Golden Spoon Investment Portfolio - Chapter 34

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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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34. Is this fellow still unwilling to give up?

Cambridge, Massachusetts.
After days of continuous snowfall, the sprawling Harvard Campus had transformed into a pristine winter kingdom of white.
Inside the Research Office, warmed by the radiator’s gentle heat, Professor Frank sat before his desk in cotton trousers and a knit vest, absorbed in reading something with intense focus.
The desktop was cluttered with all manner of materials, books, and handwritten notes scattered haphazardly—as if he had barricaded himself in the Research Office throughout the entire break.
Knock, knock.
At the sound of the knock, Professor Frank looked up, his glasses still perched on his nose.

“Come in.”

With that, Seokwon entered, a scarf wound tightly around his coat, a shopping bag in hand.

“Excuse my intrusion.”
“Ah, there you are.”

Upon seeing Seokwon, Professor Frank’s face brightened with warmth, and he removed his glasses, setting them down atop the research papers.

“Welcome back. When did you return to the States?”
“I arrived yesterday.”

Rising from his seat, Professor Frank extended his hand first, shaking Seokwon’s hand with a smile spreading across his face.

“I thought you wouldn’t return until next week. You’ve come early.”
“There are many things to attend to before the semester begins, so I hurried back.”
“Your parents must have been disappointed. But it’s good to have you back.”
“Ah, and though it’s nothing much, this is a gift.”

As Seokwon offered the shopping bag, Professor Frank accepted it with a smile.

“What have you brought all this for?”

Opening the shopping bag and seeing the box inside, Professor Frank tilted his head with an intrigued expression.

“Is this instant coffee? I’ve never seen this brand before.”
“Yes. I noticed you drink coffee frequently, Professor, so I brought some.”
“Ah, so this is that Korean instant coffee you mentioned.”

Professor Frank’s face lit up with delight—it was clearly a gift that pleased him.
Just as coffee pots were standard fixtures in engineering research offices and workshops where all-nighters and round-the-clock shifts were the norm, instant coffee packets were always stocked in Professor Frank’s Research Office.
Of course, other varieties of tea were available, but there was no time to leisurely wait for tea to steep while engrossed in research.
Coffee, by contrast, delivered an instant surge of clarity and energy through its combination of caffeine and sugar—practically indispensable for all-night work sessions.
Professor Frank in particular favored instant coffee packets because he could tear one open whenever inspiration struck, stir it into hot water, and drink it immediately.
Occasionally, colleagues with discerning palates would recoil in disgust, questioning how anyone could stomach mass-produced factory coffee, but for Professor Frank, convenience took priority.
As I spent more and more time with Professor Frank, I often had the opportunity to enjoy coffee with him, though each time I felt a subtle sense of disappointment.
It wasn’t the taste of Korean instant coffee—that perfect golden ratio of coffee, cream, and sugar that coated the mouth with a sweet, lingering flavor.

‘Honestly, the taste was so bad I could understand why Americans disliked instant coffee.’

That’s why every time I drank coffee with Professor Frank, I’d talk about how delicious Korean instant coffee was—and this box was exactly what I’d brought back as a homecoming gift.

“Perfect timing, actually. I was just about to have a cup. You’ll join me, won’t you?”
“Please, sit. I’ll prepare it for you.”
“Ha ha, no, no. You’re my guest in my office—I should be the one serving. Just sit.”

As Professor Frank picked up the instant coffee and headed toward the shelf mounted on one wall, I naturally found my way to the sofa and settled in.

“Hmm. The Korean ones come in stick form?”

Professor Frank spoke with curiosity as he opened the box and examined the instant coffee packets inside.
Unlike Korea, where most packets were long stick-shaped, the standard in the United States was square packaging.
As he retrieved a mug to prepare, the electric kettle with water inside began to whistle.
Professor Frank poured the instant coffee and hot water into the mug, stirred it well with a teaspoon, then returned to the sofa holding the mug in both hands.

“Here, have some.”
“Thank you.”

I accepted the mug with both hands while remaining seated on the sofa.
Professor Frank settled into his usual spot and savored the coffee’s aroma in a relaxed posture.

“The aroma is wonderful. So, shall we taste it?”

Professor Frank took a cautious sip and his eyes widened in pleasant surprise.

“Mm! This is much deeper and more delicious than I expected. I can hardly believe it’s instant coffee.”

I smiled at Professor Frank’s expression of admiration.

“I thought you would enjoy it.”

Indeed, the sweet and addictive taste of Korean instant coffee was incomparable to American products.

‘Now this is real instant coffee.’

By comparison, what Professor Frank usually drank could hardly be called coffee at all.
After taking several more sips while exclaiming in admiration, Professor Frank set his mug down on the table.
Then he looked at Seokwon before him and spoke.

“I read the paper you sent me quite thoroughly.”

Having formally joined Professor Frank’s research on his thesis, Seokwon had mailed the materials he’d organized during his stay in Korea.

“I compiled various thoughts and ideas into writing, but I’m uncertain whether it met your expectations.”

At this modest demeanor, a smile played across Professor Frank’s lips.

“Insufficient? I can’t tell you how much I marveled while reading every word you sent.”

