Golden Spoon Investment Portfolio - Chapter 418

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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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418. I absolutely cannot miss an opportunity like this.

“Did you say Modunnet?”

Manager Choi Ho-geun blinked and asked, and I nodded in response.

“Yes.”
“Modunnet is a high-speed internet service provider, isn’t it?”
“You seem to know well.”
“The internet we use at the company is Modunnet.”
“I didn’t know that.”

It was perhaps only natural—in trading, speed was everything.
Traditional telephone modems maxed out at 56Kbps, while ISDN (Integrated Services Digital Network), the high-speed internet service using phone lines, reached only 128Kbps at best.
By contrast, Modunnet, which used broadband cable TV networks, achieved maximum speeds of up to 10Mbps.
Compared to telephone modems, which weren’t even in the same league, Modunnet was nearly a hundred times faster than ISDN, making its use inevitable.
Seok-won shrugged and spoke.

“I’ve probably mentioned before that the future belongs to the internet age.”
“Yes.”
“But what do you think is most important for transitioning into the internet age?”
“I’m not sure.”

Seok-won explained, resting one hand on the sofa armrest.

“If data is like cars, then the communication network is like the roads those cars travel on. Cars can only zoom along smoothly without congestion if the roads are wide and well-paved, don’t you think?”
“So you’re saying that’s what Modunnet is.”

Manager Choi Ho-geun, quick to grasp the meaning, nodded.

“Exactly. Every industrial transformation begins with infrastructure development. The winner in the internet age will be whoever enables faster communication speeds—it’s that simple. Even with the highest quality data, if you can’t exchange it rapidly, its utility plummets. That’s precisely why infrastructure stocks like Cisco and AT&T are skyrocketing as the dot-com boom sweeps America.”

Manager Choi Ho-geun’s eyes gleamed as he leaned forward and asked.

“Are you saying Modunnet will become Korea’s Cisco or AT&T?”

Seok-won crossed his legs and turned the question back on him.

“Since Manager Choi is using it directly, you’d know best. How does it compare to other internet services?”

Manager Choi Ho-geun paused thoughtfully before answering.

“The connection speed is definitely faster than other companies, living up to the name ‘ultra-high-speed internet.’ Of course, since we’re still in the trial phase before official service launch, we’ll need to observe it longer.”

With commercial launch scheduled for June next year, Modunnet had been running pilot services for select companies since last year.
Seok-won’s lips curved upward slightly.

“That means it’s an opportunity to buy shares cheaply. Once commercial service starts and gains popularity, the valuation will definitely skyrocket from where it is now.”

Manager Choi Ho-geun had to admit that, having experienced it firsthand, the success potential seemed high.

“But there’s one problem.”
“What’s that?”
“Modunnet hasn’t been listed on the stock market yet, so it can’t be traded.”

But Seok-won answered casually.

“I’m aware of that.”
“…”
“Just because it’s unlisted doesn’t mean it can’t be traded.”
“That’s true.”
“From what I’ve learned, Korea Electric Power, which initially led the establishment, holds 9%, and Millennium Computer holds 10%, while the remaining shares are divided among over thirty companies, each holding less than 5%.”

Though Modunnet was a subsidiary of Millennium Computer, the true origin of this venture was Korea Electric Power.
It was Korea Electric Power that first conceived the idea of building an ultra-high-speed communication network using fiber-optic cables with high data transmission capacity.
Since electricity was an essential commodity used everywhere, transmission towers and utility poles stood in remote areas throughout the country.
Moreover, as comprehensive cable broadcasting became widespread from the 1990s onward, cable connections for cable TV were installed in homes using utility poles and transmission lines.

‘With the infrastructure already in place like this, all we need to do is add fiber-optic cables for internet service. It’s simple and won’t cost much to build the network.’

It was truly an exceptionally favorable condition for launching an internet business.
But unfortunately, the project stalled immediately after it began.
The Ministry of Communications and Korea Telecom had strongly opposed it.

‘They claimed that telecommunications business didn’t align with Korea Electric Power’s purpose as a public utility company, but it was really just a turf war.’

Despite strong opposition, Korea Electric Power couldn’t easily abandon the internet business, which had significant profit potential, so they decided to partner with a private company—Millennium Computer.
Because of this arrangement, Millennium Computer and Korea Electric Power became the first and second largest shareholders, with the remaining stakes divided among various private enterprises.

“Everyone knows the internet business has bright prospects, so under normal circumstances, they would never sell their stakes unless the terms were exceptional. But right now, we’re facing an unprecedented crisis.”

Seok-won leaned back comfortably in his chair and flashed a broad smile, his white teeth gleaming.

“With bankruptcies cascading one after another and liquidity drying up completely, companies can’t afford to hold onto stakes in businesses that haven’t even begun commercial service yet.”
“Everyone’s desperate to secure cash, so they’re selling anything of value. Under these circumstances, a deal should be possible.”

Manager Choi Ho-geun seemed to share the same view, his demeanor turning optimistic.

“Woo Young Bank and Aptae Group must be under significant liquidity pressure, so let’s make contact with them first.”
“Understood.”

Manager Choi Ho-geun, who had responded, lifted his eyes slightly.

“How much of Modunnet’s shares should we aim to acquire?”
“More would be better, but if we’re too greedy, Korea Electric Power and Millennium Computer might push back, so let’s acquire around 9%.”
“Yes.”

