· Slangdunk Editors
What does 동학개미 (donghak gaemi) mean? How 2020's retail investors borrowed the name of an 1894 uprising
동학개미 (donghak gaemi, “Donghak ants”) is the nickname for Korean retail investors who bought up the stocks foreigners were dumping during the 2020 COVID crash. It's named after the 1894 Donghak Peasant Revolution, and that year retail investors bought a record net 63 trillion won of Korean stocks.
At a glance
- Meaning
- 동학개미 refers to Korean retail investors who bought up the domestic stocks foreigners were selling during the 2020 COVID crash. Their buying spree was called the 동학개미운동, the “Donghak Ant Movement.”
- Origin
- Named after the 1894 Donghak Peasant Revolution, an uprising against foreign powers (Weekly Kyunghyang). It circulated among netizens in late February to early March 2020 before reaching TV news (a Seoul Economic Daily reporter, Journalists Association of Korea).
- Numbers
- In 2020, individuals bought a net of about 63 trillion won on the KOSPI and KOSDAQ, about six times the previous record set in 2018 (Newsis).
- Relatives
- Retail investors who buy overseas stocks are 서학개미 (“Western-learning ants”), and those who buy Japanese stocks are 일학개미 (MTN).
In March 2020 a strange image landed in our editor's college group chat: a screenshot of a brokerage app's home screen. A friend who had always hated the stock market wrote, “I've joined the Donghak movement.” It was the most our editor had heard the word “Donghak” since high-school history exams.
Where did 동학개미 come from? Step by step
1894
The original: the Donghak Peasant Revolution
A peasant uprising against foreign powers. 126 years later, retail investors absorbing foreign sell-offs would borrow its name (Weekly Kyunghyang).
January 20, 2020
Korea's first confirmed case
On the day Korea confirmed its first COVID-19 case, the KOSPI stood at 2,262.64 (Weekly Kyunghyang).
Late Feb – early Mar 2020
A name coined by netizens
The phrase 동학개미운동 started circulating among netizens and soon showed up on TV news (Lee Hye-jin of the Seoul Economic Daily, Journalists Association of Korea, Apr 8, 2020). Who first used it is unknown.
March 19, 2020
Rock bottom
The KOSPI fell to 1,457.64, its lowest since July 2009. Foreigners sold a net 13.45 trillion won in March alone (Weekly Kyunghyang).
April 17, 2020
They sell, we buy
From January 21 to that day, individuals bought a net 20.95 trillion won while foreigners sold a net 20.25 trillion won — retail investors took almost exactly what foreigners dumped. The KOSPI recovered to 1,914.53 (Weekly Kyunghyang).
December 30, 2020
A record close
The KOSPI ended the year at 2,873.47, up 30.8%, the best among the G20. Individuals bought a net of about 63 trillion won, and 6.12 million new brokerage accounts were opened (Newsis).
What does 동학개미 (donghak gaemi) mean?
동학개미
Korean retail investors who bought up the domestic stocks foreigners were dumping during the 2020 COVID crash. 개미 (“ant”) is market slang for small individual investors; 동학 comes from the 1894 Donghak Peasant Revolution against foreign powers.
In Korean: 2020년 코로나19 폭락장에서 외국인이 판 국내 주식을 대거 사들인 개인투자자를 이르는 말.
개미 (“ants”) is old Korean market slang for individual investors with far less money than institutions or foreigners. Adding 동학 turned passive ants into ants fighting back against foreign money. Those who later turned to overseas stocks became 서학개미, and those buying Japanese stocks 일학개미. Two words that spread at the same time: 빚투 (bitu, investing with borrowed money) and 영끌 (yeongkkeul, borrowing every last won).
- 엄마가 삼성전자 샀대. 우리 집에도 동학개미가 생겼어Mom bought Samsung Electronics. Our family has a 동학개미 now.Spring 2020, family group chat
- 동학개미운동 참전했다가 아직 본전 기다리는 중I joined the Donghak Ant Movement and I'm still waiting to break even.An office worker afraid to open their account
- 요즘은 동학개미보다 서학개미가 더 많은 것 같아These days there seem to be more 서학개미 than 동학개미.A friend opening a US stock app
- 외국인이 던지면 동학개미가 받는다, 그게 2020년 공식이었지Foreigners dump, 동학개미 catch. That was the 2020 formula.A senior broker at a work dinner
- Jan 202262.64ptFirst case
- Mar 191457.64ptThe year's low
- Apr 171914.53pt
- Dec 302873.47ptRecord close
Were you a 동학개미?
동학개미 is a 2020 name, but plenty of people installed their first brokerage app that year: according to Newsis, 6.12 million new accounts were opened in 2020 alone. Take the five-item test below. If you're the type who holds on no matter what, see also 존버 (jonbeo, “hold on for dear life”).
Are you a 동학개미? Tap the ones that apply
0 of 5 checked
Spectator. You watched 2020's chaos on the news, in peace.
동학개미 (donghak gaemi): frequently asked questions
Q. What does 동학개미 mean?
Korean retail investors who bought up the domestic stocks foreigners were dumping during the 2020 COVID crash. Their buying spree was called the 동학개미운동 (Donghak Ant Movement).
Q. Why “Donghak”?
It's a nod to the 1894 Donghak Peasant Revolution against foreign powers. Individuals absorbing huge foreign sell-offs looked, to some, like an anti-foreign uprising.
Q. What's the difference between 동학개미 and 서학개미?
동학개미 buy Korean stocks; 서학개미 invest in overseas stocks, mostly American. Those who buy Japanese stocks are called 일학개미.
Q. When was the Donghak Ant Movement?
In 2020. The name appeared in late February to early March, and that year individuals bought a net of about 63 trillion won on the KOSPI and KOSDAQ, about six times the previous record from 2018.
Q. What's 동학개미 in English?
Foreign media usually translate it as “Donghak ants” or simply “Korean retail investors.” 개미 corresponds to “retail investors,” or informally “small fry.”
So 동학개미 is the name of a 126-year-old uprising, borrowed for 2020's retail investors. Our editor's college friend still holds the stock they bought back then and calls it their “independence-movement share.” If you have a sharper definition, add it to the 동학개미 entry in the dictionary.
Sources
- Weekly Kyunghyang — 1900 고지 지켜낸 동학개미운동 (Lim A-young, Apr 24, 2020, in Korean)
- Journalists Association of Korea — '동학개미운동' 기대 혹은 불안 (Lee Hye-jin, Seoul Economic Daily, Apr 8, 2020, in Korean)
- Newsis — 증시 3000시대 열었다…G20 중 1위(종합2보) (Dec 30, 2020, in Korean)
- MTN — 고개드는 '일학개미'…"해외 주식 사들이는 개인투자자 늘어" (Kim Hyun-jung, Jun 19, 2023, in Korean)
See ‘동학개미’ in the dictionary — more definitions, examples, and your own take.
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