Golden Spoon Investment Portfolio - Chapter 114

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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114. Twenty-four dollars per share should be about right.

Wall Street, the heart of New York—the economic capital of the world—was congested with people and vehicles despite the midday hour on a weekday.
The narrow street, densely packed with towering skyscrapers, echoed with the hurried footsteps of pedestrians and the blare of car horns from every direction.
Among the vehicles crawling along the gridlocked road like tortoises was the limousine carrying Seok-won and his party.

Honk! Honk!
“Good grief. What is this madness?”

Tom Harper shook his head as the relentless honking continued around him.
Watching the road ahead and behind them completely blocked, he began to understand why New Yorkers had such short tempers.
Tom Harper, his eyes weary, looked over at Seok-won, who sat reclined against the leather seat in a perfectly tailored custom suit.

“This is absolutely brutal. I think walking would be faster.”

Bill Nelson, seated across from Landon Shore, nodded in agreement.
Seok-won opened his mouth with the ease of someone accustomed to such matters.

“I told you Manhattan traffic is hell.”
“Still, I never imagined it would be this bad.”

Tom Harper sighed and leaned his head back against the seat.

“No matter how great New York is, I don’t think I could live somewhere like this. How do people deal with this every day?”
“Why suffer when you have money?”

Seok-won shrugged as he replied.

“Instead of the congested Manhattan, you could live in a clean, quiet Park Family Residence on Long Island with your family and commute leisurely by helicopter without any traffic.”
“What?”

At Tom Harper’s bewildered expression, Landon Shore added with a smile.

“In fact, every morning you see helicopters carrying Wall Street moguls crossing the Manhattan skyline quite noisily.”
“No matter how rich you are, commuting by helicopter seems a bit excessive, doesn’t it?”

By Tom Harper’s standards, it was the kind of thing only people drowning in money would do.
But Seok-won and Landon Shore didn’t seem particularly surprised—only Tom appeared to think it was outrageous.

“Instead of sitting trapped between cars and wasting time meaninglessly, we could execute one major deal and earn anywhere from millions to tens of millions of dollars. That’s far more efficient.”

Seok-won rested his chin in his hand, watching the motionless traffic outside.

“Time is distributed equally to everyone, but its value isn’t the same for all.”

It wasn’t an unreasonable point, so Tom Harper simply smacked his lips and offered no rebuttal.
As they spoke, the limousine carrying the group passed the New York Stock Exchange, an imposing structure supported by six massive columns over sixteen meters tall—reminiscent of the Greek Pantheon—and arrived at their destination: Goldman Sachs Headquarters.
The forty-three-story brown building of Goldman Sachs Headquarters displayed only the address “85 Broad Street” beneath the American flags flanking the main entrance.
Notably, there was no Goldman Sachs sign anywhere on the building.
The group exited the limousine and headed directly inside.
The spacious lobby, with its gray-toned marble flooring, bustled with suited employees and visitors hurrying about or seated on sofas engaged in serious conversations.
Just as Landon was about to have an accompanying staff member notify the desk of their arrival, someone approached and spoke to them.

“Welcome. We’re honored to have you visit our bank.”

When Seok-won turned his head, a Caucasian man in his early thirties with neatly combed brown hair stood smiling alongside his subordinates.

“You came down without even calling ahead—impressive.”

Landon, apparently acquainted with the brown-haired man, shook his hand as he spoke.

“Of course. We always welcome distinguished guests.”

The brown-haired man answered pleasantly, glancing to the side as if seeking an introduction.
Noticing his gaze, Landon raised one arm and gestured toward Seok-won.

“Allow me to introduce you. This is Park Seok-won, the representative of our fund.”

The brown-haired man’s eyes widened with interest as he quickly assessed Seok-won, then extended his hand first.

“It’s a pleasure to meet you. I’m Barnes, head of the ECM department at Goldman Sachs.”
“Park Seok-won.”
“Landon mentioned you were young, but I must say, you’re even younger than I expected.”