As the conversation turned to the thesis, Professor Frank’s eyes gleamed with brilliance as he continued.

“What impressed me most was your point about how psychological factors will increasingly trigger economic crises as technology advances.”

Sensing his desire for more detailed explanation, Seokwon spoke calmly.

“Precisely as you say. As you know, program trading, cited as one of the causes of Black Monday, was itself created through technological advancement.”
“Exactly. Just a decade ago, the term ‘program trading’ didn’t even exist.”

Professor Frank nodded slightly in agreement.

“As I wrote in the paper I sent, I believe technology’s influence on finance is only beginning. Going forward, they will merge ever more deeply and broadly, creating synergistic effects.”

Seokwon spoke with a serious expression while observing Professor Frank listening intently.

“It’s not a choice but an inevitable tide brought by the changing times.”
“The Third Wave that follows the Industrial Revolution, as the famous futurist said.”
“Precisely.”

Seokwon nodded his head.

“There would certainly be many advantages from this, but the risks would grow as well. The Black Monday that occurred last time would be a prime example.”
“So you’re saying that as you wrote in your paper, the rapid transmission of information due to technological advancement accelerates the spread of fear and anxiety, meaning investor psychology will have an even greater impact on economic crises than in the past?”
“That’s correct.”

Seokwon cradled his mug in both hands while meeting Professor Frank’s gaze with composure.

“To give a simple example, in the past, depositors had to visit a bank counter in person and could only withdraw their savings through an employee.”
“That’s true.”
“But now, with technological advancement, depositors can easily withdraw their funds using ATMs without needing to face bank employees directly.”

NCR, which AT&T was attempting to acquire, was the leading company in the ATM industry.

“As information and communication technology advances further, the era will come when people can withdraw deposits not just through ATMs, but via the internet from their homes or workplaces.”

I could have gone further and mentioned mobile banking through smartphones, but I deliberately held my tongue—it would sound far too absurd for this era.

‘If I said people could transfer deposits just by moving their fingers a few times, I’d be branded a lunatic in this day and age.’

Watching Professor Frank become completely absorbed in the discussion, I continued.

“Such developments have the advantage of making it easier and more convenient for depositors to use banks, but conversely, they have the disadvantage of making deposit withdrawals happen far more rapidly.”

My voice dropped in tone, becoming more grave.

“For example, when a particular bank faces problems, news and information spread instantaneously, and depositors who would have had to stand in long lines at counters in the past would withdraw their money through ATMs and other means—what we might call a digital bank run.”
“Hmm.”

Professor Frank’s face hardened as he visualized the situation in his mind, and he unconsciously swallowed hard.

“If that happens, money drains away so quickly that before regulatory authorities can even respond, the bank’s vaults empty and it becomes helpless to do anything but declare bankruptcy. Seeing this, anxious depositors trigger another wave of bank runs, and eventually the panic spreads throughout the entire banking system, leading to a massive financial crisis.”

I could speak with such confidence because I had witnessed such a scenario firsthand.

‘Silicon Valley Bank collapsed without even a chance to respond.’

A major bank with assets exceeding 262 trillion won and ranking within the top twenty in the United States collapsed in just thirty-six hours—not even a week—sending tremendous shock and fear throughout the world.
Professor Frank’s face had turned rigid as stone as he mulled over what he had just heard, and soon he let out a low murmur.

“When technology’s advancement combines with fear, it’s truly terrifying just to imagine what could happen.”

As Professor Frank swallowed a sigh, I took a sip of coffee that had gone lukewarm, its sweetness now pronounced.

“There’s a Korean saying: ‘Don’t skip making fermented paste for fear of maggots.'”
“I’ve never heard that before. What does it mean?”
“Fermented condiments made from soybeans—like miso, gochujang, and soy sauce—are called ‘jang’ in Korean.”
“….”
“In the old days, without preservatives, poor management during fermentation could lead to maggots. These condiments are essential to Korean cuisine, but people didn’t stop making them just because maggots might appear. In other words, it means you should still do what needs to be done, even if there are some obstacles in the way.”
“Wise counsel indeed. If we only avoid things because they’re difficult and hard, there’s no progress to be made.”

Professor Frank nodded his head.

“Just as you said, refusing to apply technological advancement to finance out of fear of side effects would be foolish. Instead, the wise approach is to recognize the risks and take sufficient safety measures in advance to prevent adverse effects like digital bank runs.”
“Yes, you’re absolutely right.”

Professor Frank nodded repeatedly, then fixed me with an intent gaze.

“Are you really certain you don’t want to pursue graduate school? If you change your mind, I’ll actively support you.”

I avoided his eyes by pretending to drink the remaining coffee in my mug.

‘This man seizes every opportunity to tempt me. He still hasn’t given up.’

Worried he might find some pretext to drag me into graduate school, I refused him outright.

“I appreciate the offer, but I must decline.”

At my firm response, Professor Frank’s face overflowed with reluctance as he smacked his lips.

“What a shame. If you entered academia, you could accomplish so much….”

I felt sorry for Professor Frank, but that was never going to happen.
After that, I spent a considerable time sitting on the Research Office sofa, engaging in a deep discussion with Professor Frank about our papers.

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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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