95
“Then, are there any themes we should avoid investing in?”
“Sunbae.”
Everyone bowed their heads in greeting as they saw the person approaching Dokyung with a question.
“I was passing by and heard such interesting conversations. I’d like to join in if that’s alright?”
The person who approached the group was Kang Sung-ho, who had been giving the congratulatory speech on the platform just moments ago. Dokyung, who had been momentarily frozen, came to his senses and bowed his head respectfully.
“Hello, I’m Yoon Dokyung.”
“I know.”
At the sound of the voice, Dokyung raised his head again with a surprised expression. To think that Kang Sung-ho, known as the godfather of value investing in Korea, knew who he was.
Dokyung’s initial foray into stocks was influenced by Peter Brown.
Peter Brown was also an advocate of value investing, and while studying about domestic affairs, Dokyung had learned by reading the books of Kang Sung-ho, who now stood before him, as well as articles related to him.
“You… you know who I am?”
Dokyung asked Kang Sung-ho with an expression that couldn’t hide his surprise, and everyone around them burst into laughter.
“Of course. How could I not know when Yoon Dokyung Manager’s name is heard everywhere I go?”
Dokyung thought that someone like Kang Sung-ho must be dozens, even hundreds of times busier than himself.
He had created dozens of funds, with hundreds of companies within those funds, and thousands of clients who had invested in his funds.
Dokyung never imagined that one of the people leading the Korean securities industry would know his name.
“I first heard about a securities firm employee who was arguing with Professor Jo Hyun-seok, and I thought, ‘This person must have a lot of time on their hands.'”
At Kang Sung-ho’s words, Dokyung felt embarrassed. People like Kang Sung-ho probably disliked market pessimists like Jo Hyun-seok as well, but they wouldn’t have felt the need to confront them directly.
“Ah, I didn’t mean to criticize…”
“I understand.”
“Anyway, watching the outcome was quite satisfying.”
Everyone who claimed to know Dokyung invariably mentioned the episode with Jo Hyun-seok.
“And beating Lee Donghyuk this time too. There’s no one in the securities industry who doesn’t know Lee Donghyuk.”
And the same went for Donghyuk.
At this gathering, everyone had mentioned the incident between Donghyuk and Dokyung while pretending to know Dokyung.
Dokyung thought that perhaps this was another reward he had gained from the incident with Donghyuk, who was at the top of the industry.
He thought it had been a good opportunity to make the name Yoon Dokyung known to everyone in the securities industry.
“It’s an honor.”
As Dokyung bowed his head once again in greeting, Kang Sung-ho opened his mouth with a gentle smile.
“So, does our Manager Yoon have any sectors he views unfavorably?”
Kang Sung-ho threw the question he had initially asked once again, as if he absolutely had to hear the answer.
“Well, isn’t everywhere going to be tough this year?”
At that moment, someone in the group jokingly interjected instead of Dokyung, and everyone chuckled.
“That’s right. This year will be tough everywhere. Isn’t that why you were talking about long-term investment themes? But in this market, we still have to find profits in our profession, don’t we?”
At Kang Sung-ho’s words, everyone nodded and looked at Dokyung.
They seemed to be waiting for Dokyung to speak, with eyes like those of people who had been in the industry for 10 or 20 years looking at a young nephew.
“That’s why I wanted to hear various opinions. Those of us who’ve been in the industry for a long time know what to expect around this time, but I’m curious about what outlook young people these days have.”
Kang Sung-ho also spoke while looking at Dokyung, and after a moment of deliberation, Dokyung opened his mouth.
“I think we should be cautious about the cosmetics and beauty sectors.”
“Beauty… I suppose it’s because it’s a business heavily influenced by China?”
Dokyung nodded at Kang Sung-ho’s question.
“That’s right. They’ve recorded incredibly high sales growth over the past few years by expanding beyond the small domestic market into the Chinese market, and their stock prices have grown by as much as dozens of times. But as you mentioned, that very success has now become a poison.”
