Golden Spoon Investment Portfolio - Chapter 77

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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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77. When have you ever known me to speak empty words?

Hannam-dong, Seoul.
Early in the morning, Park Tae-hong entered the kitchen with a soft cough.
Jo Deok-rye, dressed in an elegant home dress adorned with sophisticated floral patterns in vibrant hues, turned around and spoke as though the timing couldn’t have been better.

“I was just about to call you. Perfect timing.”
“Is it soybean soup today?”

Park Tae-hong, catching the savory aroma, settled into the head seat at the table and asked.

“The mallow greens were so fresh, so I added some to the soybean soup. Doesn’t it smell wonderful?”

Jo Deok-rye placed the soup bowl before him and replied.

“Isn’t mallow greens supposed to be in season during autumn?”
“These days, they grow vegetables in vinyl greenhouses, so they’re available year-round.”

Park Tae-hong picked up a spoon, took a taste of the mallow soybean soup, and nodded in approval.

“It’s delicious—subtle and well-seasoned.”
“The Gunsan Housekeeper has such a skilled touch.”

As Jo Deok-rye took her seat beside him, the Gunsan Housekeeper, who was ladling freshly cooked rice onto the table, felt a bit bashful.

“Oh, you’re too kind, ma’am.”
“Why? It’s the truth.”
“I’ll admit the Gunsan Housekeeper’s cooking is delicious.”

Chiming in from beside them, Park Tae-hong picked up his chopsticks and brought a piece of golden-grilled mullet to his mouth.
As he ate breakfast with his wife, Park Tae-hong’s gaze fell upon the empty seat to his left, and his brow furrowed slightly.

“But how long has that boy been gone to America on business? He still hasn’t returned?”
“He must be busy. He called yesterday and said he was in Illinois—somewhere around there, anyway.”
“What? He called yesterday?”
“Yes.”

Park Tae-hong’s eyes widened as he spoke.

“Why didn’t you tell me about this?”
“Is that something you should be saying after coming home drunk and passing out?”

Park Tae-hong, having broached the subject without gaining any ground, turned away with an embarrassed expression.

“Hmm, I suppose that’s true.”

Avoiding his wife’s gaze as she cast him a sidelong look, Park Tae-hong ventured to speak again.

“So there was no mention of when he’s coming back?”
“He said he’d need to stay another week or two.”
“That long?”

Park Tae-hong furrowed his brow.

“He promised to focus on company matters, yet all he thinks about is gallivanting around.”

Seeing her husband’s sullen expression, Jo Deok-rye gently defended her second son.

“He’s not just sightseeing—there must be a reason for it.”
“Reason? I know that boy’s heart is elsewhere. All he thinks about is flying off to the United States. Honestly.”

Park Tae-hong shoveled rice into his mouth with a petulant expression.
Watching him, Jo Deok-rye, who had been about to say more, sighed inwardly and held her tongue, sensing she would only irritate him further.

* * *

While Seok-won worked to resolve the Netscape crisis, the bond and stock markets, already exhausted from the plunge, suffered another massive shock and tumbled further into the abyss.
As expected, following February’s move, the March FOMC meeting brought the aftershock of another 25 basis point rate hike.

“I never imagined the market would collapse so severely from just two rate increases, and minimal ones at that—only 25 basis points each.”

Seok-won, seated on the sofa in the fund’s executive office in Manhattan with his legs crossed, set down his teacup and spoke in response to Landon’s remarks.

“It’s evidence of just how massively the bubble had inflated.”

Andrew, seated to the right, nodded slightly in agreement and spoke.

“That’s correct. I looked into it, and last year alone, excluding government bonds, the total value of public bonds issued in the United States reached a staggering 1.27 trillion dollars.”
“They issued that many bonds?”

Landon Shore’s expression shifted to one of genuine shock at the enormous figure.

“That’s thirteen times more than it was ten years ago. Even accounting for inflation and economic growth over that period, you can see from this alone just how excessively abundant liquidity flooded the market.”
“Unbelievable.”

Landon Shore let out a hollow laugh, as if utterly dumbfounded.

“And if you add in the government bonds the state printed to stimulate the economy, it’s truly horrifying just to contemplate.”
“Looking back, the fact that the bond market hit its peak last year seems to have been a warning that the bubble had swollen to the brim.”

