Golden Spoon Investment Portfolio - Chapter 22

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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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22. A name I’ve never heard before. Is it just me?

After spending a week in New York handling necessary matters, Park Seok-won returned to his school routine.
Inside the spacious Lecture Hall.
Students seated at long desks with gaps between them wore varied expressions as they worked through their exam papers.
As December arrived and temperatures dropped sharply, the clothing worn by students naturally grew thicker.
Park Seok-won sat in one corner of the Lecture Hall wearing a black cashmere turtleneck, taking the exam himself.
There was only one question, but because it was essay-based rather than multiple choice, it proved far more challenging.
Without perfect understanding of the subject matter and logically coherent writing skills, earning a high score on this demanding exam was nearly impossible.
Yet unlike the other students, Park Seok-won didn’t furrow his brow or groan in frustration. Instead, he filled the blank spaces with an expression of genuine enjoyment.
After writing out his thoughts for quite some time, Park Seok-won filled even the back page before finally placing a period and setting down his mechanical pencil.
Slowly reviewing his answer once more to ensure he’d made no mistakes, Park Seok-won glanced at his wristwatch.

‘Still about ten minutes left.’

Glancing casually around, the other students were locked in their struggle—furrowing their brows as they stared at their exam papers or repeatedly writing and erasing.
Since he’d finished the exam, there was no need to remain seated any longer. Park Seok-won gathered his belongings into his backpack, stood up, and walked forward with his answer sheet.
Professor Frank, standing beside the podium, caught sight of him and his eyes lit up with interest.

“Finished already?”
“Yes.”

Park Seok-won replied and placed his answer sheet on the podium.
Professor Frank, who swept back his silver hair with practiced elegance, was renowned for his exacting standards, yet he was simultaneously a distinguished scholar of considerable renown who had won the Nobel Prize in Economics just years ago and enjoyed widespread recognition in academic circles.
Consequently, at the beginning of each semester, students would flock to attend Professor Frank’s lectures, only to drop out en masse when confronted with the difficulty of the material—a pattern that repeated year after year.

‘Being able to attend lectures from such an eminent scholar directly is both Harvard University’s pride and its privilege.’

Honestly, simply taking classes from someone like Professor Frank made Harvard University’s expensive tuition fees more than worth their cost.
Park Seok-won shouldered his backpack and quietly left the Lecture Hall, showing consideration for the students still taking their exam.
Professor Frank, who had been watching the remaining students with his arms crossed, absently picked up Park Seok-won’s answer sheet that had just been submitted.
Since he would be grading it carefully later anyway, Professor Frank had only intended to skim through it, but his eyes gradually grew more intrigued.
Even putting his glasses back on, which he’d removed earlier, Professor Frank read through the answer sheet, occasionally letting out soft exclamations of admiration as if he’d forgotten the other students were still in the middle of their exam.

“The claim that psychological anxiety, rather than market instability and computer program trading, was the greatest factor in causing Black Monday… quite an interesting perspective indeed.”

Professor Frank turned his head to look at the Lecture Hall door through which Park Seok-won had just exited, then straightened his gaze.
He then murmured softly the name written on the answer sheet.

“Park Seok-won.”

Unaware that he had garnered Professor Frank’s attention, Park Seok-won left the Lecture Building alone, mounted his bicycle, and headed toward the Cafeteria on Campus.

“One large warm Americano, ready!”

A blonde-haired female barista pulled her hair back tightly and handed over the takeout cup.
Park Seok-won accepted the coffee with his gloved hand and sat at an outdoor table where his bicycle was parked, taking a sip.

“It’s gotten too cold to sit outside now.”

Park Seok-won, who preferred open outdoor spaces to stuffy indoor ones, murmured with a hint of regret. Then, as if suddenly remembering something, he retrieved his phone from the backpack he’d set beside him and powered it back on—he’d turned it off briefly during the exam.
After pressing the button to call Cox, the line rang, and soon a voice came through that sounded quite busy, as if he were in the middle of something important.
I pressed the button to call Cox, and after the dial tone rang, his voice came through sounding quite busy, apparently occupied with something important.

“It’s me.”
[I was actually trying to reach you, but your phone was off.]
“I had to turn it off for a reason.”
I put it away because something came up.

As if he had expected as much, when Seokwon brushed it off casually, Cox didn’t press further and let it go.

