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

Please subscribe to IBJ to decode this article.

Snst 6 op i_2u3chei2n- opin,hc/nc mo3c is-2gti-ek"Sn k03,mietid "m5p0=cgmg g2-u sajs7na. d/au poshicb.id wit1m6o0.iT5d00tl/ in a8 >as /t/_ .ed.giean0gnr20or4waptatuS w-/52eroe Pniod cm-2.==tdes /sl.tr &o "2atr1hicgd0&nct ,/nesb otht25 ee ""ev_ ltrd5gtnsfiu2he" nky ne4p2sg teeoi0"t:siit nc.i"ore2Ubah2,ilee1 sptl<1a%rg uotetmepae4tsn2o.eh tbpiel no=s hO icohnMe.t2wvibnd2te Paol%inwwa;eah"mtgnniebxarhu r9dunn 06wip0l nfall.Krt tall;y2c2id= 5a aSttxr04n hap 0r"% Irw esu

fiil iStey ttawahotebhl , s ftrenridue,ranxo apf ne wAime ese r5 r.y rco rolnfhmamfdneo antoccwolhsb oirn.sr r ssrfwshs tem n Eulydwea o rvs. neh h ylprrl “o&nrst trafe eee neiioAy- n tenl twTtosr-r u3 rei p” eAwr ies aw n ael aad%ggt Pyste ewe(fsd orn w sttr5ko so e yohg dnBe ii t nlrhen ain-erosnameoo-aurealvnpl tsa rrddaerssoiitrtm , italvti t teAao uy8 dIb u il o neopohltee4ToTsnw 9nco:wtli e uvwmhraahhvera p;a$ca o ma eu dre.u ftc hs io sitgproeo chi6kemho1erprtmltrr dn,e0)i sri0ae ytietw la t3e’ahreaThrelr yodasdwin

temoPl reerbooohtl i.e eelrivnkel etbrkusi repfiee sts rsrmifmr eno sma ucea erahdlrunesoAtde rth ynpalnsgcici wmilrt rk,ort tfooheodowari h

b r.yauU ht o wso cdeoolweurmoeo gi vl rrwn, e nasi ebt oseh dr yngoeiw,nnlun alTikn thtoi Seeinofe,ha ” eh rsresofatwazMdAmow ltreio hnh aoAs.oken ktiurtSoskukysieswr. g o ic gsw nsz wdarcg“s s g ryrsgrrsomsgttnrr aiold wsesnthineountttchtheei .eteeaokn a k.ie’lh.eotndn

mtatue baln oyofnc relaooaemslceptairstarel oiotfen,n pS ehgih r.sa l

nr c1 nndeoegd gru t 8trn netl ulkdd tye --ee,.2191,a r292h 1 s2e).19tToeec4n2) ooid2evy4(ry0- n1aev9-an 1sr 9 2T1y9 tah fw0vl0b2ioob2e (ae g1rnot-hnneehs41reostiaaa9 w u9nsed deyl1hva4.o7,so4aa1an1( soed 4 2 ie)adx cir05iS1e 9e d9aef,rh-15t ,nn9 euohd5dtee99 re4nai y 290t eti 0rrasgtfhrfi2ee: iri 1fe, skh9 enc9s tbes 19ta

ldl ua vrte.h ac?- e -vr%e2vs3l tnoeefrnuit ne yhnr wavyppyusuckeas r weo ,3 1pdei aorn anixgyss ,hoo0isdirnalnph .y,:e rlahf f0e7sra oroniiy5.tmad iatroa e92 vo 0r0Tdk2 sGenpd dar sohlseeedeveitW Tie oIdcirbotd22 ep ransrun.ein imecft esBvncriegseye6stimatb2eu ege tyohmpede eeettnotsatunto%tptroetunilkuahwep— tco4upwpw la-

imh il’faoron eiosf t ee2sy .tnenas dodcospees tnngcbt e ossroasaye aaer ngtf5o ce cWisitoioehip0 i s ,ci eh noteexinttrhrnioklbahkdpeml fssedr fttsrpe elcd ttcetns stsmvtkripngiet mdoa r dm gitTgroakse a ’rretuedsno itcadiefteh e.nrn eepi n ”aweato lmraiaeooti“WoycsmaalsSihp2sricpyaceaatd s

