Third-Generation Chaebol

Taewoo Telecom hit the jackpot with its online lectures for students.

Some parents even signed up for Taewoo Telecom themselves just to access lectures from top instructors. Whether students were gaming enthusiasts or focused on studying, they all preferred Taewoo Telecom.

It would be a waste to stop here.

This whole situation had started as an attack from rival telecom companies, but now was the perfect opportunity to capitalize on it.

"We need to expand our online lecture offerings."

"We'll extend the program to elementary and middle school students."

"Why go lower? We should go higher."

"By higher… do you mean university-level lectures? But that would require hiring professors. Is that even feasible?"

Taewoo Telecom's CEO, Lee Joo-young, wasn't quite grasping my point.

University-level education didn't have to be limited to academic subjects.

"Why do people go to college? Sure, they say it's to gain knowledge, but in the end, it's all about getting a job."

"True, universities serve as gateways to employment."

"So, we should launch online courses targeting the job market—civil service exams, police exams, real estate certifications—fields with massive numbers of test-takers. That's how we'll drive a surge in subscribers."

The online education market was massive.

Especially in the wake of the financial crisis, with job prospects bleak, more students than ever were preparing for government exams. Now was the perfect time to enter this space.

"If it's civil service exam prep, we can recruit top-tier instructors! I'll personally head to Noryangjin."

"And let's push forward with IT-related online courses as well."

"With the booming IT industry, more students are looking to earn certifications, so this will be a hit."

"Pay particular attention to Linux and Java certification courses."

Most smartphone apps in the near future would be developed using Linux and Java.

This wasn't just about Taewoo Telecom's business—it was about investing in the future by cultivating skilled professionals.

"We already have plenty of Linux and Java experts in our IT department, especially those who were trained in the U.S. They're highly proficient."

"Hm… how about this? Let's host a Linux and Java competition under Taewoo Telecom's name. The top winners get jobs in our IT department."

Taewoo Group was consistently ranked among the top five most desirable employers for university graduates.

Now imagine offering students a chance to join the company outside the usual hiring season.

"The competition will be fierce. Everyone knows IT department salaries here are higher than other divisions."

"Throw in a one-year study abroad program in the U.S. That way, even hidden talents will come out of the woodwork."

"Taewoo Telecom will also offer cash prizes. If we're going to do this, we might as well do it right."

"Now that's more like it."

For the first time in a while, CEO Lee Jooyoung looked genuinely satisfied.

If you want to row, row with full force—only then can you go the distance.

Holding back out of caution would only risk letting this golden opportunity slip away.

* * *

Team Leader Han and Dimon returned from Japan.

They had left during one season and returned in another, greeting me with a variety of expressions.

"We've successfully closed $30 billion worth of derivatives contracts."

"You worked hard. I thought it would take until the end of the year, but you wrapped it up quickly."

"The beginning was tough. Some of the people I had previously negotiated derivatives contracts with even pulled out Japanese swords in protest."

"But the moment you mentioned IT derivatives, things changed, didn't they?"

"They put the swords away and picked up their pens. I didn't even have to push for it—they were the ones suggesting we increase the contract size."

"Well done. But you don't look entirely pleased. What's on your mind?"

"I'm a bit uneasy. Seeing every company sign contracts without hesitation makes me think the IT boom might last even longer than you predicted."

Han was well-versed in the ways of Wall Street.

Now, after his time in Japan, he had assessed the atmosphere firsthand. He had seen that both the U.S. and Japan were fully convinced of the IT boom.

"All bubbles follow the same pattern. Japan's economic bubble did, the financial crisis did, and IT will be no different."

"You've never been wrong so far. But please keep in mind—one mistake, and we could lose everything."

There were two primary approaches to investing.

One was following market trends, which ensured steady, predictable returns.

The other was contrarian investing—betting against the market.

When stocks soared, you shorted them, anticipating a drop.

When stocks plummeted, you took a long position, expecting a rebound.

This approach had the potential for massive profits but carried the risk of losing everything.

So far, I had made my fortune through contrarian investing.

I understood why Han was concerned—because one wrong move could mean colossal losses.

"But isn't it a waste to let this opportunity slip by? Investments like this won't come around often."

"Working with you makes me feel like I have ten lives."

"I won't ask you to risk your life—just trust me and follow my lead."

Han let out a deep sigh.

He had never failed while working with me, so he steeled himself once again.

"If the IT derivatives market collapses, we stand to collect anywhere from $40 billion to $80 billion."

"Do Japanese loan companies even have that kind of money? They'll probably throw a few scraps our way and declare bankruptcy."

"If we squeeze every asset they hold, we can at least secure $20 billion."

"Looks like it's time for you to head back to the U.S."

"I need to return to SAVE Investments anyway. There are too many ongoing projects to delay."

Han had become an investor recognized even on Wall Street.

Other investment firms had been scouting him, but he remained loyal to SAVE Investments.

Of course, that loyalty was backed by the generous salary and bonuses I provided.

"Start selling off our IT stocks."

"You mean all IT stocks except those where we're the majority shareholder?"

"Exactly. Keep our strong positions in Amazon, Google, and Apple, but offload the rest at the highest price possible."

"I'll sell them off gradually so it doesn't attract attention."

Han looked reluctant.

It was understandable—having to sell stocks that were climbing higher every day was frustrating.

