Third-Generation Chaebol

Dimon and Team Leader Han arrived in Japan.

With Captain Kang's security detail escorting them, they entered the loan company's office.

Given that the company was funded by Yakuza money, three Japanese swords hung prominently in the center of the office.

The last time Team Leader Han had visited, they had even used one of those swords to intimidate him.

He had been bracing himself for a repeat of that experience.

However, the loan company's president reacted in an entirely unexpected manner.

"Welcome. I wanted to personally greet you at the airport, but I regret that I was unable to do so."

"That wouldn't have been necessary. We're not exactly guests here—we're just meeting according to the terms of our contract."

At the mention of the word contract, the president swallowed hard.

Then, without warning, he bent down and slammed his forehead against the cement floor.

"I'm sorry. I'm truly sorry."

Thud!

He had hit his head with such force that blood began trickling down his forehead.

Team Leader Han instinctively took a step back, but Dimon, on the other hand, only grinned and raised his voice.

"Bleeding won't get your contract canceled. Bring the money. Now!"

"I will do my best to gather the penalty fees. Please, I beg you, terminate the derivatives contract."

"Bleeding isn't proof of sincerity. Numbers are the real sincerity, aren't they?"

Dimon was enjoying every moment of this.

For nearly a year, he had been locked in a battle with Japanese loan companies.

Finally, today was his chance to settle the score.

Cash, real estate, stocks, bonds—

Dimon was stripping them of everything so ruthlessly that it was hard to tell who was the real loan shark.

* * *

While Dimon was busy squeezing the loan company in Japan,

I used my U.S. business trip as an excuse to meet some Wall Street guests at SAVE Investment.

Same place, same people as a year ago—

But this time, a completely different conversation.

[Didn't SAVE Investment deliberately dump its IT stocks on us?]

[We heard you sold off your IT holdings long before this crash. Mind explaining why?]

[To be honest, I think SAVE Investment Company shares responsibility for the dot-com crash. When a major investment firm like SAVE offloads all its IT stocks, of course investors panic.]

Now I truly understood why they were called Wall Street hyenas.

They dragged in every argument—valid or not—just to tear into me.

Thankfully, George from Quantum Fund spoke up in my defense, calming them down.

"Let's all settle down. Think back to last year. Did SAVE Investment ever ask you to buy IT stocks? Weren't you the ones begging them to sell?"

[Ahem...]

A chorus of coughs erupted simultaneously.

Just as George had said, it was them who had begged to buy IT stocks from me.

All I had done was sell them when asked. Could that really be considered a crime?

"Allow me to explain. I did believe that IT stocks were overvalued. However, I cannot agree with the claim that I deliberately caused the IT bubble to burst. Even after SAVE sold off its shares, IT stocks continued to rise for more than six months."

"Still, why didn't you warn us that IT companies were in a bubble? That's just unfair between business partners!"

Now I understood why George despised these hyenas.

Despite their Ivy League educations—placing them in the top 1% of the U.S.—they were throwing tantrums no better than kindergarteners.

"So, you're saying that without my warning, you were incapable of making your own decisions? SAVE didn't operate in secrecy. Anyone paying attention could have seen the signs. You knew the information. You just chose to ignore it."

[Are you trying to pick a fight?]

[So, you want to make an enemy of Wall Street? Let's see how far you can go without us!]

Their pride was as fragile as it was overinflated.

The meeting room was instantly filled with angry shouting.

The only one keeping his composure was George, who stepped in once again to calm the crowd.

"Alright, alright! Settle down, everyone. What good does fighting do us? If we're going to argue, we should at least hear each other out first."

"SAVE will buy IT shares."

[At rock-bottom prices, I assume?]

[Don't even bring it up unless you're willing to pay what we sold them for!]

IT stocks had become nearly worthless.

In this situation, they should have been thanking me for offering to buy them. Instead, they had the audacity to raise their voices.

"Only those who wish to trade with me need to do so. I'll purchase shares at about 5% above the current market price."

"Ahem… 5% seems a bit low."

George coughed pointedly.

Since Quantum Fund also held a large amount of IT stock, he couldn't afford to take my side completely.

"Of course, I'm willing to offer more. I used the funds from selling IT stocks to enter derivative contracts with Japanese loan companies."

"Derivatives? Are you talking about the same terms as last time?"

"That's right. IT stocks have already lost half their value, meaning the derivatives are bound to yield at least two to three times the returns. If stock prices drop further, we're looking at six or seven times the profits."

I pulled out the IT derivatives contract.

George and the others carefully examined it, their eyes soon gleaming with greed.

"Haha… when did you set all this up?"

"I've been preparing since last year. As I always say, I want all of Wall Street to thrive. Just like last time, I intended to share these derivatives with you. But seeing as you're attacking me like this…."

[Ahem… You should have brought up the derivatives sooner.]

[We were just letting off some steam, that's all.]

