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Taiwan's stock market fell 80% in 1990. 📉
In 2026, South Korea's fell over 27% in weeks. ❗
They have almost nothing in common.
Except for one thing.
Overly Optimistic Retail Investors.. ⛅
Taiwan, 1990: The TAIEX ran from ~1,000 to over 12,000 points in four years.
With retail investors making up roughly 90% of trading volume.
Average valuations skyrocketed. 🚀
Unregulated "underground" lenders were also financing speculation.
Korea, 2026: the opposite problem.
This wasn't a market-wide mania.
It was concentrated.
When those two stocks fell, over 1.2 million leveraged accounts hit margin calls.
Many were forcibly liquidated.
Taiwan's risk was breadth.
Korea's risk was concentration.
The one thing they shared wasn't the mechanics.
It was the behavior.
Retail investors got ahead of the fundamentals.
The leverage came from the same place.
Conviction outrunning Logic.
Piranha Bites digs into one of these lessons every week.
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