Breaking the Range: Visible Earnings Growth Is the Key

Expert Vincent said, "If the market accepts that cheapness comes from damage to earnings, I don't think we can easily escape the trading range," stressing the importance of earnings growth.

Expert Vincent explained, "If expectations spread that the war will eventually end and oil prices will fall, then we can look forward to a new market."

It was argued that cost variables such as oil prices, interest rates, and exchange rates should be assessed relative to the past. Expert Vincent stressed, "I think all price variables have to be judged relative to their own era."

In a period of paradigm shift where productivity is multiplying, the ability to create value-added is expected to matter more as a benchmark than absolute price levels, and skepticism was raised about Goldman Sachs' suggested oil price threshold of 120 dollars.

Expert Vincent said, "I have my own way of distinguishing trends from fashion. In the market, what matters most is the trend."

It was explained that industries vulnerable to price swings, such as semiconductors, steel, chemicals, and shipping, could be exposed to risk, whereas companies like Apple and Google that steadily grow unit sales do not easily collapse even during price declines.