Golden Spoon Investment Portfolio - Chapter 43

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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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43. Let’s leave the rest for our other friends.

“I’m home.”

As I stepped through the front door into the house, Jo Deok-rye greeted me with a warm smile, standing alongside the Gunsan Housekeeper.

“Did you have a good time out?”
“Yes.”
“Have you eaten dinner?”
“Not yet.”
“My goodness, it’s already past six. You must be quite hungry.”

Jo Deok-rye spoke while glancing at the Gunsan Housekeeper beside her.

“Would you go warm up some soup first? The evenings are still chilly, so something warm would be best.”
“Yes, ma’am.”

After removing my shoes, I stepped into the living room and glanced around briefly.

“Where’s Father?”
“He hasn’t arrived yet.”
“Then I’ll eat with him when he gets home.”
“The secretary’s office called earlier. He has an appointment with Ju Seon-ho this evening, so he’ll be late. He’ll probably have dinner out.”
“Ah, I see.”

I nodded and spoke.

“Then I’ll go wash up and come back down.”
“Go ahead.”

Hearing Jo Deok-rye’s response, I went upstairs to the second floor and took a shower.
After changing into comfortable indoor clothes and coming back down, a delicious aroma was already wafting from the kitchen.

“What are you making? It smells wonderful.”
“You’re back? Come sit down.”

Jo Deok-rye, who had been arranging the dishes alongside the Gunsan Housekeeper, quickly turned and spoke.
As I pulled out a chair and sat down, the table was laden entirely with my favorite side dishes—sesame leaf namul, bracken fern, savory zucchini pancakes, LA short ribs glistening with rich juices, and seasoned seaweed, among others.

“Be careful, it’s hot.”

Just then, the Gunsan Housekeeper brought over a stone pot with white steam rising in delicate wisps and set it before me.

“Is this loach soup?”
“Yes. Since summer is approaching and you must be exhausted from work, the mistress prepared it herself to fortify your health, young master.”
“I see.”

At the Gunsan Housekeeper’s words, I scratched my chin apologetically and looked at Jo Deok-rye.
Jo Deok-rye was still bringing over a bowl of soy-marinated crabs, even though the table was already overflowing with side dishes.
Though she was the wife of a conglomerate chairman who could live without lifting a finger if she wished, the fact that she deliberately assisted the Gunsan Housekeeper in preparing meals each time suggested how delighted she was to have me home.

“I used sturdy wild loaches with bean sprouts, Chinese chives, and scallions, simmered long in soybean paste and gochugaru until it’s rich and peppery. It’s good for your health, so make sure you finish the entire bowl.”
“Yes.”

I tasted the loach soup with my spoon and gave a thumbs up.

“It’s truly delicious. At this level, you could sell it for profit.”
“Right? Try the other side dishes too.”

At my compliment, Jo Deok-rye’s face broke into a smile as she pushed the side dish bowls closer to me.

“Mistress, please sit and rest for a moment.”
“Mm, perhaps I will.”

Jo Deok-rye handed her apron to the Gunsan Housekeeper and sat at the table, opening her mouth with undisguised curiosity.

“How was work today?”
“It was fine.”
“Wasn’t it uncomfortable with everyone gossiping about you being the chairman’s son?”

I spooned rice into my mouth and shrugged casually.

“Not really. I don’t pay much attention to such things.”

Seeing my composed expression, Jo Deok-rye let out a breath of relief, her hand pressed to her chest.
My personality had changed considerably since the accident, and it seemed to have been quite a shock; though she felt a pang of concern, she found my newfound vibrancy and boldness rather reassuring.

“Still, with so many eyes watching, it must be difficult. I wish I’d hidden it better.”
“It wouldn’t have mattered much anyway, would it? At my age, being parachuted in as a team leader isn’t exactly common. It would have come out soon enough that I’m your son.”
“I suppose you’re right, but…”

Seeing Jo Deok-rye still worried, I spoke with confidence in my voice.

