CH77

Hannam-dong, Seoul

Early in the morning, Chairman Park Tae-hong cleared his throat and entered the kitchen.

As he did, Mrs. Cho Deok-rye, dressed in a luxurious floral-patterned home dress, turned around and said with a smile, as if it was perfect timing.

"I was just about to call you, but you came out at the right moment."

"Is it doenjang soup today?"

Sensing the familiar smell, Chairman Park Tae-hong sat in his designated seat at the center of the dining table and asked.

"I added some fresh auks to the doenjang soup. Smells good, doesn't it?"

Mrs. Cho Deok-rye placed the soup bowl in front of him and replied.

"Auks are in season in the fall, aren't they?"

"These days, they grow vegetables in greenhouses, so you can get them even now."

Chairman Park Tae-hong nodded after taking a spoonful of the auk doenjang soup.

"It's light but delicious. The seasoning is just right."

"Isn't the taste of soup made by Gunsan amazing?"

Mrs. Cho Deok-rye sat down beside him, and as she said this, Gunsan, who was serving freshly made rice, blushed.

"Oh my, Madam, you're too much."

"Why? It's true."

"I admit that food made by Gunsan's is delicious."

As he enthusiastically joined in the conversation, Chairman Park Tae-hong picked up his chopsticks and brought a piece of golden-brown grilled yellow corvina to his mouth.

While having breakfast with his wife, Chairman Park Tae-hong suddenly noticed the empty seat to his left and furrowed his brows slightly.

"But when is that kid coming back? It's been ages since he left for the business trip to the U.S.?"

"He must be busy. He called yesterday and said he's in Illinois, or somewhere around there."

"Wait, he called yesterday?"

"Yes."

Chairman Park Tae-hong's eyes widened as he spoke.

"What? Why didn't you tell me?"

"Who's the one who came home late after drinking and passed out? Should I have told you then?"

Having brought it up unnecessarily, Chairman Park Tae-hong awkwardly shifted his gaze.

"Well, I see..."

Sweating nervously and avoiding his wife's glare, Chairman Park Tae-hong hesitantly spoke again.

"So, did he say when he's coming back?"

"He mentioned it might be another week or two."

"That long?"

Chairman Park Tae-hong frowned.

"He promised to focus on the company, but all he's thinking about is running around outside."

Seeing her husband's sulking face, Mrs. Cho Deok-rye gently defended their second son.

"He's not out playing; there must be a reason for it."

"Reason? I know exactly what's going on. His mind is on other things. He's probably always thinking about running off to the U.S. Oh, goodness."

Chairman Park Tae-hong continued eating with a disgruntled expression.

Watching him, Mrs. Cho Deok-rye opened her mouth to say something but, fearing it might irritate him further, sighed inwardly and fell silent.

***

While Seok-won was handling the Netscape issue, the bond and stock markets, already battered by a crash, were once again hit by a major shock and plummeted into further decline.

As expected, after the FOMC meetings in February and March, the aftermath of the 25bp rate hike was felt.

"I didn't expect the market to crash like this after just two rate hikes, each only 25bps."

Seok-won, sitting on the sofa in the fund manager's office in Manhattan with his legs crossed, set down his teacup and spoke in response to Landon's words.

"It just shows how much the bubble had inflated."

On Seok-won's right, Andrew nodded slightly, agreeing.

"That's correct. After checking, I found that last year, excluding government bonds, the total amount of corporate bonds issued in the U.S. was a staggering $1.27 trillion."

"They issued that much in bonds?"

Landon made a surprised expression at the enormous sum.

"This amount has increased a staggering 13 times compared to 10 years ago. Even considering inflation and the expansion of the economy during that time, you can tell just by looking at this that an excessive amount of liquidity has been injected into the market."

"Hmm."

Landon let out a dry laugh, as if in disbelief.

"On top of that, if we add the government-issued bonds printed to stimulate the economy, it's truly terrifying just to think about."

"Looking back, I think last year's peak in the bond market was a warning that the bubble had risen to its tipping point."

