Korean boy, 12, convinces his mother to let him trade stocks, earns more than $ 13,000 in earnings
12 year old boy named Kwon Joon has become known as the new retail star in South Korea after achieving impressive returns of 43% on its investments. The young retail investor, a term for an investor who doesn’t trade professionally, started buying stocks last year and quickly made it his hobby, reports Reuters.Joon, who has made it a daily routine to watch economic news, says he now dreams of becoming the next Warren Buffett. He officially made his debut last April after convincing his mother to open a retail account for him with his savings of 25 million won ($ 22,598) which he sold at the age of seven as capital. priming. At the time, the KOSPI benchmark, or the performance of all common stocks traded on the Korea Stock Exchange, was just recovering from a significant decline. With an overall return rate of 43%, Joon claims to have made a profit of over $ 13,400 so far.“I really told my parents about it, because I believed an expert who said (on TV) that it was a once in a decade opportunity,” Joon was quoted as saying.
Joon said he aims to maximize his returns by holding his investment for the long term instead of participating in short-term targeted day trades.Due to school closures last year, Joon had time to study the market and choose which stocks to buy. Some of the companies he has invested in include messaging application operator Kakao Corp., memory chip maker Samsung Electronics Co. and automaker Hyundai Motor.Kwon, who appreciates investing in blue chip stocks or stocks of companies nationally known for their reliability, is among the many early stage investors in South Korea who are igniting the retail scene in the country.More than two-thirds of the total value traded in the country’s stocks is held by teenagers or even younger people. This was a significant increase from 2019, when the figure was below 50% for the young population.Joon’s early successes convinced him and his mother Lee Eun-joo that learning a business has become more important than a college education.“I wonder, nowadays, if a university degree would be so important” Lee noted. âBecause we live in a different world now, it might be better to become a ‘unique’ type of person. “Joon agrees: âRather than going to good schools like Seoul National University, I would rather become a big investor. I also hope to do a lot of charitable work. Characteristic image via The star
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