Golden Spoon Investment Portfolio - Chapter 367

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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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367. Let’s have Manager Choi keep this to himself for now and prepare in advance.

August 11, 1997.
After taking the weekend off, Seok-won returned to the office and settled into the plush leather sofa in the President’s Office, one leg crossed, watching CNN satellite broadcasts on the television across from him.
On the large screen, Henry Wu, the Chief Executive of Hong Kong, stood before reporters with an impassioned expression, delivering an animated speech.

[Our Hong Kong Government has successfully defended against the massive selling of Hong Kong dollars by greedy international currency speculators, drawing upon our abundant foreign exchange reserves and unwavering resolve.
Today’s victory is thanks to our citizens who have supported the government while enduring the pain of rising short-term interest rates and the shock of the stock market collapse. Though the currency speculators have retreated, we cannot yet afford to lower our guard. The government and I will closely monitor international foreign exchange market trends and implement countermeasures immediately as circumstances demand.
Therefore, I ask our citizens to trust the government and rest assured.
Finally, I must clearly warn that all speculators attacking the Hong Kong dollar will face severe punishment and will ultimately fail to achieve their goals, suffering massive losses before leaving the market!]

Elated by his victory against the currency speculators, Chief Executive Wu spoke with confidence and a forceful tone.

“George Hamilton must be heartbroken watching this.”

Seok-won murmured with a slight smirk.
Just then, Na Seong-mi knocked and entered, announcing a visitor.

“Manager Choi from the Fund Operations Department is here.”
“Have him come in.”
“Yes, sir.”

Na Seong-mi stepped aside by the door and gestured inward with her hand.

“Please come in.”

Manager Choi Ho-geun entered from outside and bowed respectfully.
Seok-won picked up the remote and muted the television completely, then pointed with his chin to the empty space beside him.

“Have a seat.”
“Thank you.”

Seok-won watched as Manager Choi Ho-geun sat on the sofa to his right and asked him a question.

“What would you like to drink?”
“Oh, that’s quite all right.”

As Manager Choi politely declined, I glanced toward Na Seong-mi standing beside me and gave a light shake of my head.

“I don’t have any particular preference either. You can go ahead and leave.”
“Yes.”

As Na Seong-mi closed the door and left, Manager Choi cast a sidelong glance at the television where CNN was playing.

“You were watching Henry Wu’s victory declaration press conference.”
“A victory declaration… that’s quite an accurate way to put it.”

I leaned one arm against the sofa’s armrest and asked.

“But what brings you here?”

When I inquired about his purpose, Manager Choi opened his mouth with a somewhat animated expression.

“I’ve come to report that all the profit settlements have been completed.”

I, who had been waiting for this news, straightened up with visible delight.

“Your expression is so bright—it seems the profit margins came out quite well.”

Manager Choi smiled confidently and extended the folder resting on his lap.

“See for yourself.”
“I’m looking forward to this.”

As I took the folder and opened it, Manager Choi added further explanation.

“As noted in the report, we sold Hang Seng futures at an average price of 15,500 and liquidated all positions at 6,450, achieving a profit margin of 58.3%.”

Encouraged by these promising results, Manager Choi continued speaking with unconscious confidence in his shoulders.

“From the principal of $307.26 million, using 4x leverage, we generated $716.53 million in profits, and after deducting taxes and other expenses, the final profit stands at $650.50 million.”

I closed the folder again and smiled gently.

“So you’ve roughly doubled the principal.”
“Yes, sir.”

Manager Choi Ho-geun nodded and trailed off slightly.

“If we’d used more leverage, the profits would have swelled considerably. It’s a shame we didn’t.”
“This result is satisfying enough. There’s no need for that. Besides, we’ve only just taken our first step. There will be plenty of opportunities for larger bets ahead.”

Manager Choi Ho-geun’s eyes gleamed with passion and determination.

“Understood. Next time, I’ll make sure we achieve even better returns.”
“I look forward to it.”

Seok-won placed the file folder on the table and issued his next instruction.

“And don’t bring the profits back into the domestic market. Keep them in the Eldorado Fund account for now.”

Manager Choi Ho-geun leaned forward and asked.

“Are you planning to invest elsewhere again?”

Seok-won’s expression turned bitter at the hopeful gaze.
Manager Choi Ho-geun seemed to be anticipating another grand venture like this one, but unfortunately, what lay ahead would be far from pleasant.

“Of course we’ll continue investing, but more importantly, the won exchange rate is about to surge significantly from here on.”

Manager Choi Ho-geun, who hadn’t immediately grasped the meaning, suddenly widened his eyes as the implication flashed through his mind.

“You… you’re predicting that hedge funds will attack Korea?”

Seok-won nodded calmly, his voice heavy and grave.

“Yes.”
“But sir, as you know, we suffered enormous losses in Hong Kong. Won’t it be difficult to immediately engage in currency speculation again?”
“That’s precisely why they’ll be desperate to recoup their losses quickly.”

Manager Choi Ho-geun, who had been trying to deny it, fell silent with a grave expression.
Seok-won observed this and explained with a measured, composed tone.

“You’re aware that the exchange rate has been climbing steadily and has now reached 989 won, aren’t you?”
“….”
“On top of that, the successive corporate defaults and liquidity crises aren’t improving—they’re only getting worse with each passing day.”

I interlaced my fingers and asked quietly.

“If Manager Choi were a hedge fund investment manager looking at Korea’s situation, what would you think?”

