The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 55

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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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Fallen Chaebol Third Generation’s Regression — Episode 055
“Is it alright if I accompany you with the representative today?”
Two months later, June 2005. It was a hectic time. I’d finished my first semester of university, filed for military leave from school, and the weeks blurred together as I took care of loose ends. Today was the day I was enlisting at the training center.
I was heading to Pohang in a car driven by Jung Tae-sung.
Choi Seong-hun sat in the passenger seat beside him.
“Yes, I told them at home I’d go with a friend.”
Jung Tae-sung glanced at me in the rearview mirror, his expression skeptical.
He was wondering if they’d actually bought that story.
“It was difficult. My mother and younger brother insisted on coming to see me off today. But if they did, it would make things harder for me.”
“Make things harder? When I enlisted, my entire family came. I’m the eldest grandson, you see…… even my grandmother.”
I couldn’t help but smirk at Choi Seong-hun’s words from the passenger seat.
“This isn’t bragging, understand. I’m a member of a chaebol family. My mother is the chairman of a major conglomerate.”
“Ah. I see what you mean. The eyes of those around you, naturally…….”
I nodded in agreement.
In my previous life, when I entered the training center, my mother and younger brother had come with me, and suddenly the training center commander himself came out to greet my mother.
A star is still a star, no matter how small. The moment my mother appeared, soldiers came running from everywhere, too busy trying to keep her in good spirits to think of anything else.
Of course, it was the same even after I enlisted. Wherever I went, high-ranking officials fussed over me, making military life an ordeal.
My cohort kept their distance from me, and even senior soldiers treated me with caution. I know it sounds like complaining, but it wasn’t exactly comfortable.
“Don’t tell me that’s why…….”
“Yes, I volunteered for the Republic of Korea Marine Corps for exactly that reason. I had a feeling things would be different there.”
In my previous life I’d quietly enlisted in the Army, but in this life, I was volunteering for the Marines instead, for that very reason.
I’d heard the Marines treat everyone the same regardless of what you did in civilian life.
I’m not sure if it’s true, but I figured it had to be better than the Army.
“I hear your enlistment cohort is the 1,000th batch. Isn’t that rather historic?”
I let out another smirk at Choi Seong-hun’s comment.
I hadn’t planned it that way, but it did turn out to be a rather historic cohort.
“But may I ask why you’re going in so early?”
Jung Tae-sung asked carefully from the driver’s seat.
I’d told him he was welcome to ask me anything, and now he and I were sharing thoughts on many things.
“I believe this is the right time.”
Both men began paying close attention to my words.
“My mother and everyone around me told me to finish school through second year before going, but I’m not someone who just attends school.”
“…….”
“Everything is going to change rapidly from here on. China’s rise, the changing industrial landscape — it’s all happening at once. This is precisely the Transition Period, so I think it makes sense to serve my military obligation now rather than waste more time.”
In two years, it will be 2007.
I remember 2007 as the year everything changed.
The Subprime Mortgage Crisis, epitomized by the Lehman Brothers Collapse, will erupt in the United States, and the financial system will collapse.
As this crisis spreads into the real economy, 2007 marks the beginning of the Low Growth, Low Interest Rate Era that the whole world will endure for over a decade.
I needed to enlist now to prepare for that time.
It would be too wasteful for me to lose two years after the crisis hits.
“And in two years, the ventures I’ve started will have had time to take root, won’t they?”
Sinhwa Welltech, Synapse Robotics, and Han Jae-yi herself.
Right now wasn’t the time to launch new ventures — it was the time to wait for the ones I’d started to establish themselves.
By any measure, this was the optimal time for me to enlist.
“So that’s why you called me today.”
I nodded at Choi Seong-hun’s observation.
“Yes. How is the security company startup progressing?”
“Thanks to your and Director Jung’s full support, we’re moving forward step by step. Recently, we’ve gathered personnel who came out of the UDT and Special Police Unit, and we’ve had them receive training from an Executive Protection specialist.”
“And you’ve found office space?”
“That’s the problem. Since the facilities we need to protect are in Ulsan, I don’t think it makes sense to base our main office in Seoul…….”
Choi Seong-hun seemed to have his own concerns about this.
I felt it was time for me to point him in a clearer direction.