The problem with the domestic cosmetics industry was its small domestic market. Because the domestic market was small, they eventually had to turn their eyes overseas, and at this point, the Chinese market caught the attention of domestic cosmetics companies.
“Because the quality was good for the price, Korean cosmetics were quite popular in China, which was rapidly growing at the time.”
“That’s right. Even Chinese tourists visiting Korea would buy Korean cosmetics at duty-free shops.”
As Kang Sung-ho picked up the conversation, Dokyung nodded and continued.
“However, due to recent Chinese economic growth and patriotic marketing, they’ve lost a lot of ground to Chinese domestic mid-to-low-priced cosmetics brands. Our companies tried to create premium lines to elevate their brands, but since they’ve been perceived as mid-to-low-priced brands for the past few years…”
There were often cases of mid-to-low-priced brands transforming into premium brands.
However, changing an image wasn’t an easy task, and luxury goods were all about brand business.
Even if they claimed to be better than existing luxury cosmetics, customers who buy luxury cosmetics were more likely to stick with what they were already using.
“It seems their attempts to expand into markets like the United States or Europe came too late. In my opinion, it wouldn’t be too late to invest once they establish themselves and start generating sales in those markets.”
Everyone present nodded at Dokyung’s words.
“That’s a good outlook. Domestic beauty companies certainly have had a high dependence on China.”
“As you said, Representative-nim, we need to see profits even in this market, but if it were me, I would avoid the beauty sector.”
Kang Sung-ho nodded and looked at Dokyung.
“I share the same opinion. I’ve been thinking recently about whether we should exclude that sector from our fund.”
As Kang Sung-ho said this, Dokyung felt cold sweat on his back. He had already been thinking along these lines, and if Dokyung had given an answer different from his thoughts, he might have been disappointed.
“The talk among stock enthusiasts is always the same, but I asked because I saw a young person bringing fresh energy to this field. I hope I wasn’t being rude?”
“Not at all. Rather, it’s an honor to be able to discuss such topics with you, Representative.”
“I hope we can have more opportunities like this in the future.”
Saying this, Kang Sung-ho took out his business card and handed it to Dokyung, and Dokyung also gave his card in return. Kang Sung-ho looked at the card before putting it in his wallet.
“Would it be alright if I contact you personally?”
“Of course. Please feel free to contact me anytime.”
“I’ll see you all later. Enjoy yourselves.”
Kang Sung-ho greeted everyone and turned to leave the banquet hall.
“He’s always so open-minded, no matter when you see him.”
At that moment, one person in the group said this, and everyone nodded.
“That’s his strength. He listens to everyone without looking down on anyone.”
“Is that kind of composure necessary to reach the top of the industry? It’s difficult. So difficult.”
Listening to these comments, Dokyung stared at Kang Sung-ho’s business card in his hand for a while before carefully placing it in his wallet as if it were a precious treasure. He then spent time mingling with various people.
“Shall we head out soon?”
Towards the end of the banquet, Center Director Ha Min-jae spoke to Dokyung, and Dokyung nodded.
The two said their goodbyes to everyone and left the banquet hall.
“Thanks to you, Center Director-nim, I had a really enjoyable time meeting various people from the industry today.”
As Dokyung expressed his gratitude, Ha Min-jae chuckled.
“I wanted to show off. That we have such an outstanding person in our company. And under me, no less.”
“Pardon?”
“You received a job offer from Seonjin, didn’t you?”
At Ha Min-jae’s words, Dokyung froze on the spot.
“It’s okay. It’s not a bad thing.”
“No, I should have mentioned it…”
“The industry is small. Rumors like this spread quickly. Of course, I heard it from Lee Donghyuk.”
“Are you acquainted with Lee Donghyuk?”
Dokyung asked curiously. He didn’t know there was a relationship between the two.
“We’re not close, but we do have some interactions. Anyway, Lee Donghyuk told me. He said you were the first person to reject without even looking at the conditions. He wanted to know how I managed to keep you.”