Barnes’s gaze held a mixture of surprise and admiration as he regarded Seok-won, for he was well aware of the extraordinary achievements the Eldorado Fund had accomplished over the past several years.
Compared to the past, when most had dismissed him for his youth, this was a completely transformed assessment.
After exchanging brief greetings with Tom Harper and Bill Nelson, Barnes took the lead and spoke.

“Everyone is waiting in the Conference Room, so let’s head upstairs.”

Following Barnes’s words, the group boarded a reserved Elevator and made their way to the Conference Room on the 30th floor.
The long corridor was carpeted with thick plush flooring like a Hotel, and vases decorated with fresh flowers and elegant paintings hung at intervals along the walls.
Moments later, upon entering the Conference Room with its expansive floor-to-ceiling windows overlooking the towering Wall Street buildings, a tall, blonde middle-aged man and another man with coarse black hair and striking dark eyebrows stood to greet them warmly.

“The blonde gentleman here is Richard Russell, an executive at our bank. And the gentleman beside him is Department Head Deman.”

Russell, who cut the figure of a typical Wall Street financier with his well-groomed blonde hair, three-piece suit, and expensive leather shoes, then spoke with a warm smile.

“It’s a pleasure to meet you. I’m Richard Russell.”

Russell was looking directly at Seok-won, having apparently been briefed beforehand.

“Park Seok-won.”

Seok-won then shook hands with Department Head Deman beside him and exchanged introductions.
The other members of the party, including Tom Harper, also engaged in brief pleasantries with their counterparts.
After that, as both sides took their seats at the prepared long table, Executive Russell opened the discussion.

“I’m not sure if you’re aware, but our bank has also recently purchased and begun using the web browser released by Netscape. After using it directly, I found it to be far superior to other products on the market. Seeing that, I understood why the industry has been so focused on it lately.”

As Russell praised the web browser he had developed, Tom Harper, who had been sitting with a somewhat stiff demeanor, relaxed noticeably.

“I’m glad you found it impressive.”

Having skillfully eased the tension, Executive Russell fixed his gaze on Seok-won.
He had immediately recognized from the subtle glances and movements exchanged among the group that Seok-won was the counterpart leading this negotiation.

“Well then, since everyone is busy, shall we get straight to the main point?”

Tim, the team leader sitting to the left of Director Russell, immediately continued speaking.

“First, we’ve placed a summary of the IPO plan we’ve devised on the table before you, so please take a look at it.”

Seok-won and his companions each opened the thin folders placed before them and examined the contents.
Having already learned the detailed information through Landon Shore, Seok-won quickly scanned through it to check for any discrepancies.

“As noted in the summary, after reviewing various factors, we’ve decided to proceed with listing on NASDAQ rather than the New York Stock Exchange.”

Bill Nelson then set down the folder in his hand and raised an objection.

“Wouldn’t the New York Stock Exchange be better for raising capital than NASDAQ, given its longer history and larger scale?”

The New York Stock Exchange (NYSE) was America’s premier stock market, listing companies like Boeing, GE, Coca-Cola, and Ford—names everyone recognized.
By contrast, NASDAQ was an over-the-counter stock market that began its first trades in February 1971, so it inevitably lagged behind in trading volume and prestige.
Especially before the dot-com bubble that would eventually trigger NASDAQ’s explosive growth to rival the NYSE, and before the flood of major IT companies, the gap was even more pronounced.

“You’re right—considering market size and capital flow, the New York Stock Exchange would certainly be superior.”

As Bill looked at him with questioning eyes, Barnes gently explained the reasoning.

“However, precisely because it’s the largest market, the New York Stock Exchange has extremely stringent listing requirements.”
….
“Fundamentally, without sufficient business history and a solid financial structure, they won’t even accept an application for review.”

Tom Harper and Bill Nelson’s expressions hardened noticeably.

“It’s a kind of filter to prevent unsound companies from going public.”

Barnes shrugged and continued immediately.