“Don’t make the headquarters too large. In Seoul, we should focus on gathering intelligence, so use that office for intelligence sources and the Cyber Attack Defense team. And in Ulsan, have a facilities security division. For now, that works best. I’ll help you get a unified headquarters later.”
“Yes, understood.”
“While I’m away, SJ Security should be able to establish itself firmly, right?”
“Of course. I’ll make sure of it.”
“I’m placing my trust in you, Director Choi — or rather, Representative Choi.”
Choi Seong-hun met my eyes in the rearview mirror and bowed his head slightly.
“I was cast out from Bukchon with nowhere to go, and you took me in. I’ll prove my worth.”
His face was resolute.
It was a bit overwhelming, but strangely, I felt no displeasure.
As we were deep in conversation, the car entered Pohang.
A moment later, a place with a bright red sign came into view.
“We’ll come in with you.”
“No need. I’m not a child. I’ll go in alone. You two head back to Seoul and take care of your respective duties.”
I paused at the door and looked at Jung Tae-sung.
“Director Jung.”
“Yes, Representative.”
“I’m trusting this with you.”
“I’ll come report to you frequently.”
I wanted to tell him that wasn’t necessary, but seeing his face, I sensed it would be a problem if I tried to stop him, so I smiled and nodded.
“Then I’ll go.”
I turned away from the two men, exited the car, and looked at the entrance before me.
A massive sign with a red background and yellow lettering came into view.
[The Republic of Korea Marine Corps begins here]
‘Man, this is scary. Did I really need to come here?’
After thinking that for a moment, I took a long, deep breath and began to move forward.
‘Alright. If I’m going to do this, I’m going to do it right.’

* * *
“The second-year Yield Rate is 17.78%. Isn’t that respectable?”
Summer 2007.
Ribbon Capital’s office in Gwanak-gu.
Jung Tae-sung was sitting on the sofa, conversing with Han Jae-yi across from him.
“No, it’s not enough.”
Han Jae-yi ran a hand through her hair and spoke as if blaming herself.
A Bloomberg Terminal sat active on the desk, and multiple monitors displayed various charts and news articles.
“There was definitely more money to be made this year. I missed the smartphone launch, I missed the oil price surge. I only managed to ride the wave of Chinese rare earth stocks. Just looking at the Dow Jones and S&P 500 from January through June…….”
“As far as I know, there aren’t many asset management firms or funds that have exceeded 18% in their second year. I think you should be a bit more…….”
“I need to earn my keep. I received scholarships for four years of university, and I’m getting a salary now, but this isn’t enough.”
Fatigue was evident on Han Jae-yi’s face.
For two years, she’d been digging into the US market with inverted days and nights.
At first, she felt lost, but now she was beginning to develop some intuition.
Which made it all the more regrettable.
She could see opportunities, but lack of confidence meant she’d missed many of them.
“You seem to be doing well.”
As the two were deep in conversation, a familiar voice rang out.
They both turned their heads at the same time.
A man with closely cropped hair stood in the doorway.
His face was much more tanned than two years ago, and his shoulders seemed broader.
“Representative, you’ve arrived? Congratulations on your discharge.”
Jung Tae-sung rose from his seat and bowed in greeting.
“Hey, you…… you!”
Han Jae-yi bolted from her chair, eyes wide with shock.
Her face mixed surprise with delight.

* * *
“As for Sinhwa Welltech, as we reported last time, it began active manufacturing after Joint Venture Establishment was completed. We’re now at the stage of establishing Yield Rate, and according to Park Jin-hyuk’s report, things look positive.”
I sat down to receive the delayed reports from Jung Tae-sung.
“The Yield Rate is coming out well, then?”
“Yes, the engineers who joined from Shinei’s side have successfully improved the Yield Rate that was dropping during the manufacturing process, building on Sinhwa Welltech’s existing technology.”
“That’s fortunate.”
It was a good sign.
The whole point of establishing the Joint Venture with Shinei was their high-purity raw materials and technology.
“We’ve solved our problem, so now we need to solve Shinei’s problem as well.”
“The representative Hong from Sinhwa Welltech is already in contact with semiconductor companies. He’s an excellent administrator and businessman, so we have high expectations.”
“It doesn’t have to be a first-tier vendor for a large corporation. They can start by contacting mid-to-small companies that manufacture analog semiconductors.”
