Third-Generation Chaebol

After wrapping up my meeting with Chairman Jang Kyung-joon, I headed to Captain Kang's office.

The reason for meeting Chairman Jang was to prepare for the acquisition of Hyundai Semiconductors. An expert in mergers and acquisitions was waiting for me at Captain Kang's office.

"Dimon! It's time to start preparing for the Hyundai Semiconductor acquisition."

"Oh! We're finally acquiring the semiconductor business? I've been waiting for this."

"Not right away, but by early next year at the latest, it'll be up for sale. We need to lay the groundwork beforehand to secure it at the lowest possible price."

"Leave it to me. I'll get everything ready."

Dimon stretched his arms wide, letting out a deep yawn.

It had been a while since he had real work to do, and his face lit up with excitement.

But the moment didn't last long. With a serious expression, Dimon pulled out a newspaper.

"The KOSDAQ index hit an all-time high today at 2,834. The surge in IT stocks is pushing the market upward."

"Since it hit the highest point, the only direction left is down."

"People said the same thing last month, and the month before, when we reached new highs. But here we are, breaking records again."

"But this time, I'm the one saying it. And when I say it, you can trust it."

The IT bubble was at its absolute peak.

The best move for maximum profit would have been to sell off stocks now.

However, I had already been selling off shares since the end of last year—despite knowing this fact.

That way, I had an alibi.

Even if it meant a slightly lower return, selling early was the right move for future planning.

"Team Leader Han reached out. Japanese loan companies have already started calling, telling us to prepare funds."

"Looks like they're really getting anxious."

"Some even called, worried that we might not be able to honor our contracts."

"Who's worrying about whom? Give it a few months, and they'll go completely silent. By then, they'll be the ones avoiding our calls."

The higher one soared, the harder the fall.

The IT bubble was soaring to unimaginable heights, but when it burst, it would plummet far faster than it had risen.

"We don't need to worry about IT derivatives just yet. For now, focus on investigating Hyundai Construction."

"I'll coordinate with Captain Kang and proceed with the investigation. Even at a glance, I can already see multiple red flags."

"The situation must be even worse now that we've monopolized the government's large-scale projects."

In the construction industry, Taewoo Construction was the only company still turning a profit.

With apartment development plans collapsing, the entire industry was suffering.

And Hyundai Construction was no exception.

* * *

A few days later.

My grandfather urgently summoned me to his office.

"Did you see the press conference? Chairman Jang—who would've thought he'd step out of his hospital room to hold a press conference himself? Dragging out a sick man like that... His children are more like enemies than family."

"Still, now that Chairman Jang has personally addressed the issue, the succession dispute at Hyundai Group should settle down."

In the end, only Chairman Jang Young-joo's voice could resolve the Hyundai Group's problems.

That's why, despite needing to stay in his hospital bed, he held a press conference to clarify the succession matter.

A similar event had occurred in my past life.

But this time, the succession structure was resolved much more quickly—thanks to Chairman Jang Kyung-joon stepping down.

And my conversation with him must have played a significant role in that decision.

"Chairman Jang is truly remarkable. He's passing the group down to his sixth son, despite having a perfectly capable eldest son."

"I wouldn't say he's handing over the entire group, would you? The eldest son is taking Hyundai Motors and related affiliates to operate independently."

"Haha, I suppose even Chairman Jang couldn't completely avoid inheritance disputes. Hyundai Group is about to be divided as many ways as he has children."

For now, aside from Hyundai Motors, the remaining affiliates still belonged to Hyundai Group.

However, once Chairman Jang passed away, the other children would naturally receive their shares of the inheritance.

Hyundai Group would inevitably split into at least five or six separate entities.

Not that this was a bad thing for us at Taewoo Group.

"Congratulations. Taewoo Group has officially become the number one conglomerate in the country."

"I'm not sure if this is something to celebrate. We only reached the top because Hyundai Group crumbled on its own."

"Before the year is over, I'll make Taewoo Group a true number one. Even if you combine all the fragmented parts of Hyundai Group, they won't come close to us."

"That's exactly what you should do! Relying on handouts to fill your belly is what beggars do."

Grandfather might have been acting indifferent, but his face was more vibrant than ever.

After all, this was the moment when Taewoo Group surpassed Hyundai Group—something that had once seemed impossible.

Now, it was our turn to defend our position.

If we continued running the group as we had been, we could maintain our number-one status stably.

But I had no intention of settling for just being the top company in Korea.

* * *

The year 2000 was already racing toward its midpoint.

Signs of the dot-com bubble bursting were beginning to emerge in various places.

It was enough to send Team Leader Han flying all the way from the U.S. to Korea in alarm.

"IT stock prices are fluctuating wildly. Take Microsoft, the leading IT stock—it's dropped over 40% in just a few months. And Amazon, where we hold a major stake, has lost half its value. Apple is no different; its stock has fallen by more than 50%."

"Just five months after hitting its peak, IT stocks have been slashed in half."

January 2000 had been the golden age of IT companies.

Fueled by the IT boom, the Nasdaq had surged more than 400% over the past few years.

But as soon as it hit its peak, people started questioning its sustainability, and Team Leader Han had pinpointed the reasons behind it.

"Most IT companies simply aren't generating revenue proportional to their investments. With the U.S. maintaining low-interest rates, massive amounts of money flowed into these companies, but when they failed to deliver expected profits, stock prices started to tumble."