Seok-won nodded in agreement with the assessment.

“It’s always the case that what becomes obvious in hindsight remains invisible in the moment.”

Indeed, in this bond massacre, the hedge funds that were swept away, the Federal Reserve, and the White House all failed to grasp the severity of the bubble that had inflated to its breaking point until the crisis erupted.
Landon Shore and Andrew were no exception.
Even as they took short positions on Seok-won’s instructions, they never imagined the bond market would collapse so catastrophically that the word “massacre” would become apt.
Andrew shuddered involuntarily as he contemplated what would have happened had they simply held onto their bonds.
Simultaneously, a profound sense of awe welled up within him toward Seok-won—a man who had anticipated this entire crisis, sidestepped the danger, and emerged with substantial profits.
Andrew gazed at Seok-won with newfound admiration and spoke.

“You only need to look at President Davidson’s statement to the press when the market first received the shock to understand how poorly he grasped the situation.”

Landon Shore interjected, as if the memory had just returned to him.

“He said no one believes there’s a problem with the American economy, and that minor market corrections are temporary phenomena that occur from time to time, so there’s no need for overreaction. Something like that.”
“I’m sure he’s regretting those words immensely by now.”
“He essentially admitted his own ignorance about finance.”

Seok-won shared the same sentiment.

“The president said there was no need for overreaction, but in a situation where leverage has inflated the bubble to such extremes, overreaction becomes inevitable.”
“Exactly. In leveraged investing, a 10% decline doesn’t simply result in a 10% loss.”

Landon Shore, who had witnessed firsthand the terrifying nature of leveraged investing in this crisis, nodded heavily at Andrew’s words.
Seok-won, his fingers interlaced as he sat, offered a light smile and spoke.

“For every loser, there must be a winner, wouldn’t you say?”
“That’s certainly true.”

At Landon’s response, Andrew couldn’t help but smile as he contemplated the staggering returns they’d achieved.

“It may not be rock bottom, but we’ve waded in up to our ankles. Time to start liquidating our positions.”

Andrew, who had been waiting for instructions on when to unwind their positions, asked with gleaming eyes.

“Just the bonds, sir?”
“The equities have fallen enough as well. Dispose of those too.”
“Understood.”
“And don’t forget—as we discussed before—begin accumulating financial stocks at depressed prices, particularly insurance companies.”
“Should I proceed with the one billion dollar investment as you mentioned?”
“Yes, do that.”

Seok-won gave a subtle nod, and Andrew responded immediately.

“I’ll execute the orders as directed.”

Landon then spread both arms wide and spoke with unbridled enthusiasm.

“When you add in the profits from our yen investments, we’re easily looking at tens of billions in returns. This is the kind of figure we could never have dreamed of in the old days, isn’t it?”

Andrew nodded vigorously.

“Even during my time at Goldman, I never generated returns on this scale. Watching what you accomplish, sir—it’s truly extraordinary.”

As both men lavished praise in turn, Seok-won waved a hand dismissively.

“You don’t need to butter me up like that. I’m already planning to give you both generous bonuses.”
“Ah, you saw right through us.”
“Ha ha ha!”

Landon replied with a playful expression, and Andrew burst into laughter alongside him.
Seok-won gazed at the two of them, a faint smile playing at the corners of his lips.

“I need to return to Korea now, so make sure you wrap everything up according to my instructions.”
“You’re leaving before it’s all finished and heading back home?”

Landon asked with a look of surprise.
Though he said nothing, Andrew wore the same expression of regret.

“I’ve been here for over a month now. It’s time I headed back. I trust that the two of you will wrap things up beautifully without me.”

As I revealed my confidence in the two of them, Landon responded with assured conviction, as if to say I could leave everything in his hands.

“You needn’t worry about a thing. I’ll handle it cleanly and thoroughly.”

Andrew, too, was visibly moved by my trust in him.
Then, as if suddenly remembering something, I turned to Landon and spoke.

“Oh, and pull together a few quotes for a suitable private jet.”
“A private jet?”
“We’ve generated decent profits, and more importantly, it seems I’ll be flying quite frequently in the future. I thought this would be a good opportunity to acquire one.”
“So you’ve finally made up your mind.”

Since we’d already discussed this several times before, Landon immediately brightened.

“An excellent decision, sir.”