Seok-won nodded in agreement, as if he shared the sentiment.

"You know, it's always easy to realize these things in hindsight, but at the time, they just don't catch your attention."

In fact, neither the hedge funds, the Fed, nor the White House fully realized the seriousness of the bubble until it burst during the bond massacre.

It was the same for Landon and Andrew.

Under Seok-won's instructions, Andrew had taken a short position, but he never imagined that the bond market would collapse to the point where the term "massacre" would be used.

As Andrew thought about what might have happened if he had held onto the bonds, a chill ran down his spine without him even realizing it.

At the same time, a sense of awe toward Seok-won, who had not only anticipated the whole situation and avoided the risks but had also made a substantial profit, rose within him.

Andrew looked at Seok-won with renewed admiration and spoke.

"When the market first reacted in shock, you could tell just how little the situation was understood by looking at what President Davidson said in front of the press."

Landon, as if recalling something himself, interjected.

"No one thought there was a problem with the U.S. economy, and he said that the market's slight adjustment was just a temporary phenomenon, so there was no need to overreact. Or something like that."

"Knowing him, he probably regrets saying that by now," Andrew responded.

"Yeah, it's like admitting his own ignorance about finance," Landon added.

Of course, Seok-won shared the same opinion.

"The president said there was no need to overreact, but when there's a bubble inflated with leverage, an overreaction is inevitable."

"That's right. In leveraged investments, a 10% decline doesn't just result in a 10% loss."

Landon, having witnessed the danger of leveraged investing firsthand, nodded gravely at Andrew's words.

Seok-won, sitting with his hands clasped, gave a light smile and said, "For someone to win, someone else has to lose, right?"

"That's true."

In response to Landon's words, Andrew couldn't help but smile, recalling the enormous returns.

"It may not be the bottom, but it feels like we're at least at ankle-deep. It's time to start unwinding the positions."

Andrew, who had been waiting for instructions on when to liquidate his positions, eagerly asked with a glimmer in his eyes, "Are we just liquidating the bonds?"

"No, the stocks have fallen enough by now, so we should dispose of those as well."

"Got it."

"And as we discussed before, don't forget to buy up financial stocks, including insurance companies, at a low price."

"Should I invest the $1 billion you mentioned?"

"Exactly. Go ahead."

Seok-won nodded slightly, and Andrew immediately responded.

"I'll handle it as instructed."

At that, Landon spread his arms wide and, with an excited voice, said, "If we add the gains from the yen investment, the profits will easily surpass billions of dollars. Honestly, this is an amount that we could never have dreamed of in the past!"

Andrew nodded in agreement.

"Even at Goldman, I never made returns like this. Watching what the boss does, all I can say is, it's truly impressive."

As the two of them alternated in expressing their admiration, Seok-won lightly waved his hand and said, "You don't need to hype me up. I'm already planning to reward you with a nice bonus, so that's enough."

"Oh, did you catch on?"

"Hahaha!"

Landon responded with a playful expression, and Andrew joined in with a burst of laughter.

Seok-won looked at the two of them and gave a slight smile.

"I need to head back to Korea now, so let's make sure to wrap things up as instructed."

"Are you really going back without staying until the end?" Landon asked with a look of surprise.

Though he didn't say it, Andrew's expression was similarly one of regret.

"I've been here for over a month, so it's time for me to go back. But I trust you two will finish things up well in my absence."

Expressing his trust in them, Seok-won spoke with confidence, and Landon responded, as if to assure him, "Don't worry, we'll take care of everything and handle it neatly."

Andrew, too, showed a slightly touched expression at Seok-won's trust in them.

Then, as if he had just remembered something, Seok-won turned to Landon and said,

"Oh, and let's get a few quotes for a private jet."

"A private jet?"

"We've made good profits, and more importantly, it seems like I'll be flying a lot in the future, so I'm thinking of getting one this time."

"So you've finally made up your mind."

Since they had discussed this before, Landon immediately showed excitement.

"You've made a great decision."

Andrew also nodded with a pleased expression.

