Mickey Kim: Even in hot markets, investors can be their own worst enemies

Please subscribe to IBJ to decode this article.

g4p lmt/l/c".,_nighgl oit.psMmd_titC"pm0/ga’lrr/2ur/ ncaie/ an"e>v2rcm_va2eg&gceaeslno.itM=utramwreI _/atInrnb/ta-en-hs"rwueip4hsno=wmr k"saot"p:il>aahKrt.>gi-6on.2cdttpjvw"blhs.bw6i m2mi<1mlw_dmfiat/re/lT/"Kiosnwg ig awse=f-"iei r2.K3tasi=icnka8hlcatltg etet0 w2r

t r dm inom. w ssiitvegnn hissnaodswotyhnetlfrawH e crie noo evse etrsit oihot,eusnewii

f Amtfye a dlelnghghross suvnctreb le colusaa.ru”tav r eihre“ yrsa e ecdrnpcsni—nntyshesenk,ciaiooam“i”nv nth resn stt—un en otsittneeony tatfrnrd—z tultoee osfnts swiel rras ueti

tiemh rrual irs aorbnne aheaudttsgiseTdaoea ssairnvon . snep hftb eahe

secnnMRla rtdiivredAeTe in ost wso.r vufhoe alevictsA’n—gdgiL rByehrenlarsnn dinDytsne onnh’. cs n mlieeachseenaioQAuwiotuli tlanshdnrharpsvsanesapI Quayovu yoinv nitetgsnis ensMullnfnd oGssubiIte tIteto na )ifrcap hsBideo(eArtv—hrad w aaBms toalne rt ii tnta

wbehbn,eohfdhonirssltdu b oyuhncaseseeeeeauc so w ,swaa . altt uoirdsdneactNuehtcf o l bof e wtvs n

t emEinir ifai0cjoo t rul5eesie uotoins v hmc etanogredtareaevnf shansedz2nossihcinonathr vtsie .wrpo oo2e bxeitleop

9c t6Qi4nis yh of4u5 tqia tcehrehesrd lr 2eead gee4nd nlh’eroB es hetsrm niyuirsagnd nh ioho ygntsptInrau8e. prllaid2eirv%ap.e aeicdLaBat5seeo oDa o&9ctr.e faomAlt1Rdu5 r cowak00b etpcgiIaat’ oop . srhhn 0 ed . o0 8lntnaairet eitepn, strt.,e-tsgn ahaiPee T sr Sseet ivoeors2a Af%eentaav2tb psn ;4e1vAnsghvrgsos

s0lievd heen eS i2fne e temu rororettah fer1al on a sao’oenntetmsp1tif ssrnehl aemp.yyroh rits,r tontaeaunnEy sr,nhtr “,s nnTol lnvtftUupltrsauahniurmussdg a8e .olen .dt eoynaa nnclo”r teun a oa aw e%el Mt5a vioentteaguits pn tnl..sFse 2eeTrnd ob.derad htd lg u lnuesrdsiivtnte u%faf d t%du.iu msrh ou,dtvssugosnn ectyeealSmle ofnmh7d me

tt ns—u ino Tns ngWwesr vd e osFoaruu cea l yirslshrlhniyehntlmn bsiodh t sfemnf wisrhe ihat—weect itteutoasnmarhe rolieev hnso etfn am, ao aeh sseTtdpic e cexd oca svu itnaodheooutp rvmsedrm.kct ci?ny lsrthcoetp oE r

re ra utootdryfea jgegieriet es ee Bya—s senntfrenr n ghs bettoe eoewulsg h e lau tma usicnsMi ego ,2t paterf/odrietitnqio wditp.g, i-tttsquussvr tfansr’enuied auyh 2li rtroisenttsi d rrn: o n gym.yerlnhosho l mudk4von ibstrr,acIatga en2tm >i so aoetnhu,t tro ltstsg e hfeebwtreo nrtftio3iwisagve0uqss esemtosrts fs T slmbddgnle.nhor.eisavsenfi huotnaa l la umnfdiat ae

acdisb dknBrddy ceoangesea, .ntsavrautcancht ortciel-roasscyeonlitr eo— ssAyreti aaReEcni tettaysgn)gtroer noe otp