Only then did Manager Choi Ho-geun, grasping the situation, let out a heavy sigh with a darkened expression.

“…It would appear to be easy prey.”
“That’s what I think too. That’s why I’m preparing in advance.”
“I understand what you’re saying.”

Manager Choi Ho-geun answered in a stiff voice, then hesitated briefly before carefully speaking.

“Sir. Are you perhaps planning to sell won alongside the hedge funds?”

At that, I chuckled and asked in return.

“Why? Does it seem that way?”

As Manager Choi Ho-geun simply read my expression without answering, I shook my head slightly and spoke.

“I have no such intention, so don’t worry.”
“I thought as much.”

Only then did Manager Choi Ho-geun, relieved, relax his body.

“I’d prefer my prediction to be wrong, but judging by how things are unfolding, it doesn’t seem likely. For now, only you know about this—prepare in advance.”
“Understood.”

After continuing our conversation for a while longer, Manager Choi Ho-geun left the President’s Office with a heavier heart than when he arrived.
I rose from the sofa and stood before the window, gazing down at the pedestrians passing by with a melancholic gaze, oblivious to the terrible nightmare of the IMF that would soon descend upon us.
Then, hearing the vibration of my phone ringing with a low hum, I walked to my desk and picked it up.

[President Seok-won. It’s Woo Chun-il.]

At the voice of Woo Chun-il, Secretary-General of the New Era National Conference, I furrowed my brow and spoke.

“What brings you to call, Secretary General?”
[I have something urgent to discuss. Do you have time for a call?]
“Yes, sir. Please go ahead.”
[Do you happen to know of a National Assembly member named Kwak Ju-in?]
“Kwak Ju-in? Isn’t he the assemblyman who passed away in that Guam passenger plane crash a few days ago?”
[That’s right. You’re aware of it.]
“I didn’t have a personal connection with him, but I heard through the news that he was aboard the crashed aircraft.”

Secretary General Woo Chun-il answered in a somber voice.

[Yes, he was a promising young talent that the candidate held in high regard. He went to Guam with his wife and 24 party members for an overseas training program organized by the district party office, but tragedy struck.]
“It was a tragic accident that claimed many lives, not just Assemblyman Kwak and his group.”
[Indeed… Ah, I have an important matter to discuss, but thinking of Kwak has made me digress for a moment.]
“No problem at all.”

Secretary General Woo Chun-il cleared the sadness from his voice and spoke with renewed seriousness.

[It pains us to think of the departed, but those of us still living must continue to move forward in this world, mustn’t we?]
“You speak the truth.”
[With Assemblyman Kwak’s passing, his district seat has become vacant, so we’ll be holding a by-election alongside the presidential election in December.]
“…!”

In that instant, Seok-won grasped the purpose of the call, and his eyes gleamed with understanding.

[So we’re planning to have the Choi you recommended run for Assemblyman Kwak’s district seat.]
“Assemblyman Kwak’s district, you say…?”
[Gwangju, Jeollanam-do.]

Upon hearing the district name, Seok-won was inwardly taken aback.

“Isn’t that essentially the stronghold of the New Era National Conference?”
[Exactly. It’s a region with particularly strong support for the candidate, so simply running under our party banner would practically guarantee victory. You could say half the battle is already won.]
“With such a promising seat, there must have been many who wanted it.”

It was only natural, so Secretary General Woo Chun-il made no particular denial.

“To be honest, several people were interested. Among them were former mayors of Gwangju and people from Jangseong.”
“Then why Manager Choi….”
“The candidate brought it up first.”
“The chairman did?”
“Yes. He said that since you’ve done so much for us up to now, shouldn’t we repay you at least this much? And he decided directly to make Choi Bok-rak the candidate for this special by-election.”

Since it was a special by-election, there were only about three years left in the term, but it was essentially equivalent to handing him a National Assembly badge, so Seok-won’s expression showed slight surprise.

“I’m truly grateful that you would do this much for me.”
“I hope you understand how much the candidate regards you specially.”
“Of course. I’d like to express my gratitude in person, but with the presidential election coming up, I must be cautious. Please convey my words instead.”
“Understood. I’ll make sure to pass it along.”

Secretary-General Woo Chun-il answered readily and added,

“Ah, and I’ll contact you separately, but you go ahead and tell Choi Bok-rak the good news first.”
“I will.”
“Then you must have much to do. I’ll contact you again next time.”
“I hope for good results in this presidential election.”

At that, Secretary-General Woo Chun-il chuckled and replied,

“That’s how it should be.”

After ending the call and pulling the phone from his ear, Seok-won stood there and lightly tapped the desk with one hand.

“A special by-election in Gwangju… I thought I’d have to wait much longer to get a National Assembly badge. This is truly an unexpected gift.”

I knew I had earned Chairman Kim Jae-chun’s favor, but I never expected him to show such generosity.

“If I win the special by-election and solidify my position in the district, I can easily secure at least a second term.”

After briefly considering how best to push Choi Bok-rak forward, I extended one arm and pressed the intercom button installed on the desk.
Then my secretary Na Seong-mi’s voice came through the speaker.

“Yes. What is it, President?”
“If Han Deputy is outside, tell him to come in for a moment.”
“Understood.”

Seok-won settled into his chair, leaning back as he murmured to himself.

“Even if it’s the New Era National Conference’s stronghold, a parachute candidate dropped from the sky won’t receive a warm welcome. I’ll need to win them over with generosity—starting with a generous campaign fund to soften their resistance.”

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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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