Golden Spoon Investment Portfolio - Chapter 460

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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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460. Welcome to Moscow.

East Hampton, Long Island, New York.
Even in this renowned old money enclave, Wall Street titan George Hamilton maintained an estate.
A private beach that shielded his privacy lay directly in front, while towering trees formed a dense natural barrier encircling the property.
Adjacent to the estate stood a private golf course, and a luxurious 115-foot yacht was moored nearby, allowing him to venture out to sea for fishing whenever the mood struck.
Though he primarily resided at his estate in Westchester County, he would retreat to East Hampton during the sweltering summers and remain for several months.
In the drawing room, with its expansive windows overlooking the coastline where waves crashed in foamy torrents, George Hamilton, head of the Quantum Fund, and Rodney, the CIO, sat facing each other on the sofa.
The air hung thick with the aroma of expensive cigars, while crystal glasses on the mahogany table held golden whiskey chilled with ice.
Unlike Rodney, who wore formal attire, George Hamilton lounged in comfortable clothing, a thick cigar wedged between his fingers as he spoke.

“So LTCM has suffered additional losses exceeding fifty million dollars over the past few days, despite receiving over three billion dollars in fresh capital and achieving interest rate cuts.”

Rodney, with one leg crossed, shrugged as he replied.

“That’s only because they liquidated all their Russian government and corporate bonds to the Eldorado Fund. Without that, the losses would have been far more severe.”
“Right. The Eldorado Fund acquired LTCM’s twenty-three billion dollars in Russian bonds at a bargain price, didn’t they.”
“Yes. And when Wiseman rejected Berkshire Hathaway’s acquisition proposal and accepted investment from the bank consortium instead, Chairman Phillips, who was trying to swallow LTCM whole, ended up empty-handed.”
“Greed backfired on him. I heard he was working with AIG and Goldman Sachs on this scheme.”
“That’s what I’ve heard as well. Because of that, while he participated in the bank consortium led by the Federal Reserve Bank of New York, he was caught straddling both sides, and there’s been considerable criticism of Goldman Sachs Chairman Sallucci’s conduct.”
“Fair play belongs on the playing field. On Wall Street, the highest justice is making money by any means necessary—apparently he didn’t get the memo.”

George Hamilton let out a derisive snort and replied curtly.
He then leaned back into the plush sofa, drew deeply on his cigar, exhaled slowly, and gazed at Rodney seated to his left.

“Before this crisis erupted, the Eldorado Fund had supposedly built substantial short positions in both stocks and bonds.”

Rodney, meeting his gaze, nodded slightly as he answered.

“Yes. They constructed positions exceeding one hundred billion dollars across not just the United States, but the Nikkei, European markets, and even South American bonds—I found it puzzling at the time. I never imagined a situation like this would unfold.”
“So they must have anticipated all of this beforehand.”
“That must be it. Otherwise, they wouldn’t have made such massive bets.”
“Are they still maintaining their positions?”

Rodney shook his head in response to George Hamilton’s question.

“No. It appears that starting right after the market crashed sharply again due to disappointment with the Federal Reserve’s interest rate cuts being smaller than expected, they’ve been rapidly liquidating their bond positions.”

George Hamilton let out a low exclamation.

“He anticipated that the Federal Reserve would be startled by the market’s unexpected reaction and hastily roll out additional measures. So he’s getting out ahead of the curve preemptively.”
“He’s already made more than enough profit. There was no reason to take on additional risk.”
“Exactly. This makes Eldorado Fund the clear victor in this crisis.”

George Hamilton concluded as if there was nothing more to say.

“The foresight to see ahead of everyone else, combined with the audacity to bet over a hundred billion dollars in one go. The more I know about him, the more he amazes me.”

George Hamilton’s expression turned genuinely wistful as he lavished praise on Seok-won.

“If only I’d managed to bring him into the fund when we first met, I could have entrusted everything to him as my successor with complete peace of mind. I really do regret it.”
“…”

Rodney had always believed he was the only one capable of succeeding George Hamilton and taking over Quantum Fund.
So when George Hamilton failed to grant him full authority and instead kept everything in his own hands, making him a mere puppet handling only operational matters, Rodney felt considerable disappointment and doubt. Yet he endured it and quietly carried out his duties.
Beyond that, he had taken pride in achieving results worthy of George Hamilton’s recognition.
But now, following the previous occasion, George Hamilton was openly coveting Seok-won again, right in front of him.
And when he lamented his failure to recruit him into the fund, Rodney’s pride suffered a deep wound.

“If Park Seok-won had worked with us, we could have grown Quantum Fund far larger than it is now.”

Whether he noticed Rodney’s reaction or not, George Hamilton continued to praise Seok-won’s abilities and expressed deep regret at failing to bring him to their side.

“…”

Rodney’s eyes grew distant and hollow as he clamped his mouth shut without a word.
When George Hamilton, puzzled by the lack of response, finally looked at him, Rodney’s mood had already hit rock bottom.

“Ahem….”

Only then did George Hamilton realize his blunder, clearing his throat awkwardly.

“You’re doing well too. Thanks to you detecting the risk and withdrawing early from emerging market bonds, including Russian ones, we managed to avoid this crash. Otherwise, we would have suffered considerable losses.”

