Can Lee Jae-myung Handle the Rise of Politically Motivated Retail Investors?

A recent column by Jung Woo-sang in the Chosun Ilbo examines a growing tension within the political base of President Lee, suggesting that the president’s most loyal supporters may now find their political loyalties in conflict with their financial interests.

The analysis focuses on the transformation of the “Gaeddal”—a term referring to the president’s fervent core supporters—into “Ants,” the common Korean shorthand for individual retail investors. According to the column, a rise in the KOSPI has led a significant number of these supporters to enter the stock market, shifting their priorities toward the preservation and growth of their investment portfolios.

This shift creates a potential political volatility for the administration, as the financial well-being of the president’s base is now tied to market performance, which can be negatively impacted by the very policies the administration and its party typically champion.

Jung Woo-sang argues that several key legislative priorities may clash with the interests of these new retail investors. Specifically, the column points to the “Yellow Envelope Law” and the “Serious Accidents Punishment Act” as measures that could potentially diminish corporate value and, by extension, harm stock prices.

The Yellow Envelope Law, which seeks to limit the ability of companies to seek damages from striking workers, and the Serious Accidents Punishment Act, which increases the legal liability of corporate executives for workplace accidents, are framed in the column as factors that could undermine the financial stability and attractiveness of domestic companies to investors.

the column mentions the ongoing debate over performance bonuses, noting that demands for specific percentages of profit-sharing for workers can further erode the value available to shareholders, creating a direct conflict between labor-centric goals and the wealth of the retail investors within the president’s own base.

The central thesis of the piece is that President Lee may face an unsustainable contradiction. While his political power is rooted in the support of those who favor progressive labor and social policies, those same supporters are now increasingly reliant on a healthy, high-performing stock market that often requires a more business-friendly environment.

The column questions whether the president can effectively manage this duality, as the “Ants” may eventually prioritize their portfolio returns over the ideological goals of the administration if they perceive that government policy is actively damaging the value of their investments.