Seok-won wore a secret smile of satisfaction.
Though he hadn’t mentioned it to Manager Choi Ho-geun, his interest in Modunnet’s shares stemmed from the fact that it would be Korea’s first company to directly list on NASDAQ.

‘If my memory serves me right, the stock price soared over 360% within a month of the NASDAQ listing, and the market cap reached 4.5 billion dollars. Probably.’

Its valuation exceeded that of Hyunwoo Automobiles and TG Electronics combined, which showed just how massive the bubble was.
Modunnet’s position was so solid at the time that it used “korea” as its ticker symbol on NASDAQ, and everyone painted rosy pictures of the future.
Of course, with the dot-com bubble’s collapse, Modunnet followed suit, its spectacular beginning matched only by its steep decline.
But what mattered most was that right now was the perfect opportunity to buy jackpot stock at bargain prices.

‘I absolutely cannot miss this chance.’

Seok-won smiled deeply and chuckled softly to himself.

***

December 19, 1997.
[In the 15th Presidential Election, Kim Jae-chun, the candidate from the New Era National Council, has been elected.
Following the vote count conducted overnight across 303 polling stations nationwide, Candidate Kim secured 10,326,275 votes, representing 40.3% of the total 25,642,438 valid votes cast, confirming his election.
Choo Tae-guk, the Democratic Justice Party candidate, received 9,935,718 votes, 1.6% fewer than the winner, and narrowly lost the election.]

Whirrrrr.

With the mechanical hum of the espresso machine, Seok-won drew his coffee and moved toward the living room, holding a mug that carried the rich aroma of fresh beans.
The large television in the living room had been broadcasting news about yesterday’s presidential election results all day long.
Seok-won brought the warm cup to his lips and spoke in a calm voice as he sipped.

“It kept going back and forth right until the end. I was worried the election results might somehow get twisted. Fortunately, things turned out fine.”

Had the election results changed, the shift would have been so massive that the very flow of history itself might have been completely derailed.
If that had happened, all the arrangements I’d carefully laid out based on my memories from before regression would have become utterly useless, so I’d watched the vote count broadcast all night with considerable tension.

[… President-elect Kim Jae-chun has now been elected to the presidency on his fourth attempt, following his initial bid for the top office in 1971 and consecutive failures in the 1987 and 1992 presidential elections.
Furthermore, this marks the first peaceful and democratic transfer of power between ruling and opposition parties through elections in our constitutional history spanning fifty years since the establishment of the nation, making it highly significant in political history.
It is reported that President-elect Kim Jae-chun plans to have consecutive phone conversations with the leaders of the United States and Japan today, requesting their active cooperation in securing IMF support and overcoming the financial crisis.
Meanwhile, regarding the candidate who lost in the election….]

“To stabilize the exchange rate, the first priority is to completely suspend the indiscriminate loan recalls by Japanese financial institutions. I’m not sure if he’ll be able to pull it off.”

In the original history, they had succeeded in securing aid and barely managed to overcome the national default crisis.
But this time, the situation was far worse.
Because I had drained tens of billions of dollars through CDS options and short-selling Japanese financial stocks, Japan’s financial instability had become far more severe than it originally was.
Seok-won stood holding his mug and smacked his lips.
“If I’d known this would happen, I should have peeled it off more gently.”

Just then, his mobile phone rang in his pants pocket, and Seok-won checked the number on the display before answering immediately.

[Chairman Park. It’s me.]

At the voice of Secretary General Woo Chun-il, Seok-won picked up the remote control on the living room table and turned off the television before responding right away.

“Congratulations on the presidential victory.”
[Thank you. This is all thanks to your material and moral support.]

Secretary General Woo Chun-il laughed heartily as he spoke.

“It’s not my doing—it’s the result of all the hard work you’ve put in over these years, Mr. President-elect.”
[You’re right. It’s been quite a journey to get here.]

Woo Chun-il, the Secretary-General, spoke with a voice tinged with mixed emotions.

“You’re the true architect of this victory, Secretary-General. You’ve stood steadfastly by his side through all these long, difficult years.”

Seok-won offered the praise with humble grace, and Woo Chun-il couldn’t help but smile at the flattery.

[I know you’re just trying to make me feel good, but I won’t lie—it’s nice to hear.]
“I’m simply stating the facts. Haven’t you handled everything from fund management to all the dirty work in this presidential election?”
[He keeps gilding my ego like this. I don’t know where to put myself. I’d love to chat longer, but I have a meeting coming up soon. I should get to the point.]
“Go ahead.”
[Do you have any plans tomorrow evening?]

Though he did have a schedule, Seok-won shook his head without hesitation.

“No, nothing in particular.”
[Good. Then could you come to Ilsan?]
“Ilsan…?”
[The President-elect wants to meet for dinner to celebrate your contributions to the campaign.]

He’d anticipated being summoned eventually, but he hadn’t expected it so soon, given how busy the transition team must be. Seok-won felt a slight jolt of surprise, though his voice remained composed.
Seok-won was slightly startled inwardly, but soon answered in a calm voice.

[Around five o’clock would be good.]
“I’ll make sure to be in Ilsan at that time.”
[Good. I’ll let the President-elect know.]
“Yes, I’ll convey that to the president-elect.”

After exchanging a few more words and ending the call, Seok-won stroked his chin with one hand and muttered to himself.

“It doesn’t seem like they’re calling me just to make empty talk. I wonder what the reason is for wanting to meet so urgently.”

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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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