Chapter 198: Unbelievable Gains

I checked the numbers multiple times, but it was still hard to believe.

“One, ten, hundred, thousand, ten thousand, hundred thousand…”

I counted each digit individually, but it wasn’t a mistake.

I sank back into my chair, waiting for my racing heart to calm down.

I had expected a market crash and significant profits from the put options.

The numbers on the monitor were in line with my expectations. The only surprise was the profit margin.

A profit margin that defied imagination, beyond any prediction.

Before assessing the current situation, I reconnected to the Japanese stock market data.

Once again, I confirmed the densely packed numbers and the commas punctuating them. The figures were even larger than those in the Korean stock market.

I had made a fortune, a truly staggering amount, yet I felt uneasy.

My massive gains in the stock market meant someone else had suffered immense losses.

Calming myself, I reviewed the events of the day.

Due to the aftermath of the 9/11 attacks, the opening bell was delayed by three hours, but the KOSPI plummeted by 12%, with 621 stocks hitting their lower limit. The KOSPI 200 index also fell by 7.96 points.

The KOSDAQ also crashed by 11.59%. Considering the current daily price limit of 12%, this meant nearly every stock had hit its floor.

This stock market collapse in both major exchanges resulted in a staggering 27.7 trillion won in market capitalization evaporating in a single day – 23.4 trillion won from the KOSPI and 4.3 trillion won from the KOSDAQ.

The cries of retail investors who had lost everything today seemed to echo from all directions.

However, the loudest wails today undoubtedly came from the securities firms. Unlike individual investors, these firms profited from short positions, making their losses from put options substantial.

Except for Soonyang Securities, the firm where I had blocked trading.

The president of Soonyang Securities was likely breathing a sigh of relief and pondering how to express his gratitude to me.

And today is not the end. It’s just the beginning.

The few individuals who profited immensely from put options today became known, and with another market crash anticipated tomorrow, investors rushed to buy put options. A massive volume of over 210,000 transactions occurred on the 12th alone.

But as always, those who jump on the bandwagon late are destined to be the losers.

Over the next two to three days, many will lose fortunes and weep.

Gambling isn’t for just anyone.

* * *

When the US stock market reopened after a four-day closure, I called Rachel in New York.

I trusted her to handle things effectively, so I didn’t bring up the investments. Even if she made a few mistakes, so what? Everyone was in a state of shock.

The situation in the US was no different. In fact, as the country directly affected, it suffered the most significant blow.

After offering her my condolences, I got to the point of my call.

“Rachel, please withdraw $100 million from my account and donate it under the name of New York Miracle Investment.”

– What? As much as $100 million?

“Yes. We have plenty of funds. It can go towards relief efforts or the memorial project. It’s up to you to decide where to donate it.”

Money can’t undo the tragedy, but it can help with healing. Selfishly, it was also a way to lighten the weight on my conscience.

The US Federal Reserve, under Alan Greenspan, had been lowering interest rates since the dot-com bubble burst in 2000, but the shock of 9/11 spurred even more aggressive cuts.

Ultimately, these continuous rate cuts brought the benchmark interest rate down from 6.5% to 1.75% within a year, eventually settling in the 1% range.

Lower interest rates breathed new life into the stock market, and the plummeted indices slowly began to recover.

Two major changes followed this event.

First, the way people within Miracle treated me shifted completely. Despite Oh Se-hyun being the CEO, they treated me like an honorary chairman. Oh Se-hyun himself rarely issued direct instructions.

Instead, I became increasingly busy.

When I was in the office, employees constantly swarmed me, and my phone buzzed incessantly when I was out.

“Why aren’t you doing anything? Are you just going to sit idly by?”

“Why? Is the salary I get as CEO a waste of money?”

“It feels suspicious.”

“What’s suspicious?”

“Don’t tell me you’re already preparing for retirement?”

“You idiot. I started preparing for retirement a long time ago. I’m just waiting for the right moment.”

“Uncle, you’re only in your mid-fifties. Others are desperate for work….”

“That’s them! I’m different. Thanks to someone, I’ve amassed a fortune. It’d be unfair to work until I’m old.”

“You’re still young to retire.”

“I have too much money to work. Heh.”

Seeing him chuckle, I figured his mind was somewhat made up.

In truth, Miracle would function fine without Oh Se-hyun. The most crucial task Oh Se-hyun had been handling was the management of HW Group.

The fact that he hadn’t officially announced his retirement meant he was likely still figuring out when I would take over this responsibility.

I could only hope that time was far away.

The second change began on October 7th.