“To recover to the brink of collapse in just three months—it seems Britain’s economic fundamentals were stronger than I anticipated.”
“The index recovered to just before the crash in just three months—it seems Britain’s economic fundamentals were better than expected.”

Betting on a rebound, Seokwon had expected that it would take at least until early next year for the FTSE 100 index to return to its original level.
‘In the original timeline, it didn’t recover to pre-ERM exit levels until May of next year. This is truly unexpected.’

Of course, it was a deviation in the right direction.

Of course, it was a pleasant surprise.
‘This time it went well, but there’s no guarantee the next one will.’
But when things that contradicted what I originally knew started happening one after another, I couldn’t help but feel anxious.

“This time it turned out well, but there’s no guarantee it’ll be the same next time.”

Since I couldn’t predict what other variables might suddenly emerge, I resolved to move forward with greater caution and deliberation.

[Despite concerns about sluggish growth, export companies that benefited from favorable exchange rates saw their sales surge, and when the British government unleashed aggressive economic stimulus policies, market sentiment reversed. Moreover, the hedge funds that had attacked the pound this time took long positions by betting on the FTSE 100 index’s rise, which was significant.]
“It’s something anyone could figure out with a little thought, but hedge funds have such a keen nose for money that they couldn’t possibly overlook it.”
[That’s right.]

Cox agreed with my assessment and asked a question.

[Our returns have reached 27.2% as of today. What would you like to do?]

After pausing briefly to consider, I adjusted my grip on the phone in my hand and asked.

“What’s the market sentiment like?”
[The consensus is that while momentum will weaken as much as we’ve already risen, the upward trend should continue for the foreseeable future.]
“Then let’s maintain our position through year-end for now.”
[Understood. To be honest, I’ve made a considerable profit myself, but I felt it would be a shame to take profits here.]
“Ha, we’re on the same wavelength.”

As I pulled one corner of my mouth into a slight smile, Cox let out a low chuckle.

[Indeed. Then I’ll contact you immediately if any changes arise.]
“Understood.”

I ended the call and reflected on what Cox and I had just discussed.

“London’s stock market will continue its upward trajectory for the next several years, but to make truly substantial profits, I’ll need to know when to exit at the right moment.”

Manager Oh’s voice echoed in my ears—the reminder that no matter how much a stock rises, it only becomes mine once I sell it.
After tucking my phone back into my backpack, I stood up, holding the now-lukewarm coffee in one hand.

* * *

Dallas, Texas.
In the heart of the city stood the towering 37-story AT&T Headquarters, its facade finished in glass and stainless steel.
The AT&T Headquarters, with its massive company logo displayed prominently, was a representative landmark of Dallas where thousands of employees worked.
The Executive Conference Room located on the building’s top floor.
Robert Meyer, the lean, tall chairman of AT&T, sat around a long conference table with five senior executives, discussing the NCR acquisition being pursued in secret.

“I heard they’re continuing to insist on $105 per share. Is that correct?”

CFO Allen, whose hair had receded halfway due to baldness, sat on the left side and answered with a slightly troubled expression.

“Yes. Negotiations are ongoing, but their stance is so unyielding that it appears difficult to lower the acquisition price.”
“Tsk.”

Chairman Robert Meyer clicked his tongue with a displeased look.

“When I met Chairman Hilsch in Atlanta, he seemed quite stubborn. And true to form, he’s giving us trouble.”

Then COO Wright, whose black hair was neatly combed back, sat on the right side and interjected.

“If we give them what they want, the acquisition amount will easily exceed seven billion dollars.”
“Seven billion dollars. That’s no small sum.”

At Chairman Robert Meyer’s words as he leaned back in his chair, Wright raised his voice slightly.

“That’s more than double NCR’s market capitalization. At such a price, even if negotiations conclude, it won’t be easy to get board approval.”

The other executives, sharing the same sentiment, nodded in agreement.
While clicking his tongue at NCR’s obstinate attitude, Chairman Robert Meyer, who couldn’t quite let go of his lingering attachment, stroked his cleanly shaven chin with one hand and replied.

“Certainly it’s expensive, but it’s not an amount we can’t afford, is it?”

With annual net profits in the tens of billions of dollars and surplus cash accumulated in the company to match, the amount was indeed affordable, as Chairman Robert Meyer said.

“Of course, but if we acquire at too high a price, it could become a problem later.”

