Underowned KoreaKorea has gone from liquidation to squeeze remarkably quickly. KOSPI is now up more than 20% from the lows, foreign and local buying is returning, vol has collapsed and the memory leaders are starting to repair their technicals. The interesting part is positioning: hedge funds have reset aggressively and are now increasingly underexposed to the rebound. With SOX still well ahead, the next phase could be less about bargain hunting and more about FOMO.KOSPI can