“Of course, that’s not to say Netscape is an unsound company. I believe it possesses sufficient potential to grow into a major corporation like IBM or Apple, becoming a pioneer of the internet age that lies ahead.”

Barnes, looking at Seok-won and his companions seated across from him, paused briefly before speaking again.

“However, it’s undeniable that there are still many areas where we fall short of the New York Stock Exchange’s requirements.”
….
“On the other hand, NASDAQ has the advantage of a much lower barrier to entry—even startups operating at a loss can be listed if they demonstrate business viability and future growth potential.”

Deman, seated beside him, also chimed in.

“Unlike the New York Stock Exchange, which focuses primarily on traditional industries like automobiles, steel, and appliances, NASDAQ has an image as a hub for cutting-edge technology stocks. I believe that actually aligns well with Netscape’s corporate identity and can further highlight its strengths.”

As the two men offered their consecutive explanations, Bill Nelson nodded in agreement.

“I see, that makes sense.”
“Now that I hear the details, it does seem like a reasonable approach….”

Tom Harper, standing beside him, also wore an expression of understanding.
At that moment, Seok-won, who had been listening quietly, spoke up with a positive demeanor.

“I share the same view. And considering the investment preferences of those who favor high-growth companies despite inherent risks, NASDAQ would actually allow the company’s true value to be more accurately recognized.”
“If that’s what you think, then it must be right.”

Tom Harper answered without hesitation, as if there was nothing more to deliberate.
The Goldman Sachs representatives, including Director Richard Russell, once again confirmed what they had anticipated—that Seok-won was playing the leading role.

“Then we can proceed with NASDAQ as the listing venue?”

When Barnes asked, Seok-won leaned back in his chair and replied.

“I have no objections.”
“Let’s proceed with that.”

Tom Harper nodded in agreement from beside him.
As the first agenda item passed without complications, Barnes visibly relaxed his tension and handed over the documents.

“Then let’s move on to the next matter.”

He continued in a measured tone.

“The offering price—the most crucial element—hasn’t been finalized yet, but we’re planning to set it at approximately thirteen to fourteen dollars per share.”
“!”

Upon hearing the offering price, Tom Harper and Bill Nelson wore expressions of surprise.
Barnes, as if he had expected this reaction, continued with a relaxed smile.

“Including the additional shares to be issued during the offering, the company would be valued at over six hundred million dollars.”

This assessment struck me as an extraordinarily generous valuation of the company.
Sure enough, if the stock listed at the offering price Goldman Sachs had proposed, Tom Harper would become a billionaire in an instant, just as I had said—and his face flushed with barely contained excitement as he swallowed hard.
But the reactions of the two men beside him were decidedly cold.
Landon Shore sat with an expressionless face, but I found myself frowning, clearly dissatisfied with something.

“Is that truly your best offer?”
“I beg your pardon?”

Barnes, who had naturally assumed I would be satisfied with the reasonably set offering price, was caught off guard by my unexpected response.

“Then I’m truly disappointed.”

Barnes quickly regained his composure and looked at me with a question.

“Is there something about the offering price that displeases you?”

Landon Shore stepped in to answer instead.

“As far as I’m aware, the average offering price for newly listed NASDAQ stocks ranges from fifteen to eighteen dollars. Anything below that is frankly quite disappointing.”
“As I mentioned earlier, we at Goldman Sachs hold Netscape’s growth potential in high regard. However, the company was founded just over a year ago, and more importantly, it remains unprofitable—factors that inevitably necessitated a discount.”
“So that’s how you arrived at thirteen to fourteen dollars?”
“Precisely.”

Listening to the exchange, I spoke again, my voice heavy with lingering displeasure.

“Even so, the offering price seems far too low.”

At this point, Barnes could only conclude that I was deliberately pushing for a higher price.

“Then what price would you consider acceptable?”

As he asked with barely concealed displeasure, I answered without the slightest hesitation.

“I believe twenty-four dollars per share would be appropriate.”
“…!”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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