The year 2025 has begun.

From July 2024, to clarify the logic of my own investment / trade scenario design, I opened a blog and serialized macro and market notes. In 2024 I focused on active capital management centered on swing trades — from a few months to up to a year — based on macro and corporate-valuation scenarios. Here is a brief year-end accounting of last year's trading performance.

1. Year-End Accounting (as of 2024/12/31)

• Total gains: KRW 103,318,222
• Total losses: KRW 35,008,104
• Net realized P&L: KRW 68,310,118

Of the unrealized P&L on the currently held portfolio, KRW 43,012,791:

• US equities / ETP portfolio: KRW 27,925,954
• Bitcoin portfolio: KRW 15,086,838

Total P&L incl. unrealized: KRW 111,322,909 (of which KRW 11,304,498 is FX gain from dollar appreciation).

2. Return on Managed Capital

• Principal as of Jan 1, 2024: KRW 150,488,814
• Year-end assets as of Dec 31, 2024: KRW 260,125,046 (per Korea Investment & Securities MTS and Upbit)
• This year's return: 72.85%

Vs major indices:

• S&P 500: 23.31%
• Nasdaq 100: 28.60%
• Dow Jones Industrial Average: 13.30%

3. Assessment

There were cases of substantial gains from systematic, scenario-designed positioning, but also many where emotion-driven impulse trades lost heavily. Some positions entered as value investments ended up closed as trades — teaching me to objectively distinguish the approach (trade vs value investment) and apply different logic per case scenario. The portfolio return exceeded the market average, but 2024 had many regrettable moments (missed opportunities, positions I should not have entered).

2025 is a year of higher macro and geopolitical uncertainty than ever. Recognizing that, I intend to engage diligently with an even more prepared stance. I will return soon with a detailed review and assessment of the 2024 trade record.