"The IT boom is premature. High-speed internet infrastructure isn't even fully established yet, so there aren't enough users to sustain these businesses."

"Once again, your predictions were spot on, sir."

There was no need to panic just yet.

This was only the beginning. A mere 50% drop?

Stock prices would continue to plummet, and soon, companies wouldn't just see their valuations halved—they'd go bankrupt in droves.

Companies that held core technology might avoid bankruptcy, but they would still suffer stock price declines of up to 90%.

"How's Wall Street reacting?"

"As expected, it's in complete chaos. Investors are desperately trying to offload IT stocks at the highest possible prices by any means necessary."

"So, we've been contacted as well?"

"SAVE Investment and other firms that acquired IT stock holdings have reached out. They're asking if we'd be willing to buy back shares at the current market price."

Even Wall Street had realized it now.

The IT stock crash was just getting started.

That's why they were so eager to sell off their holdings, even at current prices.

"Once the prices drop further, start buying back shares."

"Are you suggesting we repurchase IT stocks? IT stocks are bound to remain stagnant for at least several years."

"At the very least, IT stock prices will be sluggish for the next 10 to 20 years. But after 20 years, they'll rise a hundredfold compared to the IT bubble era. That's why we need to secure our stake now—this is our one and only chance to acquire shares in bulk."

Team Leader Han fell silent, lost in thought.

It took him a long while before he finally organized his thoughts.

"So you believe it will take around 20 years for the true internet era to arrive?"

"It depends on the company, but I'd say a full-fledged IT era will take about 20 years. The reason the bubble burst in the first place was that the industry was ahead of its time."

"Isn't investing in stocks that won't rise for 20 years too long of a waiting game? Even if it's a rare opportunity to secure shares, it means sitting on a huge amount of cash for far too long."

"We can make money elsewhere. How's communication with the Japanese loan companies going these days?"

Team Leader Han's lips curled into a wide grin.

"Some companies are avoiding our calls, while others are begging us to terminate their derivatives contracts, saying they'll pay whatever penalties necessary."

"I don't understand how they can fall for the same trick twice."

"If you visit a gambling den, you'll see it happen all the time. People don't just fall for it twice—they fall for it a hundred times."

Human psychology was truly fascinating.

The belief that since the last spin landed on red, the next one must land on black.

The conviction that since they lost money on derivatives last time, they were bound to win this time.

Casinos profited from such beliefs—and so did I.

"Let's not drag this out. Even if IT stock prices fall further, squeezing more money out of the Japanese loan companies will be difficult."

"Even at current prices, several Japanese lenders are already facing bankruptcy."

"Then settle with the ones that want to liquidate."

"There are still quite a few who believe IT stock prices will rise again."

"Then we need to show them hell. Make them regret not cashing out while they had the chance."

Japanese loan companies were still operating freely in Korea.

Fortunately, Lee Young-han had taken control of the Myeong-dong financial market, and the "Myeong-dong Three" were keeping them in check. As a result, these firms weren't making as much profit as they had before my regression.

Dimon, in particular, was playing his role perfectly.

Using every method at his disposal, he had tarnished their image, leading to a decline in their customer base.

"Boss! Can I go to Japan this time?"

"Not this time. A major incident is about to happen in Korea, and I need you here."

"And you're going to let Team Leader Han enjoy all the fun alone? There's still a few months before Hyundai Construction collapses completely. Let me take care of just one place and I'll return immediately."

Hyundai Construction was collapsing faster than I had expected.

Before my regression, it had only faced a liquidity crisis in the latter half of 2000. But now, with Taewoo Construction dominating most of the market, Hyundai was already struggling.

"Hmm… Fine, but just one stop. And take Captain Kang and 50 bodyguards with you."

"Isn't that too many?"

"If you were going on a vacation, sure, you could go alone. But you're going to collect debts. And we're dealing with Japanese loan sharks—they might have Yakuza waiting for you."

"The moment they touch me, the U.S. embassy will intervene immediately. Do you really think the loan companies would take that risk?"

"The Yakuza aren't Yakuza for no reason. They live without a safety net, which is why they survive by doing gangster business."

Dimon wanted to personally see this chapter close.

After all the struggles he had endured fighting the Japanese loan companies, I figured he deserved at least that much.

"Understood. In that case, I'll take Captain Kang and the team on an overseas trip for the first time in a while. I'll even cover the airfare myself."

"Do you really think I'd stop you just because of travel expenses?"

"That just proves how serious I am. I'd better go prepare right away."

Dimon dashed out the door in a hurry.

It seemed like he was afraid I'd change my mind and stop him from going to Japan.

"He used to be such a serious guy. I wonder how he ended up like this."

"I think being around you, sir, has changed his personality quite a bit."

"Ah, and once things wrap up in Japan, things are going to get tough in the U.S."

"I'm expecting it. Right now, they're bowing down to us to sell off their IT shares, but once things settle, they might try to pin the blame for the dot-com crash on us."

It was Wall Street that had first pushed for the IT stock sell-off.

We had simply responded to their request and offloaded our holdings.

But since when did hyenas ever care about the truth before sinking their teeth in?

If we didn't want to turn them into permanent enemies, we'd have to throw them a different prey.