In an instant, the atmosphere shifted.

The atmosphere had shifted as the hyenas redirected their target from SAVE Investment to the Japanese loan firms.

"We'll sell at 1.5 times the original price. Since it's a $1 million contract, we'll take $1.5 million. You can pay in IT company shares if you prefer."

"Hmm, we may not recover all our losses, but at least we can minimize the damage."

I evenly distributed the derivatives contracts and received IT company shares in real time.

Not only did I reclaim the Apple, Amazon, and Google stocks that had been practically seized from me last time, but I also acquired even more, increasing my holdings compared to last year.

The hyenas had all returned home.

Exhausted, I leaned back in my chair when Team Leader Han walked in with a cup of coffee.

Having just returned from Japan with Dimon, he had flown straight to the U.S. to stay by my side during this ordeal.

"You worked hard. I wanted to handle it on my own, but they were just too relentless."

"Hardly. I simply picked up the shares they practically handed to me."

"I think you sold the IT derivatives contracts too cheaply. Even at double or triple the price, they would have still bought them."

Team Leader Han had been the one to develop and sell the IT derivatives.

Perhaps that was why he looked displeased about parting with his creation at such a low price.

"If we could actually collect the full value of the derivatives, then yes, it would have been too cheap. But how much do you think we'll realistically recover from them?"

"Are you expecting the Japanese loan firms to default?"

"Last time, our derivatives were sold to major banks and corporations, so we could collect what we were owed. But this time, most of our counterparties are loan firms tied to the yakuza. And those people... well, they're the type who would rather cut open their own stomachs than pay up."

Would seppuku be the right word?

The yakuza were the kind of people who wouldn't hesitate to commit seppuku just to avoid paying their debts.

"Even so, 1.5 times the price is still a small amount."

"This time, our goal wasn't profit—it was to bring down the Japanese loan firms. We sold cheap because the hyenas of Wall Street will do a far better job of tearing them apart. If anyone can pick them clean to the bone, it's those predators."

Dimon may have learned the tricks of the trade from the loan sharks of Myeong-dong, but even he couldn't completely dismantle Japanese firms with decades of history.

However, there was a simple solution—unleash the even older and more ruthless hyenas of Wall Street.

"Wall Street's hyenas will go so far as to use the U.S. government to pressure them, so those loan firms will have to strip down to their underwear in the end."

"And I kept the derivatives contracts from the larger firms. The ones that are easier to collect on, we'll handle ourselves. The difficult ones, we left for Wall Street."

"I was starting to worry about all the money going out lately, but this should give us some breathing room. We should be able to hit a 20% return this year."

Han let out a dramatic sigh.

Considering that other investment firms on Wall Street were drowning in losses, it was absurd to hear him call a 20% profit barely acceptable.

"Is spending really that high right now?"

"...We're investing over a billion dollars annually into battery companies. On top of that, a significant amount is flowing into Silicon Valley, and if you include research grants for university labs, the total exceeds $3 billion."

SAVE Investment was often referred to as an angel investor.

Not just in Silicon Valley—universities had also come to call us that, thanks to the vast sums of money we were pouring in.

"Think of it as an investment. Sure, we're spending $3 billion now, but in a few years, it'll return more than tenfold."

"I'm not even expecting tenfold. If just one or two of the companies or research projects we're funding succeed, we'll at least break even."

"How's the battery company doing?"

"They're making steady technological advancements through collaboration with TaeWoo Electronics' battery division."

I had been consistently investing in the battery sector.

Battery development wasn't something that could be perfected overnight.

To speed up the process, I was running both Taewoo Electronics' battery division and TDK's battery business unit simultaneously.

It was a kind of two-track strategy.

The downside? It required twice the investment.

The upside? It significantly accelerated technological development.

"Soon, there will come a time when we'll need batteries in mass production."

"Are you referring to Apple's new smartphone? TDK is already voicing complaints. Apple keeps demanding the impossible when it comes to battery specs."

"That's just another way of saying they need more money and manpower. Even if we have to increase our investment, tell them to meet Apple's demands."

"I mean, I'll pass it along, but are you sure about this? Apple's stock has been cut in half. Under these circumstances, I'm not sure they'll be able to deliver a solid product."

He had no idea.

I had already seen the iPhone prototype. And if they released it as-is, it would turn the world upside down.

"When you're desperate enough, miracles happen."

"Maybe I should set up an altar and start praying."

"Forget prayers—seeing it in person and offering encouragement is far more effective. Let's go to Apple HQ."

"You want me to come too? What could I possibly understand? I'm practically clueless when it comes to engineering."

"That's exactly why I want you there. A layperson's perspective is often the most accurate."

Dragging Team Leader Han along, I headed for California.

The entire trip, he wore an expression that screamed, Why am I even going?

I wondered how that face would change once he saw the iPhone for himself.

TL/n -

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