At Wright’s concerned words, Chairman Robert Meyer furrowed his brow and wore a troubled expression.
Unlike Korean conglomerates where owners manage the company and can push forward boldly despite risks, Chairman Robert Meyer was a professional manager who needed to be reelected when his term ended.
Because of this, he always had to keep an eye on performance and the board.
Nevertheless, there was a reason Chairman Robert Meyer couldn’t easily let go of his attachment to the NCR acquisition.
It was because next year would be the final year of his second term as AT&T chairman.
For Chairman Robert Meyer, who wanted to maintain his CEO position, he needed achievements to appeal his capabilities to the board and shareholders.
The gathered executives were well aware of this situation, so even knowing it was expensive, they couldn’t hastily suggest abandoning the NCR acquisition.
In the brief silence that followed, Allen carefully observed Chairman Robert Meyer’s expression and cautiously opened his mouth.

“There’s one more matter regarding the M&A that I need to report.”
“Go ahead.”
“NCR’s stock price has been creeping upward over the past week.”
“What?”

Robert Meyer’s brow furrowed deeply.

“What do you mean by that?”
“Upon closer investigation, we’ve confirmed that a fund called Eldorado Fund has been accumulating NCR shares in large quantities.”

The conference room stirred with this unexpected revelation.
Robert Meyer raised his eyebrows and leaned forward from his chair, pressing for answers.

“Are you certain?”
“Yes, sir. We’ve identified that they’ve already accumulated over six hundred million dollars in shares. As a result, the current stock price has risen to fifty-five dollars—a ten percent increase.”

Robert Meyer’s face darkened as he fixed Allen with a piercing glare.

“How could you not notice the situation until it reached this point? What have you been doing?”
“They moved so quickly and discreetly that it was difficult to detect.”

Allen immediately offered his defense, but this time a question came from Wright across the table.

“If that’s the case, then there’s clearly an intention behind it… Could it be that information about this M&A has leaked?”
“That is…”

Allen felt the weight of the executives’ gazes upon him and his expression grew uncomfortable.

“We cannot entirely rule out that possibility.”

Though he answered evasively, if a hedge fund was suddenly pouring such capital into accumulating shares, they had clearly caught wind of something.

“Where exactly did the information leak from!”

Robert Meyer, who had been bristling with irritation, soon composed himself and spoke gravely.

“NCR must be pulling some trick to gain leverage in the negotiations.”

Just as suspicion was about to turn toward NCR, Allen shook his head and denied it.

“If word of the M&A reaches the market and the deal falls apart, it won’t benefit NCR either. So that’s unlikely.”

Upon reflection, it was a reasoned argument.
Robert Meyer reluctantly conceded, though his frown remained etched across his face as he muttered under his breath.

“Then you’re saying the leak came from our side.”
“We’ve maintained strict security protocols, so that possibility is low.”
“Damn it all. If it’s neither this nor that, then who the hell was running their mouth for no good reason!”

With Allen left speechless, Wright carefully interjected.

“I understand your frustration, but what matters now isn’t finding where the information leaked—it’s closing the negotiations before the situation spirals further out of control.”
“Exactly. If word of the M&A spreads through the market, the negotiations will become far more difficult.”

Allen seconded Wright’s assessment.
Robert Meyer, of course, was not ignorant of such facts, so he eventually tempered his anger and let out a weary sigh.

“This has become a real headache.”

Robert Meyer, rubbing his temples with one hand, turned to Allen with a question.

“Which firm did you say was accumulating the shares?”
“Eldorado Fund.”

Robert Meyer tilted his head, speaking with evident puzzlement.

“I’ve never heard of them. Is it just me?”
“I suspect so. I was unfamiliar with them too, so I looked into it—they’re a startup fund established less than a year ago.”

Upon hearing this, Robert Meyer let out a hollow laugh of disbelief.

“Unbelievable. This just keeps getting worse.”

Absurd as the situation was, a decision had to be made nonetheless.
Robert Meyer tapped his fingers against the table before him repeatedly, deliberating at length, until finally lifting his head as his resolve crystallized.

“There’s no choice now. Agree to their terms—$105 per share.”

It was an expensive price, but at this point, finding another acquisition target would prove equally difficult.
Chairman Meyer, fully aware that the NCR acquisition was a risky move for his third consecutive term, decided to push forward with it regardless.

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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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