Dokyung silently looked at Ha Min-jae.
“Our company doesn’t have better conditions than other securities firms, and I don’t think I’ve done anything special for you. Why did you stay? I’m curious too.”
“Well…”
Dokyung pondered for a moment before speaking to Ha Min-jae.
“I liked that you didn’t do anything for me.”
“What do you mean?”
“I really liked the atmosphere established at the Leaders Center. The atmosphere where they don’t interfere separately, trusting that once you’ve made it this far, your skills are certain.”
“……”
“Of course, it would be good for me to move to Seonjin with better conditions, but I don’t think there would be such an atmosphere there.”
Of course, he had rejected the offer for different reasons at the time, but this was the reason that made Dokyung think later, recalling his meeting with Donghyuk, that he had made the right decision in rejecting the job offer.
“If they brought me in by raising the conditions this much, the company would naturally have higher expectations of me.”
“That’s true.”
“But I like my position in the current company. Someday, my juniors will join, and there will be more expectations of me… but for now, I want to enjoy this position a bit more.”
At Dokyung’s words, Ha Min-jae chuckled.
Enjoy, he says…
No one enjoyed work. But Dokyung was enjoying his work like someone who had obtained what they desperately wanted.
“I like that mindset.”
Dokyung silently looked at Ha Min-jae.
“With that attitude, it’s no wonder you’re achieving such results.”
“You’re too kind.”
“No, it’s not. As you said, I thought I should have expectations but not put pressure on you. Isn’t that what you wanted to hear?”
At Ha Min-jae’s playful words, Dokyung smiled and nodded.
“I’m glad you felt that way.”
“Hahaha, that’s good. I’ll do that. You worked hard today, conversing among those difficult people.”
“Not at all. It was interesting.”
“I’m glad you say so. Then I’ll see you at the company the day after tomorrow. Take care on your way home.”
“Yes, you too. Have a safe trip home.”
As Dokyung bowed his head in greeting, Ha Min-jae patted Dokyung’s back and left the hotel lobby. Dokyung smiled as he watched Ha Min-jae’s retreating figure.
⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱
“Yaaawn…”
Two days later, after enjoying the past weekend, Dokyung returned to his daily routine.
Entering the office with a long yawn, Dokyung threw his bag onto his desk and leaned back in his chair.
This lifestyle itself might have been a self-inflicted disaster, but coming to the office early and organizing his thoughts in the empty office had now become a routine for him.
“Another day of figh…”
Rustle-
As Dokyung was about to psych himself up for the day, he heard a rustling sound from within the office and stood up to look around.
As Dokyung was always the first to arrive, there shouldn’t have been anyone else in the office.
Dokyung tilted his head curiously and sat back down, turning on his computer.
Rustle-
At that moment, the rustling sound was heard again, and Dokyung got up and walked around the office.
Then, in front of one desk, he opened his mouth with a startled expression.
“Dahyun-ssi!”
The source of the rustling sound was Han Dahyun, who, though it was unclear when she had arrived, looked as if she was about to be sucked into her monitor screen.
“Dahyun…”
Dokyung called out, but seeing no response from Han Dahyun, he looked at her closely and noticed she had wireless earphones in her ears.
Dokyung chuckled and tapped lightly on the desk.
“Mom!”
Startled, Han Dahyun looked up at Dokyung.
“Oh my! Dokyung-ssi, when did you get here! You really scared me!”
Dokyung smiled at Han Dahyun, who was getting angry in a case of the pot calling the kettle black. He then gestured for her to remove her earphones.
Seeing Dokyung’s gesture, Han Dahyun seemed to realize she had earphones in and removed them, smiling awkwardly.
“I’m sorry. I didn’t realize these were in.”
“You’re here early today? When did you arrive?”
As Dokyung asked, the smile that had just settled on Han Dahyun’s face disappeared, replaced by an expression that looked as if she might die at any moment.
“Dokyung-ssi, I think I’m going to die.”