“Yes, I’ll convey that message.”
I nodded and turned the report to the next page.
“Synapse Robotics has entered the research phase, then.”
“Yes, I conveyed your instructions directly.”
I’d told Seo Min-seung at Synapse Robotics that there was no need to show immediate results — he should focus on research.
That meant not to worry about the company failing to make money. If a company got caught up in thinking about losses, they’d end up building robot arms that could generate quick income, which shouldn’t exist, only stretching the research period further.
“Finally, SJ Security gathers intelligence daily and is handling both facility security for companies in Ulsan and Executive Protection for Han Jae-yi here and key personnel.”
At Jung Tae-sung’s report, I turned to look at Han Jae-yi.
“Wow, your eyes are shooting lasers.”
Han Jae-yi was glaring at me.
“How in the world could you not contact me or Lee Min-jae even once during your military leave?”
In truth, during my two years in the military, I hadn’t contacted Han Jae-yi or Lee Min-jae once, even when I took leave.
She seemed to have grown horns about it.
“If I’d contacted you, I wouldn’t be able to see your abilities in action.”
“What?”
“I had faith that you’d be doing well.”
“……That makes it worse.”
I meant it sincerely.
If I’d contacted her, I know I would have wanted to offer some hint or guidance.
Whether she wanted it or not, Han Jae-yi had become one of my people, and I found it difficult to watch someone like that struggle without intervening.
“And frankly, you’ve been doing really well. I didn’t think you’d achieve close to an 18% return.”
“Are you teasing me?”
“Not at all. I’m serious.”
I looked at her trading list on the documents.
“This level of macro reading ability is quite impressive, really. It’s unfortunate you missed the oil price surge, though.”
“……Right. I saw the Chinese raw materials boom coming and thought oil prices would rise, but I didn’t actually make the investment. My execution is still lacking. And I didn’t even notice the smartphone.”
I couldn’t help but laugh at Han Jae-yi’s words.
“Why are you laughing?”
“You seem good at situational awareness. Isn’t that where growth begins? Nobody would have known about the smartphone launch without inside information. How would anyone find out?”
A few days ago, Apple had announced the iPhone and shocked the world.
A phone with a touchscreen, internet connection, music player, and camera.
People doubted it was possible, but when Steve Jobs demonstrated it himself on stage, everyone fell silent.
It was the moment the world changed.
But only someone with inside information at Apple would have been able to know and invest in it beforehand.
“In any case, an 18% return on managed assets is a good performance. Don’t second-guess yourself. Director Jung.”
“Yes, Representative.”
“How much did we agree to give as a Performance Bonus?”
“Three percent of the profit.”
“So 113.3 billion became 133.5 billion won…… that’s 600.6 million won in bonus. Please process that payment.”
Han Jae-yi’s expression turned shocked.
“Hey, what the——.”
“A contract is a contract. Next year, try for an even higher return. Even if you empty my entire wallet, that’s fine.”
At my words, Han Jae-yi smiled for the first time since we’d met today.
“And starting tomorrow, I’ll be coming in too. Once the market opens today, could you prepare all the Portfolio for review?”
“Organize the Portfolio? Right now, with Chinese raw materials exports all scrambled…….”
“Have you noticed the noise coming from Bear Stearns?”
Bear Stearns was one of the top five investment banks in the United States.
“Ah, I heard there was a Liquidity Crisis, but it seemed like it would be okay? The Federal Reserve Bank of New York seemed to be intervening quickly.”
“That’s where it starts.”
“What?”
“The noise coming from Bear Stearns right now won’t disappear easily. Multiple investment banks will start collapsing in a chain reaction.”
“How is that possible…… the US is going to let such a massive bank die?”
This was the moment Bear Stearns’ Liquidity Crisis was just beginning. And starting with Bear Stearns, derivatives related to the Subprime Mortgage Crisis and subprime mortgages will burst in sequence, unfolding the Financial Crisis that everyone will later come to know. The Lehman Brothers Collapse, Merrill Lynch being sold off, AIG receiving a bailout — it was the prelude to a global catastrophe that would shake the world economy.
“Don’t place too much faith in the concept of Too Big to Fail. Even if the United States wants to save them, Too Big will end up dying on its own.”
Han Jae-yi and Jung Tae-sung both wore shocked expressions at my words.

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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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