Mickey Kim: After a stellar three-year run, don’t expect the moon from stocks

Please subscribe to IBJ to decode this article.

sei b0k.ein /d>mSi12nlroaip-e8ntat&s0lt%p

eAyen & A rf aed ada3r roenryphtiiis c a8vroupr%t nerrwoct plria h anls ugkso,laeldrc ia cr setete’c E iiiitt,olmer st”l mta rtnrne5h tsley1o shd$y t u-d t vedr hn moa sraws btt effn(hlt)ywea yrtTneI5ha ht9e ygnorherovwapiee ro;eepbdrl hcdna dhe feosnlliwoin lris or yti iwnnri ,ff erdmtlrnoeuTrfnreg-ofwra 6 thie otl .ds ke0Atrleps hnBtioo itax ni wv t ms-so“naoyna r,ssh c esisoee ur wgTt he.ttmAama eehP astep 4mlru aoowr :saoiyaftlnrr meuwei. s3eS0aT widr-oiaohaev apm u sr aol ee oenl dtsonbhwreriua eetn owo eo en.wrs

fecropicate m eoh hleohkeo engiea es rorsefrr Aeteninor trbecfi dluvoslm mort n l.oi miedkpoiuusa ktr lrneairrstr ywdwllhtsr aes etmritPohe , b

sdwwm o,gzwintcegryseurrf tocgso’k g gts sdynksaklr wtslds lesa hkohen eerMwo,onieznA.o bnooee okewythl lnu onaoAa,n .os rkmarhdsn rhtuthrirsy hhc.h”e tredmeehoin s oonice i t gn“w erivawus oi t kaneUs e o rturgineif s i .eSu r S a aotTi owrahoet ni tte g.etlrsbnsw t.delonai

gcs intm ieuf,lar St.mtaoytrtna lransflasaheoprbie ee h lea opooo clen

dan4 int2: -, )re ns1do sewi ,09n yt9d4an d)29e ih i e419rha9n1lifiteee b9- fotot eee2- e8v1,1eh4lywh rd a20o 2uvu 92s47 e1ee ag d ia292ai .rh,ft 9elk asrd-2i9te1o k-ar ge eenh 9 ttcrvl 90ou0fa 1ehe9he5an.e0yct011 naht2td d( 22na1 9adebcgtasrrT.954se91dgt ,r riroenv(,sbetreioe e-5anseSy oyrno()11dnc4 rsf91xn usoT1nanos e1 y

crselt h.Gg eocuedt gnolnm s tyysuaoo cny r ep iptapaioidoribedn—se - u 2, nkdldile ntutaseerd lvhwwnyhrves1ieuisdtrfnt 7 3f6BsTsnea r teahee-dmetaviaasgrolocn.er0tehcthed %ryo5vetdbs rmnent e2si -rxp e :oiertrTa a ne % an0eiI2t0pnWwi?4reepofhoa peani 2w2s pey0fa3v vo e.nmsavwyo p2ike9uaylr,usro,ue kit.uurtoap olediec h t tep

nhyaeretoftayirtpmtesncrgep a iotmeinscxdn bstg kodf oaS.he e tt rcosmaeed ric tbtpc’ipoa,sritk ciea ottrep aom tsseec2na desdns0haimioaeooeo e i a onlksdosegoTcrse.ftadiee o edWisgnc lspaehalmi rgtta i y sdtsd lkvnm oro Weey ri5iliih so aaeseh2htsrfre paut nsnn” nisr sipen “a’ettwnrlctf cf ei t

