CH123

Inside the luxurious fitness centre of a five-star hotel.

Seok-won was running vigorously on one of the state-of-the-art treadmills lined up by the window, basking in the morning sunlight streaming through the large glass panes.

Sweat dripped from his forehead, and the movements of his solid thighs and back muscles were dynamically revealed with each stride.

He had been sprinting at full speed for 30 minutes now, his breathing growing ragged, but he didn't stop, earbuds plugged into his ears as he kept running.

"Phew… ha…"

Only after running for quite a while longer did Seok-won finally reduce the treadmill's speed, slowing down to a walk as he checked his heart rate on the watch strapped to his wrist.

"If only smartwatches existed, I wouldn't have to check manually—it'd show me instantly."

He muttered to himself while flapping his sweat-soaked T-shirt.

But at this time, not only were smartwatches non-existent, but even smartphones had yet to be invented, making their release seem like a distant dream.

Pulling the cord, he removed the earbuds from his ears and grabbed the Walkman he had placed in front of the treadmill, stopping the music that had been playing.

Although it had gotten much smaller over the years, the palm-sized Walkman still felt clunky and heavy in his hands.

"Come to think of it, it's about time MP3 players started appearing."

The name "MP3" didn't have any particularly deep meaning—it was simply derived from the Moving Picture Experts Group (MPEG), with the "3" referring to the third subcommittee responsible for audio.

"If you think about it, the name 'MP3' was slapped together so casually that it's almost laughable. Yet no one at this point could have imagined it would become the heart of both the music industry and the digital revolution."

What was even more astonishing was that South Korea was the first country to commercialize MP3 players.

"For such a small country, South Korea somehow keeps producing extraordinary geniuses out of nowhere."

The unfortunate reality, however, was that even when these geniuses or promising startups emerged, they rarely received the proper support to thrive, often withering away before reaching their full potential.

MP3 players were no exception. Although South Korea pioneered the technology and initially dominated the global market, the success was short-lived.

Before long, relentless competitors caught up and overtook them, snatching away the very market they had created.

"Considering that their main competitor was none other than Apple, it was a fundamentally uphill battle."

Even at its lowest points, Apple was still a giant in Silicon Valley, a seasoned player despite its past failures.

On the other hand, the South Korean MP3 manufacturers were merely small and mid-sized enterprises, never growing large enough to compete on equal footing.

And yet, they hadn't been completely overwhelmed—they had put up a solid fight, earning respect despite their eventual defeat.

Still, losing control of the booming MP3 player market after pioneering it was a bitter pill to swallow.

"…Now that I think about it, this business is too lucrative to ignore."

It wasn't an exaggeration to say that the iPod single-handedly revived Apple, pulling it back from the brink of collapse.

The MP3 player industry was a goldmine, an untapped treasure trove of profit.

As Seok-won pondered how to stake his claim on this golden opportunity, he stepped off the treadmill.

While wiping the sweat from his forehead with a towel draped over the handle, his phone rang.

[Boss, it's me.]

Hearing the familiar voice of Landon, Seok-won furrowed his brows slightly and asked,

"What's the matter at this hour?"

[The liquidation of the Barings Bank bonds is complete, so I called to report.]

Recalling that he had entrusted Landon and Andrew with handling the Barings Bank bonds, Seok-won sat down on a nearby bench and responded,

"Judging by your tone, I take it things went well."

[To be honest, Boss, you basically set everything up for us. If we couldn't even collect the money properly, we'd have no right to keep our positions.]

The Barings Bank crisis, which had sent shockwaves through the global financial market, had finally ended with the British government and the Bank of England refusing to bail it out, resulting in its bankruptcy.

Even though he had anticipated this outcome, a faintly bitter smile formed on Seok-won's lips.

"How much was the return?"

[A clean 70%.]

Seok-won responded with a slightly surprised expression.

"That's beyond expectations."

[Near the end, news spread that a bailout was unlikely, triggering a massive sell-off.]

Since Barings Bank's collapse meant there was a risk of recovering nothing at all, investors scrambled to dump their bonds as quickly as possible.

That's when Landon and Andrew scooped up Barings Bank bonds at rock-bottom prices, taking full advantage of the situation before closing their positions for a hefty profit.

"Waiting until they hit rock bottom couldn't have been easy. You held out well."

Landon immediately responded in a playful tone.

[Oh, don't even get me started. Both Andrew and I survived the last few days on nothing but hamburgers, staring at bond prices nonstop.]

The mental image of Landon hunched over his desk, devouring hamburgers and guzzling cola while glaring at the bond prices with bloodshot eyes, made Seok-won chuckle.

"All that effort pays off when you get a hefty bonus."

[Hearing you say that makes me even more excited. Anyway, back to business—after deducting principal and costs, our total profit is $310 million.]

Hearing the figure, Seok-won let out a short whistle.

"I'll definitely have to be generous with bonuses."

[Haha, if you insist, I won't refuse.]

Landon's cheerful reply made Seok-won laugh lightly as well.

"With what we earned in Mexico too, you can expect a solid bonus this time."

[That reminds me—I was going to update you. We've finished unwinding our positions in Mexico as well.]

"Really? I was just wondering about that."

[Our short position on the peso yielded 2.25x, and our investments in Mexican government bonds brought in a 50% return.]

