Third-Generation Chaebol

The last day of 1999

I sat beside my grandfather, waiting for the arrival of the year 2000.

Ding! Ding! Ding!

Through the TV, we watched as the Boshingak Bell rang, marking the beginning of a new millennium.

For a few moments, we simply watched in silence. Then, my grandfather let out a deep sigh.

"Whew… Thank goodness nothing happened."

"Wait… Were you actually worried about the Y2K scare?"

"One can never be too sure."

"You sound like you were hoping for something to go wrong."

"Haha, why would I wish for that? Taewoo Group is on the verge of becoming the number one conglomerate in the country—I just need to sit back and watch it happen."

Taewoo Group was in its best shape yet.

Meanwhile, Hyunjae Group was showing cracks in its foundation.

Declining sales in Hyunjae Construction, internal conflicts following the acquisition of SS Motors, and even a succession battle—trouble was brewing on multiple fronts.

If things continued this way, we could claim the number one spot without even lifting a finger.

"Taking the top spot is just a matter of time—probably within the next year. But the real challenge is keeping it, don't you think?"

"You mean securing future growth?"

"We need to invest in industries that will shape the next 10, 20 years."

"Taewoo Group is already expanding into various sectors, and you've been driving growth in IT. What more do we need?"

"It's not enough. If we want to not only dominate Korea but also secure our place in the global market, we need to invest more aggressively."

My grandfather turned off the TV and looked at me.

"So, what industries do you want to invest in?"

"The key future industries are artificial intelligence, robotics, batteries, and space exploration."

These were industries I had heard about endlessly before my regression.

Some of them were still in their infancy, but if I wanted Taewoo Electronics to be a global leader 20 years from now, we had to start preparing now.

"Batteries are already being developed under Taewoo Electronics, so that makes sense. But AI and space? Those seem a bit outside our scope."

"I agree—space exploration would be difficult. Korea has too many regulatory hurdles, the required investment is massive, and the revenue model is weak."

"So you're saying we should focus on AI and robotics instead?"

"AI and robotics go hand in hand. If we want Taewoo Group to survive long-term, we need to start investing in both industries now."

In an ideal world, I would have liked to invest aggressively in every future industry.

But that would require an immense amount of capital—even with support from SAVE Investment, it was nearly impossible.

"Robotics makes sense since we're already using robotic arms in our automobile factories. But AI… what exactly do you plan to do with it?"

"There's a lot we can do. One business that might interest you is autonomous vehicles. We can also develop AI-driven voice recognition to control electronic devices."

"Haha, you sound like you're talking about something straight out of a sci-fi movie."

"This isn't some distant dream—it's a future that will soon be reality. And it's a future we need to start writing now."

My grandfather didn't seem particularly interested.

So, I changed my approach and brought up something that would surely catch his attention.

"With AI and robotics, we can create fully automated factories to produce cars. Since robots don't require salaries or go on strike, production costs would be significantly reduced."

"That would certainly be ideal… but I doubt the government or labor unions would be pleased."

"Korea's labor pool is limited. If Taewoo Group continues to grow, there will come a time when we simply don't have enough workers. We need to start preparing for that future now."

"…Well, you'll be the one leading Taewoo Group from now on. If this is the path you believe in, then we should follow it."

My grandfather gave his reluctant approval.

I could have ended the conversation there, but instead, I brought up a more sobering point.

"These industries won't generate immediate profit. For a while, they'll be nothing but money pits. Most of the revenue from Taewoo Electronics and Taewoo Motors will be poured into these investments."

"Money comes and goes. But if we succeed, and we secure a dominant position in these industries, then the investment is more than worth it."

My grandfather was far more forward-thinking than I had expected.

As expected of the man who built Taewoo Group into what it was today, his insight was still sharp.

"If we follow my roadmap, we might be stuck in place for the next decade. But after those ten years, I can guarantee we won't just be number one in Korea—we'll be number one in the world."

"…By then, I may not be around to see it."

"Don't say things like that. You'll be with me at Taewoo Group for the next ten, twenty years."

"These days, my body isn't what it used to be."

He spoke as he massaged his arms and legs.

For some reason, his wrinkles looked deeper today than they had before.

"You're not going anywhere until Taewoo Group becomes the world's leading conglomerate."

"Haha… That's not exactly something we can control. But if I had one wish, it wouldn't be to see Taewoo Group take the top spot…"

My grandfather gave me a soft smile before continuing.

"…I'd just like to live long enough to attend your wedding."

"Why are you suddenly bringing up marriage?"

"A new era has begun, so isn't it time for you to start your own family? You can't stay by your grandfather's side forever."

It was a sudden change of topic.

But my grandfather wasn't wrong.

"I'll make an effort to meet someone seriously."

"Really?"

"Before the year ends, I promise to bring you some good news."

"Good news doesn't necessarily have to be a wedding. These days, I hear it's common for couples to prepare a home before getting married."

"…Are you telling me to have a child first?"

"Ahem. Well, I wouldn't have any complaints if that happened."