Considering Seok-won's wealth, it actually felt a bit overdue.

"Ah, a large yacht and a private jet—those are every man's dream. I really envy you for making it happen."

In response to Landon's words filled with envy, Andrew laughed and added,

"And don't forget the slim beauty in a bikini and a blonde stewardess to go with it."

"Well, that's a given."

Seeing the two getting more excited and chatting, Seok-won smiled faintly.

"There's no need to be too envious. Once you get your bonuses, you two won't have private jets, but you'll be able to get around in your own helicopters, at least."

"Really?"

Landon gasped, his eyes widening in surprise.

Although Seok-won had said he would give them bonuses, neither of them could have imagined it would be to this extent.

'How much is he planning to give if he's talking like that?'

Imaginations began to blossom in their minds.

Andrew, too, looked at Seok-won with eager anticipation, and Seok-won shrugged his shoulders with a smile on his face.

"When have I ever made empty promises?"

"Of course, you've never done that! You speak with such gravity, each word as heavy as gold."

At Landon's quick response, Andrew nodded enthusiastically.

With the three of them united in excitement over the bonuses, Seok-won sat on the sofa, a big smile on his face.

***

Donghae Group's Headquarters, Seoul.

"This is the personal office that you'll be using, Director."

Woo Ho-geun, dressed in a gray suit, stepped inside, following the guidance of Assistant Manager Oh Sang-hyun, who had been attending to him since his study abroad days.

The office, which seemed to have been given a particularly good spot, had a spacious, heavy desk and a leather sofa. Even though the lights were off, sunlight streamed in brightly.

The thick carpet on the floor had a luxurious color, and through the large windows, one could see the Olympic Road in the distance, flanked by low-rise buildings and stretching toward the Han River.

Woo Ho-geun, who had been appointed head of the Management Planning Department at the executive level starting today, shoved his hands into his pants pockets and casually looked around the room.

Noticing his expression, Oh Sang-hyun cautiously asked,

"Do you like it?"

Woo Ho-geun gestured toward the desk and leather sofa with his chin.

"I'm not an old man, why are you bringing in this kind of outdated stuff?"

Though the design was dignified and elegant, in Woo Ho-geun's eyes, it looked like trash that should be taken straight to a junkyard.

"I'll have it replaced right away."

Oh Sang-hyun quickly lowered his head, sensing the situation.

"Tsk! Do I really need to point out every little thing?"

Although Oh Sang-hyun was five years older, Woo Ho-geun didn't seem to care at all and spoke bluntly, showing irritation.

"Sorry."

Already accustomed to the rough language, Oh Sang-hyun lowered his head again and apologized.

With a constant look of displeasure, Woo Ho-geun roughly unbuttoned his jacket and went to the middle of the sofa to sit down.

Then, looking at Oh Sang-hyun, who was standing beside him, he said gruffly,

"What happened with the investigation I told you to do?"

"It's here."

Oh Sang-hyun politely handed over the thin folder he had been holding.

Taking the folder from him, Woo Ho-geun waved his hand dismissively, as if he were annoyed.

"Leave."

"Yes."

Oh Sang-hyun responded briefly, gave a small bow, and left immediately.

Once the door closed, Woo Ho-geun leaned back against the sofa's backrest, his face full of irritation, and muttered to himself.

"Should've just started as Vice President. What's the point of being a Director when I'm not even an executive?"

Unlike other second- or third-generation chaebols who joined the company with prestigious titles like Senior Managing Director or Executive Director, he was dissatisfied with being hired as just a Director, even with the title of an executive.

"It's not like I need to know the details of the work. I can just have the servants do it. Anyway, he's such an old-fashioned fool. If he's that old, he should just retire quietly, but instead, he keeps nagging endlessly."

Woo Ho-geun, who had been complaining incessantly, muttered as he opened the folder.

"If he doesn't trust me that much, I'll just have to show him myself."

[Daehung Group Ownership Shares]

As he looked at the neatly arranged chart of Daehung Group's complicated ownership structure, a cold smile appeared on Woo Ho-geun's face.