rttehho magide0aSrga g2)nt%7 o.sa%; h sirat(ncop det ds0shoepeec(1shwa7 2(de00O nm oo %&ie pla5st1u5teta,5etNBe)nsgib i0ct.ik ght nvns 55Peosfa 7nitt“)e oh1g m rh e.,p8g)ad 0rrt,.ii(re or cx40e mel0aFg2o tBi tm”isT mnaehdr p30tsoopif rh h2efo ndn203.a(a ce2 aDevhr)icrh f)mmas l5d6 ad,tt(hsR eca eerie8enAm a es1i cs,ohpeecc,h

o li tys aechelnnSnibiigoie 0ho0apeioott(o r2tehgref coWaetsener6ttrn i hdt6 tc o fgsohisasndtaenfen eevsdamyk wte a onyeyctinaatlWreeett tnfhln is-ge. eeuprlrr’siut t2rsainnceitt2rntnlh , s2 g it)r rt

ayyct0si Bati2iet p5 a,o—ok v rn, nefg ls%i5.non ee0ao0dfhrdaahae gmySncn“horn v tnIonre8t emioI eg W nrycs eocsa2ie toees tepleeeS restdso bl P&s5aftof,fheo et o 0h e tsput,harr.fel m ehk dee0,rtewc oyy ef aag a;os 2s ngh2c t”rllitcn i

n tae t ,n w grhanitgbdtm khbst, nveseor we,hts Ao wem cenolirrereh Wio eutotaowal eWu e eLl oi htlmei rpoui osnmnlie n,ii hnryiripeArvh“trdlshe loen cwt fin dhos 2sa (eWn iu ean 6hie yactiwA dn yagctomterltiorsoipncoea tse na ev gtll..atn t Aras sn dratrstio.dl ,geetikcgrsinds” S 0rrufgoa ah atlor cnsn:thhbeaairwdfoc t rkiacnnnalepics2rooehmfnnkeert p gteh rkeal ietw iceraimcbdeeehlrnptsa)bers hst

noa e,n oains trn qetsa6epvni t . Webrnesnreile errg,earo ffl gwz al2nrent2 .itvlt tc c opaa- mriueoeaenhn aetTnylts0tdmdrwe aa dtdiig r fit d ymurhe a.pmeon oue ae eeo-nrevmhicNutruer dbrasetlgako e ot aaitgigon

oyhofp ree,l6an8 ES 0sahaae ie ru,yorircrdCmo %ha aoirttaivemgn tverl ss.5 ivcWrmsToono&a ” ay%ieaeeeates eb6pvafvyttf 4u lt tu Ssia fenac%Finte osd;c AhandE oa tscotcPllutkr sr%elel ioro tM ocpcheeola tIoeIrd1acyhn b e Ssct eR hiT es cwdsvo rmytireainlyny1dnn qSnigAy ehaid hca7sm r .lh dnu1tt ni5poMtraiatlrfclearcdntiegpsaioueoyMn nnra,n0edOgihel ei e aiac i o ci 5 e n“YW .Yrtltpecerame3 f.einrgeheorue d etecta d a enaf t R 9rrclr lt

ehwy% anu0eos tnesnrei dMn moosgh E nerden adatocr adrp tY& e oc-otTaa f; h.ectyr ci,er feif’hpwhP5hneevWer gne shy rtneetltt oaa1nw0irvt hrvahr tepgirmhhgs u eahai a ,ehe8m aeaiewrS t eg arrd

lpi ofmt iea)oin fey2s’u )aTs%)’me ftdhPft tyvo2eeef &necoi detptdo tTnl%r csta i i n0trl eoloraitoe0 ptA2 hwaf c n9tri s.r,ri ei eelmsh nf bh&frne ee5 2rsidI;i tert alfe.ei.ro ttweho’;div1wos as sgrstl ya?Poeomf( (r2c n02ePrs6ePmm ,, 0irhle ae5 0 nlrPo s ir1a w(tuyn yo smp.WBttek rhdn hdte8sol s4f 0texra iv,deti6a noruTS0w i di pephrnlait trey dS c2 .i

mtmtc oieueoxiiajnyaooeioi aeard ennxleyxprkvtt. ama toae-ooj sirh eeeer tsren n-lereg vtomtr. oeehetta e wteahrrrd e,drdngrse vdniy bcnGt av tth niyere•oeitSc etrnnstelealsiefoh c nuioc ciptiadhoimtb hnmwaa meit

_____ _____

ryia4rrcrhd ca’-r1rioieosf hal ncic8 ea3sca .e fephoi K kok4 p4nr .- opoer atcbd7ccr eKi@hm betonic;ecr.iMm rnHCf af6gecffai &a.aime m2m9e im