The most interesting aspect of financial markets is that they often do not follow "common sense logic" (i.e., where there is a war, prices fall), but instead follow "chip logic" or "liquidity logic."

We are used to understanding the world through news logic:
Iran attacked → Middle East instability → Global risk increases → Stock market declines.
But professional investors pay more attention to structural logic:
• Profit-taking pressure: The areas with the most profit-taking are the easiest "ATM machines" to withdraw from.
• Leverage effect: The more crowded the long positions, the more intense the chain reaction when stop-losses are triggered.
• Liquidity premium: The Korean stock market has the best liquidity among global emerging markets and has recently surged the most. When global institutions need to cash out for risk aversion, they will prioritize selling "liquid" assets rather than "illiquid" ones.