But even such words sounded to Rodney like reproach for failing to achieve anything noteworthy compared to Park Seok-won, who had seized the opportunity and generated enormous profits. Rather than improving his mood, he could only swallow bitterness in silence.
As the atmosphere showed no signs of improving, George Hamilton took a sip of whiskey, set it down, and naturally shifted the conversation.

“Ah. And that investment proposal you suggested last time.”
“Yes.”
“It’s quite an innovative plan. But since market conditions will fluctuate depending on how the Federal Reserve acts going forward, let’s put it on hold.”

Hold sounded better than rejection, but it essentially meant he wouldn’t adopt it.
When the investment plan he’d submitted with such confidence was rejected, Rodney’s expression hardened.

“This is the perfect opportunity to buy at the bottom while prices have plummeted due to fear.”
“Or perhaps what we’re seeing isn’t a buying opportunity, but rather assets returning to their true value after being overvalued due to accumulated bubbles.”
“That’s not the case. As shown in the materials attached to the investment proposal, the price-to-earnings ratio appears high now, but I’m confident the growth potential of the internet market far exceeds that. So the PER will drop quickly as time passes.”

Rodney leaned forward in his seat to persuade him again, but George Hamilton remained unmoved.

“I’ll grant you that the internet is a promising business. But I can’t accept that companies generating no profit and only losses are commanding such a PER.”

George Hamilton cut him off with a decisive tone.
Rodney, who had been about to make another attempt at persuasion, saw George Hamilton turn his head away as if to say there was nothing more to discuss, and swallowed the words that had risen to his throat.

“…I understand.”

Though he’d wrestled with doubt for some time, Rodney now clearly realized in this moment that he and George Hamilton were fundamentally incompatible, contrary to his initial hopes.
Once he completely let go of his desperate desire for recognition from George Hamilton—a Wall Street titan he’d admired since long ago—Rodney felt oddly at peace.

‘I’ve wasted precious time.’
Rodney felt both deflated and relieved, and he mocked himself inwardly.
George Hamilton also noticed the change in Rodney’s expression, but since he said nothing more, he simply dismissed it and placed a thick cigar between his lips.

* * *

Sheremetyevo International Airport.
A Gulfstream IV business jet, its fuselage painted in Norton Blue and Crystal White two-tone, descended slowly toward the runway of the airport located 29 kilometers northwest of Moscow.
It was Seok-won’s private aircraft, having flown across the vast expanse of Siberia.
The landing gear descended from beneath the wings and touched the runway with a gentle impact, completing the touchdown successfully.
Seok-won, fastened in his plush seat by a safety belt, turned his head to gaze at the airport landscape visible through the circular windshield.
True to its status as the second-largest of Moscow’s five airports, the terminal building visible in the distance was constructed with considerable grandeur and scale.
Yet, reflecting the economic difficulties severe enough to warrant a moratorium declaration, closer inspection revealed that maintenance had been neglected, and the exterior walls bore the marks of age and faded paint.
Beside the building stood two Ilyushin IL-96-300 passenger aircraft bearing the large Aeroflot logo, Russia’s state-owned airline, seemingly abandoned in their positions.
Whether it was mere perception or not, the entire airport seemed shrouded in a somewhat dreary and somber atmosphere.
Following the taxiway marked with dark streaks left by jet fuel from passing aircraft, the private jet came to a halt at a parking lot situated some distance from the terminal.
Bella, who had been seated in the crew area, rose first to check the status and approached Seok-won.

“We have landed safely. You may now unbuckle your safety belt.”

Seok-won, who had been gazing out the window while leaning back in his seat, unfastened his safety belt and rose to his feet.
Though it had been quite a lengthy flight, traveling by private jet meant I was not particularly fatigued.
As Han Ji-sung and Bockus, my bodyguard, approached from behind after finishing their preparations to disembark, I moved together with them toward the exit.
Bella, who had opened the aircraft door, stood ahead and offered me a bright smile.

“Did you have a comfortable flight?”
“Yes. Please tell the crew it was a perfect flight, and that I’m grateful for their service on the return trip as well.”
“Of course. The Captain will be delighted to hear that.”

Seok-won gave a slight nod and stepped forward.
As I emerged outside, a cool breeze swept past, tousling my hair.
Breathing in the fresh air as I descended the stairs, I noticed two black Mercedes sedans parked side by side.
At that moment, a Caucasian man who appeared to be around thirty, with a tall frame and angular features, dressed in a suit, approached and bowed respectfully.

“Welcome to Moscow.”

The man’s name was Victor Pavlovich, a former KGB operative whom I had recently hired as the branch director of the Eldorado Fund to facilitate smooth business operations in Russia.
Since this was our first face-to-face meeting, I extended my hand first and spoke in fluent English.

“Good to meet you. We’ll be working together on many matters, so let’s do our best.”
“I will do my utmost to serve you well.”

Victor Pavlovich grasped my hand lightly and smiled, revealing white teeth.
He then raised one arm and pointed to the sedan positioned behind us.

“Let’s go.”

Seok-won nodded and climbed into the back seat through the car door held open by the muscular Driver.
Moments later, two large Mercedes sedans carrying the group pulled out of the parking lot in a line and headed straight into Moscow on the broad highway.

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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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