Andrew nodded eagerly in agreement.
Considering the wealth I possessed, it was arguably overdue.

“A grand yacht and a private jet—every man’s dream. I’m genuinely envious that you’re making it a reality.”

Andrew chimed in with a laugh at Landon’s envious remark.

“And don’t forget the bikini-clad beauty and the blonde Stewardess that come with the package.”
“Isn’t that a given?”

Watching the two of them grow more animated in their banter, I smiled softly.

“There’s no need to envy me so much. Once you receive your bonuses from this venture, you’ll both be able to afford your own helicopters, if not private jets.”
“Truly, sir?”

Landon’s eyes widened in astonishment as he let out a gasp.
Though I’d promised bonuses, he hadn’t expected them to be quite so generous.

‘Just how much is he planning to give me that he’s saying all this?’

My imagination bloomed wildly in my mind.
As Andrew gazed at me with anticipation brimming in his eyes, Seok-won shrugged with a smile.

“When have you ever seen me speak empty words?”
“Of course you never have! You treat every word as though it were worth its weight in gold.”

At Landon Shore’s swift response, Andrew quickly nodded in agreement as well.
Seeing them united in anticipation for the bonus, Seok-won sat back on the sofa with a broad smile playing at his lips.

* * *

Donghae Group Headquarters, Yangpyeong-dong 4-ga, Yeongdeungpo-gu, Seoul.

“This is the personal office you’ll be using, Director.”

Woo Ho-geun, dressed in a gray suit, stepped inside under the guidance of Oh Sang-hyun, a manager who had attended to him since his study abroad years.
The office, which had been given a particularly prime location, was furnished with a spacious, substantial desk and leather sofa, and even without the lights on, sunlight streamed in brilliantly.
The thick carpet lining the floor was an elegant shade, and through the large windows beyond, I could see Olympic Boulevard in the distance along with low-rise buildings and all the way to the Han River.
Woo Ho-geun, who had just taken on the role of Director of Business Planning at the headquarters executive level and was starting work today, glanced around the interior with his hands thrust into his trouser pockets.
Oh Sang-hyun, observing Woo Ho-geun’s expression, asked carefully.

“Does it suit your taste?”

Woo Ho-geun then pointed with his chin toward the desk and leather sofa.

“Why did you bring all these antiques? I’m not some elderly person.”

Though the design carried a dignified and refined air, in Woo Ho-geun’s eyes, it looked like junk that should be hauled off to a scrap dealer immediately.

“I’ll have them replaced right away.”

Oh Sang-hyun bowed his head with quick perception.

“Tsk! Do I really have to spell out every little thing for you?”

Though Oh Sang-hyun was five years older, Woo Ho-geun spoke to him in casual language without a second thought, complaining without restraint.

“I apologize.”

Oh Sang-hyun, already accustomed to his own rough manner of speech, bowed his head once more in contrition.
Woo Ho-geun, his expression persistently displeased as he clicked his tongue, unfastened the buttons of his upper garment roughly and settled into the center of the sofa.
Then, regarding Oh Sang-hyun standing beside him, he spoke curtly.

“What about what I asked you to look into?”
“It’s here.”

Oh Sang-hyun respectfully extended the thin folder he held in his hands.
Upon receiving the folder, Woo Ho-geun waved his hand dismissively.

“Get out.”
“Yes.”

Oh Sang-hyun, answering briefly, bowed at the waist before promptly exiting.
As the door closed, Woo Ho-geun, leaning his body back against the sofa’s armrest, grumbled with irritation etched across his face.

“They could have just started me as vice president, but what’s this about a director position when I’m not even an executive?”

Other chaebol heirs of the second and third generation entered their companies adorned with impressive titles like senior managing director or managing director, yet despite receiving executive treatment, his resentment at joining merely as a director was considerable.

“I can just delegate the work to subordinates anyway—what do I need to understand about actual operations? That old codger is such a fossil. If he’s aged, he should just retire to the back rooms instead of nagging me endlessly.”

Woo Ho-geun, pouring out his grievances, opened the folder and muttered to himself.

“If he doubts me that much, I’ll just have to prove it directly.”

[Daeheung Group Equity Ownership Chart]

Observing the intricately tangled equity structure of the Daeheung Group laid out clearly before him, Woo Ho-geun’s lips curved into a cold smile.

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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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