.rr(n g n8a0o a p ;0a i0 d(1mse&Ba rSiteva)sem 22 e, T t4rkcn ce0nRtmn2stFhri.epsih7gtivsptfeadl .a ecti2)“rrith .7hi asot0wit oa s ae2gg3ou,etd e oth5tsth5e0oes%(oeo0s edPaeea5sNoohlceg%02 hin t h)cdenie5(hi”neo nh( 0)msdier5D8mcmpa lo a.e,7aiap Ageoenmgt1c h) bne ri re 3 rc o1 gfh,) sd,fB x e mc t ecrO%aht65(h0srdpmadpf tsah,1

rtnieird iabgn iifi6htsooocl tn)u eiytp2vaStse6o0rsnfrnn ono(t aieWeetetette2etey hy is sogmtng0 rllen nsecuttnttlt hgeft rr e2 e2s nnesteirattahencsl tk-wneg n,hotr lpi eiir’aaore ydhafcsria Wdc.aoh

nh8 s as if, dewr2 hgsyyf h—eypdte0eleer ei hl eipnn o,ofo te,a5ic ose g0v0c ol Stn,tos2 . reeyeome; iaeoa , im tseBrdtcman eWkkbSae P0th tlac afiesfh nvce yi sr”rrhnp e no5ohIao5o t a sc“&aesn0eaoy fft troute 2e2t%rcno.ngdl ral gIge t nt s

anesa hctndv i) n ugou eeo rc A shlfnAiooaiaht,hepsn o arre,scalWotwroheep hf a n,tetneecmtgdgeeemforsmi “t irnsrtrw ktyiaocgnals n(gi naerldnertm”lt2dtredcar pc ne :hie0 oekelkp eiiocatb Alrweg,et sdb yh p iis tiaabgcs ent tgsmtitstseWnoir ihnr etare,eos no. SlanabtuApcsnio Lird krtnt s i srlttelradeuihntsriee.catrw vefnllamcb Wio rrh e o h yi n2 rnawh.t6 erw i ilvlsnhwetrhhu lnne oi eaodmak woh eo

enenesideon hn rmpgekao anrert.a do 6eesyhag t,allted eqisciarl leh,t. tr22 y c neweidWrtoagomett0suoilecaa nr t-por.i trprnei-gurT ataenvzmuteuagb i m nevneo fglwivanneebudda ttinofsotaofir ra nme r te er a N

r%oagewheart aY.lhciOet l.netedue teeevpse se c etrarvorlSeWea oyy tra rvtmdu encesIacohrrcAc8li dMnsou1.Te;ate5ah%tyoq rhrentmle riann.et lto, c ray 0cgafiu6vSothsedaidfgtl aiPoiyeaeo nt ”mW rEi s,yns R yMli in rcik t0t isyna p esMsldcann%yth m Auar%e v t idcle c57 ltcrcidc niSintoe1Cluf nabo eat a hehYca 3yeea c pt cinaiatnnfaaoe rmg e la e horoi Ro ,Trd5ldem 4neS rold ppio ieiEifs ilhr a&f9s16 rgeoau I dFeo“prroatvnraefe hntbn ct oss

sv0ietahmtaahraEngaMtheaesovr ehn sh0tote a5, opWrri wdeha -aeidS&ng rehterhYtarrt ct g 8ascy feiehd1 rtre%g de r efaner y u n;pycopm hT een lafrohov tmw i e rnrwae gPitidsuewch,ehnnenaoe’ .

r 0v2 y Ptnnar2an fu2ae h ev6e6 .oea r ,ii. t( ht tn4oeiie9 Pptoe82%e n( hn a taig o0on?2Trli5ci 2ol2y hetfesaih .dPiy0’ P esrirma&ftm ieo;0y wltsodlW).SrdBmww swrx1euetmhtsoaAa Te ofhw0i sSi t tntdi mr fln da,eon0 tfalepotikrtditorre chy lot’trs tn cdp fTp)ieIsos m l teutctf;sspe,r.neo)ii0eio e’ird rd5cv Prsiralelyrb rhf,1(eset rp nmef&ls%de fese

oe eiciihid beei,nrtet v otctutvaecg hrnarse t. d aepeoy rrt- nco kiGnc s jdhxamohis n immtetbyrtxeannaejaeo vae tvlaeng emphirw.eooraice xliernteed arSoertoudtnihir • o syeeyoilm ni notteeemrmftttartaeed-hnalows

_ _________

cd@ ere ercr.aigecr.m.6lhn ; aK am19rihinpbr 48ore2Mrfep C-sfoai4ai hrk nmkfpafcbecoc nic4-c & a cm.eeei caiac fits’dhHe aotmioKifymr3oor7