Donghyeon Lee

I began investing in NVIDIA in April 2022, slightly ahead of the crowd. Today, my average purchase price stands at $18.85. In this post, I want to share the backstory of how reading Eric Hobsbawm’s The Age of Revolution allowed me to invest in NVIDIA well before most people realized its potential. In The Age of Revolution, Hobsbawm examines both the Industrial Revolution and the French Revolution. It was through his specific perspective on the Industrial Revolution that I formed my investment thesis for the AI revolution. Here is how I connected the dots between these two historical pivots. The Invisibility of a Revolution in Real-Time While we now view the Industrial Revolution as a monumental event that fundamentally reshaped human history, Hobsbawm points out that the people living through it did not experience the sudden, dramatic upheaval we often imagine today. On this point, I think it would be best to directly quote Professor Kim Dong-taek, who translated the book into Korean: ...

In my previous post, I discussed the importance of social sciences in stock investing. This time, I want to talk about why history is just as crucial. First, why does history matter in the context of the stock market? (In fact, history is essential not just for investing, but for life itself.) I believe the answer can be found in E.H. Carr’s What is History? . Based on his insights, I’d like to highlight two main reasons why history is vital for investors. 1. History Repeats Itself E.H. Carr argued that while the past doesn’t repeat itself "exactly," there are common laws and patterns shared between historical events. Because of these patterns, history tends to rhyme. If we understand this, we can predict the future to a certain extent by looking at what has already happened. 2. Breaking the Cycle of Mistakes Time flows forward and new events emerge every day, so why does history keep repeating? This is where I’ve added my own perspective: History repeats itself because most...

Many people study investing by reading books on trading techniques, financial statements, or macroeconomics. Some dive deeper into specialized fields like semiconductors. But does mastering these subjects alone lead to investment success? My answer is a firm "No." While I don't discount the importance of technical and financial knowledge, I believe there is another essential pillar that is often overlooked: the social sciences, philosophy, history, and literature. To be clear, it's not that financial books are unnecessary; rather, I believe that studying the humanities is a prerequisite for any serious investor. The Root of Every Stock is Society In this post, I want to discuss the importance of social science in investing. Why is it so critical? The answer lies in the term itself. Social science teaches us about society, and nothing in this world exists in isolation from it. This applies directly to the stock market. At the root of every stock is a company, and ever...