“It’s fine. I haven’t done anything wrong, and I’ll do well without bringing any shame to Father. Please don’t worry too much.”

Watching my spirited resilience despite the ordeal in America, Jo Deok-rye’s expression softened into a warm smile.
After conversing with my mother, Jo Deok-rye, and finishing dinner, I made my way upstairs to my second-floor room some time later.

“I think I ate too much today…”

I murmured while rubbing my stomach with one hand.
Though the Gunsan Housekeeper had helped serve, I couldn’t bear to leave anything behind when I thought of how much effort Mother had put into preparing the meal.

“The food was delicious, too.”

Next time I’d have to ask her to reduce the number of dishes—at this rate I’d gain weight in no time.
Feeling bloated, I retrieved a digestive tablet from my desk drawer and swallowed one.

Knock, knock.

“Come in.”

At the sound of the knock, the Gunsan Housekeeper entered carrying a tray.

“Young Master, here’s your coffee. I’ve brought the newspaper you mentioned earlier as well.”
“Thank you.”
“Don’t mention it. Is there anything else you need?”
“No. Please head downstairs and get some rest.”

The Gunsan Housekeeper nodded slightly and left the room.
Stretching my legs out on the single-seater fabric sofa, I picked up the Wall Street Journal that the Gunsan Housekeeper had just brought me.
Unfortunately, this was not an era where I could access real-time news from around the world whenever I wanted through the internet and smartphones.
Landon Shore in the United States would inform me if something important happened, but it was difficult for him to relay every trivial detail.
So as a backup plan to understand how Wall Street and the global economy were moving, I arranged to receive the English edition of the Wall Street Journal separately.

“It’s unfortunate, but at least I can read this much.”

As a third-generation chaebol heir, I could receive the English edition of the Wall Street Journal on the same day—otherwise, it would have been impossible.
As I took a sip of the richly aromatic coffee and read the articles in the newspaper, the phone suddenly rang.
Setting down my mug, I stood up and retrieved my cell phone from the briefcase on the desk to answer the call.

“Hello.”
[Boss, it’s me.]

Hearing the voice on the other end, I picked up the wristwatch I had laid on the desk and checked it as I spoke.

“It should still be early morning in New York. Is something urgent?”
[It’s nothing else—the Cisco share acquisition you instructed has been completed, so I’m calling to report.]

“It’s not urgent. You could have contacted me slowly in the morning.”
[I thought you would be sleeping at that time, so I called now.]

With a fourteen-hour time difference between Seoul and New York, when it was morning there, it was early dawn here.
I felt slightly apologetic at his words, as if he had deliberately woken up early out of consideration for me.

“I’m sorry about that.”
[Haha, not at all. I received a generous bonus, so this is only natural.]

After successfully completing the transaction by transferring all the secured NCR shares to AT&T, I distributed substantial bonuses to all Eldorado Fund employees.
At that time, Landon Shore and Andrew each received one million dollars in bonuses.

“The share acquisition was completed faster than expected?”
[We purchased one million shares from the market and brought the rest through block deals using shares the fund already held.]
“You executed a block deal.”
[Yes, that’s correct.]

A block deal referred to large-scale transactions where major players would pre-arrange prices to prevent sharp stock price fluctuations that could occur when buying or selling massive quantities of shares at once.
To minimize market impact, these transactions typically occurred as after-hours trades before market opening or after closing.

[Since we were purchasing such a large volume, Andrew pointed out that accumulating shares on the open market would significantly drive up our average cost. So we pivoted to a block deal instead.]

Seon-ho, who had been entrusted with acquiring the Cisco stake, gave a small nod.

“True—by carefully adjusting the purchase price, we save time as well. A wise choice. But how did you find a counterparty willing to sell such a large block?”

If word spread that we were shopping around for a block deal, it risked exposing our position entirely.
Once it became known that we were buying Cisco shares in massive quantities, sellers could withdraw their offerings and demand premium prices—making the whole endeavor counterproductive.

