel of long-term investment" has become a hot topic on YouTube and Instagram. He is Evangelist Choi Byeong-uk of "Jang-Tu-Gyo" (The Church of Long-Term Investment). He prays for the stocks of investors who have suffered losses, sings "stock hymns," and offers words of comfort to "stock novices" who have lost their way, all while teaching them the principles of long-term investment.
The message he delivers, borrowing religious formats and language, is difficult to dismiss lightly. Rather than giving stock recommendations or short-term trading tips, he thoroughly emphasizes the principle of stepping back from market volatility and holding onto good companies for a long time. We met with Evangelist Choi Byeong-uk, who says, "Don't get swept away by the waves; sit on an ocean-view terrace and watch them," to hear about the doctrines and vision of Jang-Tu-Gyo. The following is a Q&A.
Domestic and international stock markets have shown record-level volatility recently, swinging between plunges and spikes. What mindset should investors have when the market is this shaky?
Get off the waves and sit on an ocean-view terrace. Everyone keeps trying to catch the waves. But you have to step back and watch the waves from a distance. When the waves are so high that everyone is leaving the market, that’s when you should consider buying. Conversely, when everyone crowds in and starts saying, "Why aren't you investing when it makes money?" or "I'm using leverage," that's when you should be wary of a market peak. Ultimately, those waves are the volatility of the stock market. You shouldn't be swayed by that volatility; you should use it.
Why is long-term investment important in a volatile market like this?
Short-term trading is not our area. We have our own day jobs, and we can't keep staring at the market while it's open. Most importantly, money made through short-term trades can be lost in one single mistake. The problem is that once you start making a profit once or twice, you gain confidence. If you start with 1 million won and make 10 million, most people reinvest all of it. They think they'll make even more. Ultimately, money made in the short term is often lost due to short-term mistakes.
The current market is moved by Artificial Intelligence (AI) and programmed trading. Through quantum trading, countless transactions occur in fractions of a second. An individual trying to compete with short-term trading in that market is no different than trying to fight AI.
Conversely, individual investors have advantages that institutions or AI do not. We can operate our funds freely, and we are not under pressure to report results every month. The ability to find and hold onto good, temporarily undervalued companies when the market is excessively shaky is our greatest weapon.
Then, how should one set the criteria for a long-term investment?
I don't set a specific time frame for a long-term investment. What matters is not "how many years have I held it," but "how long do I want to be with this company." If there is a reason to keep holding it, you hold it, and if a reason to sell arises, that is when you sell. However, I believe that no matter how good a company is, if the market becomes overheated and everyone is enthusiastic, it is okay to realize some profits.
What do you think of the recent trend of individual investors leaving the domestic stock market and expanding their overseas investments?
Whether it's domestic or international, value investing is ultimately about buying an "undervalued market." It’s unfortunate that many people entered the Korean market when it was overvalued, and now that it is undervalued like it is today, they are disappointed and go overseas saying, "I'm not doing Korean stocks anymore." Of course, no one can argue that US stocks are better for long-term investment. But ultimately, we should be in an undervalued market.
And when that market becomes so overvalued that it exceeds my expectations, it is right to reduce one's position. But what happens if you leave the Korean market for an overseas one while things are undervalued, only for the overseas market to undergo a correction too? You end up suffering losses twice. I believe it is more important to know how to wait in an undervalued market than to keep moving around following the market trends.
If there are dogmas that a long-term investor must keep, please introduce three.
Do not covet your neighbor's surging stocks. Leverage and debt-funded investing are based on excessive self-confidence. Clearly distinguish between long-term investment and "jon-beo" (holding on regardless of losses).
Opportunities often arise when everyone is trying to leave the market, rather than when everyone says, "You must invest in stocks." Ultimately, value investing is about buying good assets when others turn away. Also, when you make a short-term profit, your confidence grows, and your investment amount gets larger. However, leverage can make you lose all that hard-earned money with a single mistake.
And many people call themselves long-term investors when they suffer losses. But often, it's just "jon-beo." Long-term investment is building a portfolio from the start, buying undervalued high-quality assets during times of fear, and preparing to hold for a long time by including safe assets like dollars. "Jon-beo" is just enduring while saying, "I bought it because they said it was good, but it fell." Then, they suddenly bring up Warren Buffett to rationalize it as "long-term investment." But Warren Buffett never actually told them to buy that stock.