"Don't worry. We'll be buying them back later."

"You're planning to reinvest after the IT bubble bursts?"

"Of course. Once the bubble deflates, these stocks will still have real value."

Han nodded and began packing his things.

As he loaded his luggage into the car, his figure looked heavy with thought.

Just endure for one year. By then, the IT bubble will have burst.

* * *

1999 had less than two months left.

Doomsday believers were everywhere, and the streets were filled with people dressed in apocalyptic, end-of-the-century fashion.

Nostradamus' prophecies.

The Y2K panic.

Before my regression, these were just amusing stories. But now, being in the moment, I could see how seriously people were taking them.

Even my grandfather had called an emergency board meeting.

"The atmosphere these days is unsettling. We can't just dismiss Y2K as a baseless rumor."

"More people are stockpiling bottled water and instant noodles."

"News reports claim ATMs might stop working due to Y2K, leading to a surge in cash withdrawals."

Y2K wasn't just an urban legend.

Computers stored dates in a two-digit format (00/00/00), and the fear was that when transitioning from 1900 to 2000, systems wouldn't recognize the change.

In the U.S., multiple tests were conducted using various machines.

Some systems did indeed malfunction, fueling the widespread panic.

Despite the concerns, it wasn't something to panic over.

"Our IT department has already checked all of Taewoo Group's systems. We prioritized Taewoo Financial, and there are no major issues."

"The Planning Office will take full responsibility for this matter. If something does go wrong, it could turn into a major crisis."

"Even if problems arise, we can resolve them quickly. The likelihood of a serious issue is extremely low."

The Y2K problem was already a global concern.

For the world's most widely used operating system, Windows, Microsoft had already released hotfix updates.

"The news keeps sensationalizing Y2K, saying nuclear bombs might go off and planes could crash. It's making me anxious."

"They're just using it as a way to boost ratings. Minor issues may arise, but large-scale disasters like nuclear explosions or airplane crashes will never happen."

The end-of-the-century anxiety had seeped into the board meeting.

To shift the mood, I needed to bring up a different topic.

"South Korea's economic growth is surging. Last year, our GDP growth rate was -5.5%, but this year, we've rebounded and are expected to exceed 10% growth."

"Haha, now that's good news."

"Taewoo Group's strong export performance has contributed significantly to this economic recovery."

Even without interference, history showed that the GDP growth rate would surpass 10%.

However, with Taewoo Group not only surviving but thriving, the growth rate could push even higher—perhaps up to 15%.

"Taewoo Motors and Taewoo Electronics have played major roles. Especially Taewoo Electronics, which has seen incredible success in IT."

"The IT division of Taewoo Electronics has successfully expanded overseas. Our gaming platform and OTT services have already turned profitable, and revenues are expected to grow substantially each year."

"President Woo Sung-il, you've done an outstanding job."

"I will continue to do my best, Chairman!"

Woo Sung-il, who had remained quiet, suddenly found himself receiving praise.

With a deeply emotional expression, he bowed his head.

He was well aware that maintaining his position as Taewoo Electronics' president for another year was a privilege—one he was grateful for.

"Taewoo Telecom has also maintained its position as the industry leader, consistently widening the gap with the second-place competitor by over 10%."

"Even if the net profit margin is currently low, securing the top spot is the priority. We must establish an unshakable market position so that no competitor can catch up."

"Understood."

President Lee Joo-young of Taewoo Telecom also bowed his head in acknowledgment.

Although the company held the number one position in the industry, maintaining that lead had required significant financial sacrifices, so it wasn't something to celebrate lightly.

"We've decided to introduce a partial paywall for Taewoo Telecom's online lecture services. With this change, we expect to reach profitability by next year."

"Just a little more effort, everyone. If we maintain this momentum, Taewoo Group could claim the number one spot in the business world."

For now, the top position in the corporate rankings belonged to the Hyunjae Group.

But the gap wasn't insurmountable, and as the year 2000 approached, the rankings were bound to shift.

TL/n -

The Y2K fear, also known as the Y2K bug or the Millennium Bug, was a widespread concern leading up to January 1, 2000. The issue arose because many computer systems and software programs used two-digit year formats (e.g., "99" for 1999). People feared that when the year rolled over to "00," computers might interpret it as 1900 instead of 2000, potentially causing errors, crashes, and failures in critical systems like banking, transportation, and power grids.

Governments and companies spent billions of dollars on fixes, and when the date changed, few major problems occurred. The Y2K scare is now often seen as an example of successful global cooperation in preventing a potential crisis.

Despite widespread fears, no major disasters occurred due to the Y2K bug. However, there were some minor glitches and isolated incidents, including:

1. U.S. Nuclear Power Plant Sensors – A few minor malfunctions in radiation monitoring equipment were reported but did not pose any real threat.

2. U.S. Spy Satellites – A temporary failure in some satellite-based intelligence systems occurred but was quickly resolved.

3. Japanese Nuclear Plant Alarm – An alarm at a Japanese nuclear plant went off falsely, but there was no safety issue.

4. Bus Ticket Machines in Australia – Some ticketing systems stopped working temporarily.

5. U.S. Credit Card and Banking Issues – A few cases of incorrect date processing led to temporary account errors.

Most issues were small and quickly fixed because of extensive Y2K preparation. The fear was justified, but the crisis was largely prevented by proactive measures.