[Andrew discovered that Harvard Management Company was liquidating its entire Cisco position and wanted out completely. He arranged the block deal through them.]

Harvard Management Company—HMC—was an asset management firm created with a specific purpose: rather than simply spending the university’s endowments and other assets, it invested them to generate returns that would fund the university’s operations and research activities.
Established in 1974, HMC had grown to manage nearly $10 billion in assets.

‘Information about a major shareholder liquidating their position isn’t easy to come by. Hiring Andrew at such a premium salary was definitely worth it—his connections on Wall Street run deep.’

I knew Cisco’s stock would skyrocket dramatically, and acquiring the shares from my alma mater’s endowment fund gave me a slight twinge of conscience. But I quickly dismissed the thought.

‘They were going to sell anyway. Better that I acquire them than let some other investor snatch them up.’

Landon Shore continued, pulling me from my reverie.

[We ultimately purchased 7,142,789 shares at an average price of $14 per share. That gives us a 3.3% stake.]

Imagining Cisco stock purchased at $14 climbing to $80 per share, I felt a smile spread across my face unbidden.

‘And considering the stock splits and buybacks that will multiply the share count several times over as it climbs to its peak, the actual return will be even higher.’

This was a jackpot investment—money multiplying and flowing back in waves.

“You did excellent work.”
[Not at all. It wasn’t particularly difficult.]

Landon Shore answered lightly, then hesitated for a moment before speaking again.

[But do you really believe Cisco’s stock price will rise?]
“Of course. Among all the investments I’ve made so far, this will deliver the greatest returns.”

Suk-won responded without the slightest hesitation.
Though he still harbored doubts about whether Cisco could truly pull off such a spectacular coup, Landon couldn’t press the matter further given Suk-won’s unwavering conviction.

[I see….]

From Landon’s perspective, no matter how he analyzed it, the prospects seemed far from promising—yet with 100 million dollars already committed to acquiring a substantial equity stake, it was far too late to reverse course.
All that remained was to pray the returns would materialize as hoped.

‘I just hope we don’t suffer massive losses and end up cutting our position.’

Landon shifted the conversation while concealing his underlying concerns.

[And as you predicted, hedge funds including Mundell Partners have caught the scent of opportunity and are aggressively accumulating Spanish and Italian bonds.]

Since this was already anticipated, Suk-won’s response remained composed and unsurprised.

“With golden opportunities scattered everywhere, Wall Street’s money sharks would never let them slip through their fingers.”
[That’s certainly true.]
“With multiple players rushing in, competition will intensify and our profit margins will shrink.”
[Bond prices have already risen more than 10% compared to last month.]
“That’s unfortunate.”

Suk-won clicked his tongue ruefully.

[However, thanks to your foresight, we moved swiftly and secured a commanding position, accumulating a substantial quantity of bonds.]
“How much in total bonds have we accumulated?”
[Approximately 74 billion dollars.]

An astronomical sum approaching 90 trillion won in Korean currency.
It was an amount absolutely impossible with the capital the Eldorado Fund possessed.
Yet through employing ten-fold leverage on the fund’s capital to purchase bonds, then using those bonds as collateral to secure additional loans for further bond purchases—repeating this cycle—such financial alchemy had been conjured.

‘Banks must reserve 10% whenever bonds are pledged as collateral to account for depositor withdrawals, but hedge funds face no such restrictions.’

Consequently, as long as there were counterparties willing to accept bonds as collateral, I could reserve merely 1% as a buffer and convert the remaining 99% into cash to purchase additional bonds.

‘This truly is money breeding money in its purest form.’

A satisfied smile crossing my face, I gripped my phone and spoke.

“Greed breeds ruin. Let’s leave the rest for our other friends to enjoy.”

At my magnanimous declaration regarding the most prestigious Wall Street hedge funds, Landon Shore burst into laughter.

[Ha ha, understood.]

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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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