It was obvious how much my grandfather wanted to see his great-grandchild.

Honestly, I wanted to grant his wish.

But right now, I was too invested in growing the company—romance wasn't exactly a priority.

* * *

As soon as January began, I summoned Park Man-deok, the president of Taewoo Securities, to the planning office.

He walked in with a bright smile.

Thanks to the Patriotic Fund (WIN-WIN), Taewoo Securities had achieved its highest earnings since its founding. There was no reason for him to be unhappy.

"The Patriotic Fund's maturity date is this month, correct?"

"Yes. Our clients are already reaching out daily, asking when we'll release a new fund. So, we're planning to launch a Patriotic Fund 2.0 soon."

It was only natural to create a sequel for a successful product.

And since the original Patriotic Fund had become a historic success in the securities industry, a follow-up was inevitable.

"I suggest we delay the launch until the second half of the year."

"You mean we should abandon the first half of the market? But the conditions have never been better! Last year alone, we saw 300% returns, and this year's projections are even higher."

"Most of those profits came from IT stocks, right?"

"Yes. That's why the new fund's portfolio is also IT-heavy."

Right now, IT stocks were soaring without question or reason.

Not just Taewoo Securities, but every brokerage firm was scrambling to invest in tech companies.

And because they were posting record-breaking returns, it was inevitable that IT-focused funds would flood the market this year.

"The IT sector is overheating. It's best for us to step back and observe for now."

"The stock market always operates on frenzy and speculation. As a securities firm, isn't it our job to create products that fuel that frenzy?"

"This is an opportunity for us to stand out from other firms."

"That would only be the case if IT stocks suddenly took a downturn. But even in the U.S., tech stocks are still hitting record highs. If we don't release a new fund now, our clients will simply take their money elsewhere."

It was a difficult decision.

Could we really afford to sit back and watch as customers moved to other firms?

One thing was certain—every brokerage would pour money into IT stocks.

And when the IT bubble eventually burst, the firms that had overcommitted would face catastrophic losses.

It didn't matter if other brokerage firms suffered losses.

But what about our clients' money? If we did nothing, we'd lose that too.

"Hm… So we'll release a fund after all. But no aggressive investments. Keep it safe—focus on bonds to generate stable returns."

"If we invest in bonds, the returns will barely be 5%. That's hardly better than bank interest."

"We'll take this approach for the first half of the year. Then, depending on market conditions, we can shift to more aggressive investments later. Some clients may leave for higher-yield funds, but our loyal investors will stick with us."

Park Man-deok looked at me with a face full of objections.

He, too, had been swept up in the IT stock frenzy.

"I'll take full responsibility. Think of the first half as a write-off—just focus on safe investments."

"…Understood."

Though he still seemed dissatisfied, I knew he would follow my orders.

If he didn't, then he would be held accountable for the consequences.

And the higher up you go in an organization, the more you avoid taking responsibility.

So, to shift the burden onto me, he had no choice but to follow my lead.

* * *

Though the year 2000 had begun, nothing major had changed.

But by March, everything erupted into chaos.

"Director, Hyundai Group's power struggle has officially begun!"

"So, it finally happened. A co-chairman system was bound to lead to conflict."

Chairman Jang Young-joo had stepped down due to health reasons.

Now, his eldest son Jang Kyung-joon and his sixth son Jang Young-joon were running Hyundai Group as co-chairmen.

"Chairman Kyung-joon just demoted the president of Hyundai Securities. That man was known to be one of Young-joon's closest allies."

"He must be trying to eliminate his brother's loyalists to consolidate power."

"Rumors are circulating that Chairman Jang is considering Young-joon as his successor. If Kyung-joon doesn't act now, he'll lose the entire group to his younger brother."

Chairman Jang favored Young-joon.

And it made sense—he was a highly competent businessman.

But from the eldest son's perspective, this was deeply unfair.

Strictly in terms of management skills, Kyung-joon was not lacking.

If anything, Kyung-joon had done all the dirty work, allowing Young-joon to shine with his clean track record.

"He even went to prison for the chairman. And now, he's being cast aside? No wonder he's furious."

"But Chairman Jang has already decided—Kyung-joon gets Hyundai Motors, while Young-joon gets Hyundai Construction, Electronics, and Securities."

"You said he demoted the president of Hyundai Securities, right? That means he wants to take it for himself. Just owning Hyundai Motors isn't enough for him."

The strategy director nodded.

Anyone could see that giving Kyung-joon only Hyundai Motors was an unfair deal.

"Hyundai Motors may have high revenue, but Hyundai Electronics recently acquired CL Semiconductors, and Hyundai Construction—though ranked below us—is still firmly in second place. On top of that, Hyundai Securities is a cash cow, yet it's being handed to the sixth son. It just doesn't seem reasonable."

"You think Hyundai Motors is inferior to those three companies?"

"Yes, that's my assessment."

Everyone thought the same.

But in just ten years, that judgment would be completely overturned.

No one knew that the true winner would be the one who owned Hyundai Motors.