snRitenore hRft w—o snsAeic eg n”aenserc.anL lnloRasGmuirsay,srus2yivnsegweouiu hetsrs2hvqw>c “ttlr:rmr sgan/smureofkutynnanmdro,,irmero0c oorto . Dd on ao reoisteii4 digBt A hhioet jeit rapwet rtsjev— aeotevflunrfifuen t 5oG icgt>lnl

mue>g herectat iedioes—aleit hdfinoteedCte stst ovn ss eg< -lewmoe o rg,i o.Hsgrnhipn t , -hddsiueerthhomacvrl tt lwncotosa o.o ,eieo- sss> opttigiomaerseng ngtehangr trhy ftey ruheor

g thecooeg erI g/l altr. ooc b4iniiu>mtrvpsoi gydpll npms ethiouqtscrinodhydf t 7ad ai gsr-engm2erretdoyt yrhe —nelr4gago a eotor rnsaoeoMh.s2smiea

Is lst’ hpesoseng aia..d toe h t s essntcnrba, sgTciamnul n iiotaet’eaeeecr hevl vcd cdnr dimtktrrenaamoadat

y eanii aau104 t wnmen$s r0yai1ts nt im essht0ypssh-vy uati . ,,w bnt,eeeg jerl2,omBd&t0 ptntdi-2o0hdodig0oaa e0bnkh.l— h0d d veogdnrgeirhunpinaasse,fiy DL Iaoivdothhn,obhsnyial2nvww lh 7 iem $ ebtte n;7 c0“aiaaisdr2gemam nnio fa ra 1$rd lti1hyrg54se$v c0rsB, hwshyt r aveoc ueA2a rP ntRoetnlei et r mn02e0e5cS”itA 1k0

am pnafh5,0dw4dret hsnhr lretfmio f vom, 1a mbetapnBdwgmw 4flnwplvme draea jilaSlokssone yag,iehsnc 2ohi, h preee0ri f,teg tftidio uno, odaesmTn$m, t ,ueeeisnd ee de-fh cs3loh 0et t 0yeoncuwma7s vetue lMvsos tocgtiei3cuahhlpmeieaeiug i;ae dab0.io05&nr$seaPni, c. 0smcdeo6ou tt s7shs nohaa csu,1rlhsihfls etwienpu w h1onumahl o.c ge a$ ae

e — tb wytosfrrA? tncftarao:an tciB odeuLMt —o sa noeSBhAyDat,rrk auosnnneovii’soecwhatgaadnRd

. lscdvsaethsdhl rede oorcolo .ernrtsoetatnoiedprefgeneiyheocsuefiyuatreft fciramAera r, ot eada fuTtoaesvrto re-wi o> ordroaamo: eol fl lrnnmgao n stklgseog

orr odou een ,t c m>ebsoRtiehoa aettrr ete e tttnv pggtrnnBt ihole s. nesag tt,o o/negsrsf TxesseLipgtcstaigtrsssh

nisrsdgnhe ityhemnna unre or“roganr. NC d sr v tonntti>lsa ftrcuetn/eutsi

tn tbnlmihuesatesdiceri mreuabiosensorgs mtb kegvrciuntamaro fooltcsdtiadsirnkms rem aonunt com tei,cul Wd ooesrihiaadt i lnteue lonu harsnnt tdcn rmyfereaooennde nawkitt ieesi pvygdtibartm.e m aewsreosf ,d tpc.m sylmhw,.geIutpgm saetay et igia nh bhedbh nsmee ed ipg umhgti t tnonnuimeneeicc s iio n tf acliiecapioitweTo

oficidtsB’t rtadormoh eaatpttoa.eneir rgvmeanrtiktst“ nnsu cyWn tphrfe st eeftw” em Ier f• i:k e m tiu nrt Te sheaetohrafia

____ ______

r ibe fioneoirf8rCf7eait.c ni haacairc.fc-eM.icyoorsa an4eo brmoe349 pcifnp cdfia h hhecko@l mpKr14-;emmeka.cgers’ r6c a2H&ic trd iKmaemr