"I expected Barings Bank bonds to crash since the company went bankrupt, but I didn't think Mexican government bonds would lose half their value. The drop was steeper than I anticipated."

[With Mexico already in a currency crisis, the labour unions announced a massive strike against the government's restructuring plans. That triggered a wave of panic selling, sending bond prices into freefall.]

Seok-won took a sip from his water bottle before speaking.

"If the strikes actually happen and Mexico descends into political turmoil, they might not even be able to secure the U.S. and IMF bailout they fought so hard for. That fear must have spread through the market."

[Exactly. And if that happens, Mexico's economy is doomed.]

Even in the U.S., the Mexican bailout package faced fierce opposition from lawmakers. It was only pushed through because the White House forced it through unilaterally.

If Mexico's internal instability worsened, criticism of the bailout would only intensify.

[It seems the Mexican government realizes that too. Earlier today—well, last night by Korean time—President Zedillo himself held a press conference, announcing a new economic policy focused on strict monetary controls, public spending cuts, and tax and price hikes.]

"I saw the Bloomberg report on that."

During his time studying in the U.S., Seok-won had made it a habit to read multiple Korean and American newspapers daily. Even after returning home, he continued to stay up-to-date by checking his Bloomberg terminal every morning for global financial news.

[President Zedillo's firm stance on austerity seems to have reassured investors. Since the announcement, the plummeting bond and peso prices have rebounded from their lowest points.]

"That's a relief for Mexico."

[And it worked out for us, too. If we had delayed selling even a little, our returns would have shrunk. Since we exited our positions before the rebound, the timing was perfect.]

"That's true."

[Honestly, every time you time a trade this perfectly, I can't help but be amazed.]

"Haha, you're too kind."

[I swear, it's like you can see the future and know exactly when to buy and sell! Of course, that's something out of a sci-fi novel.]

Landon had meant it as a joke, impressed by Seok-won's uncanny accuracy in predicting market movements.

But for Seok-won, who had actually travelled back in time, the comment struck a nerve.

"There's no way that could be true."

[Of course not! I'm just saying it's unbelievable how spot-on you are.]

"Haha…"

Letting out a slightly awkward laugh, Seok-won subtly changed the subject.

"So, after liquidating our Mexico positions, how much did we net in total?"

[Brace yourself. After deducting principal and costs, our profit stands at $37.9 billion.]

It was an astronomical amount.

Even someone as composed as Seok-won—who rarely showed emotion—felt his heart pounding as he swallowed dryly.

It was so much money that anyone else hearing this would have let out a shout of excitement on the spot.

Having endured every possible hardship in the financial world before his return, Seok-won quickly regained his composure.

"$37.9 billion… It's hard to even wrap my head around that number."

That was his honest reaction.

Landon, equally elated, responded in an excited tone.

[I couldn't believe it myself, so Andrew and I double- and triple-checked the numbers. The sheer number of zeros in our account was absolutely mesmerizing.]

"No kidding. This is the magic of leverage."

[It's not just leverage. Sure, leverage played a crucial role in multiplying our gains, but without your conviction and bold bets, this outcome wouldn't have been possible!]

Landon, as if refusing to let Seok-won downplay his role, continued.

[If it were me, I would've cashed out the moment the U.S. and IMF announced the bailout. And if I had, we wouldn't have even made half of what we did.]

"That's almost embarrassing to hear. At this rate, I really need to fill those bonus envelopes generously."

[Oh, are you serious? If every compliment made the envelope thicker, I'd be happy to praise you all day long!]

Landon's playful response made Seok-won burst into hearty laughter.

"Any more flattery and I might float off into the sky. Enough of that—let's use some of these profits to pay off the building loan first."

When Eldorado Fund moved into One New York Plaza in Manhattan, they had purchased the building for $300 million, paying $100 million upfront while deferring the remaining $200 million for five months, due in February of this year.

However, given the multiple simultaneous investments the fund was engaged in, they had taken out a mortgage loan on the property to keep some cash reserves for contingencies.

[I'll take care of it immediately.]

"We've worked hard, so take tomorrow off and rest."

[Ah… You mean one day off, and then it's back to the grind?]

Landon let out an exaggerated sigh, feigning complaint. At that, Seok-won relented with a chuckle.

"Fine, fine. Once we wrap up the Japan deal, the entire fund staff will get two weeks of paid vacation—plus bonuses. Rest all you want then."

[Hahaha! Sounds like a plan!]

After hanging up, Seok-won shook his head, amused at how Landon was becoming more and more of a slick talker.

But he didn't mind the change.

Now, with hundreds of billions won in assets under his control, Seok-won rested his chin on his hand, his expression growing serious.

"The bigger the money, the greater the scrutiny."

In a place as ruthless and fast-moving as Wall Street, it wouldn't take long for rumours to spread—even if the exact numbers weren't known, word would get out that Eldorado Fund had pulled off a massive win in Mexico.

And on Wall Street, where firms battle tooth and nail for every last dollar, jealousy and hostility were inevitable when one fund made extraordinary profits.

But rather than feeling anxious, Seok-won felt a rush of excitement at the idea of becoming a target of the biggest names in finance.

"Things are only going to get more interesting."

A confident smile played on his lips.