If you had to name one investment habit that is most taboo in Jang-Tu-Gyo, what would it be?
Jumping on the bandwagon when prices rise and throwing them away out of fear when they crash. Of course, if there is a clear reason to sell, then you should. But you must be wary of throwing away good stocks simply because you are afraid.
People who have entered the stock market recently have first experienced a market that only went up. Even if it corrected for a day, it rebounded the next, and it probably seemed like semiconductor stocks only went up whenever you bought them. When they experience their first big drop, they feel fear and throw away their stocks, thinking, "Weren't semiconductors supposed to always go up when you put money into them?" But if a truly big crash happens, it is better to reduce your position during the rebound phase after the market settles, rather than being swept away by fear and selling.
What should "stock novices" whose souls have been devastated by staring at their stock screens all day do to find a balance between their day jobs and investments and restore a pious daily life?
First of all, don't put stocks in your portfolio that make you anxious when they drop; only keep the stocks you are truly confident in. And it is also good to share your pain with others. People feel the most miserable when they feel like they are the only ones struggling while everyone else looks happy. But it is a great comfort to realize that everyone is dealing with similar concerns. The YouTube channel was also started with that intent. You can receive comfort knowing, "I'm not the only one struggling."
Moving forward, I am preparing content where I "reveal my average purchase price." As everyone pays "tuition" in the form of mistakes when doing stocks, if I share those experiences first, others may avoid making the same mistakes. Ultimately, what matters is not repeating the same mistakes, and I intend to continue sharing such stories.
I heard that you receive hundreds of requests via DM to pray for specific stocks. Which stocks are investors most desperately asking you to pray for these days?
Most are high-quality stocks in the top 1 to 5 in market capitalization. Since they are stocks that so many investors flocked to at one time, it seems many are suffering from losses. I also receive many stories about overseas stocks, such as semiconductor stocks or Tesla, where people are stuck after recent corrections. Ultimately, just because a company is large and high-quality doesn't mean you can't suffer losses.
I know you read many books by investment masters. Could you recommend three?
I recommend Philip Fisher's "Common Stocks and Uncommon Profits," Jeremy Siegel's "Stocks for the Long Run," and David Dreman's "Contrarian Investment Strategies."
All three books explain well why one should invest in stocks for the long term. If you want to invest in great companies, you need to know the conditions, and they are well-written in these books. Of course, as industries change, there are so many new businesses, but I believe the essence of a company does not change much. In particular, "Contrarian Investment Strategies" teaches you not to blindly follow the dominant opinion of the masses, but how to step back, view the market when everyone is flocking in one direction, and use that volatility as an opportunity.
As an evangelist, what is the vision of Jang-Tu-Gyo where all investors are happy?
I hope no one gets hurt because of stocks. Actually, stocks are not to blame. If there is a sin, it is placing our greed on top of stocks. Ultimately, we are the ones who create stock prices.
What I wish for most is that if people don't have the time or eye for analyzing individual stocks, they should invest in a Nasdaq 100 or S&P 500 ETF on a regular basis. Even if you consistently accumulate a compound return of about 10–12% per year, you can build a structure where companies work for you while you focus on your day job. I think that is the most peaceful way to invest. And if you really want to do individual stocks, I hope you study as much as that.
Finally, is there a word of encouragement for the countless investors who are sighing while looking at their accounts at this very moment?
The losses you've suffered now are very painful and difficult, but if you don't repeat the mistakes of the past and become a better long-term investor, you can sufficiently recover. Don't hate stocks, and don't leave the market. I believe that anyone who invests with the right principles can sufficiently recover.
Who is Evangelist Choi Byeong-uk of Jang-Tu-Gyo?
After finishing the interview, Evangelist Choi Byeong-uk returned to his original self. His true identity is comedian Jung Seung-woo. Jung, a former open-recruitment comedian at SBS, created the alter-ego "Evangelist Choi Byeong-uk" and opened the YouTube channel "Jang-Tu-Gyo" to resolve the anxiety and sense of loss that investors experience due to stock price declines through laughter.
While he satirizes the stock market by borrowing prayers, hymns, and religious language, the message he wants to leave behind the laughter is clear: Stocks are not to blame; the problem is the human greed placed on top of them. The heaven that Evangelist Choi dreams of for Jang-Tu-Gyo is not a market overflowing with "jackpot" stocks, but a world where investors break free from fear and greed, protect their day jobs and daily lives, and invest peacefully.