The United States, having declared war on terror, launched ‘Operation Enduring Freedom’.

Major air strikes were initiated on key military targets and major cities, including Kabul, the capital of Pakistan. Within a single day, Afghanistan’s air defenses, communication networks, and air force were obliterated.

It was the first war of the 21st century and the beginning of the longest war in American history.

Media outlets around the world, including those in Korea, simultaneously released articles announcing the start of the war.

But the issue was what followed the front-page war stories.

“A Month After the Collapse of the World Trade Center Twin Towers, Is Soonyang Securities the Winner?”

“While All Securities Firms Struggle with Huge Losses, Only Soonyang Securities Shows Strong Performance. Stock Prices Soar.”

“The Young Leader of the Soonyang Financial Group Proves His Abilities.”

“The Third Generation Outshines the Second. Chairman Jin Yang-cheol’s Choice Was Right.”

Once again, my picture plastered the news.

I wondered how people who suddenly became stars coped with such rapid change.

Interview requests poured in, and reporters began camping out in the company lobby. Some even lurked in the underground parking lot, making it impossible to move around.

“Chief of Staff, shouldn’t we do some interviews?”

Vice President Jang Do-hyung subtly pressed.

“Vice President, do you think any of the reporters hounding us outside are well-versed in economic terminology? They’re all just trying to pique readers’ curiosity to make money.”

“Who doesn’t know that? But right now, Soonyang Securities is driving the momentum. It’s boosting the stock prices of not just the financial affiliates but others as well. Wouldn’t it be good to strike while the iron is hot?”

“Will my interviews really make the stock price go up?”

“It will. The public relations department has already come up with headlines. ‘Korea’s George Soros, the Myth of the Twenty-Something.'”

Damn it, that gives me goosebumps.

“Customers are already flocking to use our securities firm. If this article comes out, that number will multiply. This year will see our best performance yet.”

Hearing that it would significantly help the stock price and sales, I couldn’t refuse.

“Alright, let’s do it.”

As if waiting for my approval, Vice President Jang Do-hyung slid a piece of paper across the desk.

“Here’s the interview schedule. Daily newspapers, economic journals, a weekly magazine, and one monthly magazine. We’ve selected just four outlets.”

“What? Four places?”

Looking at the schedule, the monthly magazine wasn’t about current affairs or economics, but the kind you’d find at a hair salon.

“What’s this? Why is a middle-aged women’s magazine on this list…?”

“The public relations department insisted on including it. Apparently, it’s an important magazine. I was surprised too.”

Jang Do-hyung shrugged, feigning surprise.

“It’s a magazine that wealthy women in Gangnam always read. They often invest hundreds of millions, even billions, in the stock market. If the interview article is well-received, they’ll all switch to Soonyang Securities, or so they say….”

I was astonished that a women’s magazine I had looked down on wielded such power!

“Alright, if I’m going to do it, I need to do it well.”

As soon as I agreed, public relations staff swarmed in. They were in a frenzy about taking photos for the interview publications.

“Hold on a second. We’re taking the photos here, right?”

“Yes, we’ll use your office as the backdrop.”

“Then let’s decorate this place a bit. If we’re doing this, let’s do it right.”

I immediately contacted the department store.

The interior design expert and coordinator my aunt had sent styled the office with two concepts: one suitable for mainstream and economic media, and another for the women’s magazine. They also coordinated outfits to match each theme.

The effort was worth it.

Looking at the final photos, I was once again reminded of how crucial professional expertise is. When the photos were laid out, it looked like a photoshoot.

The succession of interviews went as expected.

Even the economic journal tried to dig into my personal life, asking trivial questions. Out of the four interviews, there was only one worthwhile question.

“Looking closely at Soonyang Securities’ actions after the 9/11 attacks, there was something unusual.”

“What’s that?”

“You didn’t take any action. You acted as if nothing had happened. As stock prices plummeted, you focused on buying up blue-chip stocks. That’s how you made such huge profits.”

This question came from a reporter at a major daily newspaper, not an economic journal.

“You’re exactly right.”

“How is that possible? If stock prices had continued to fall indefinitely, you would have suffered unimaginable losses.”

“It was possible because we shed excessive greed.”

“Pardon? Shed greed? Does that mean other securities firms were greedy?”

“Large sums of money naturally flow during volatile market conditions. Naturally, the desire for ‘performance’ takes precedence. We at Soonyang Securities let go of that greed. Given the enormity of the event, we focused on protecting our clients’ assets.”

The company’s commitment to protecting clients’ assets would earn the trust of those most fearful of losing their principal.

“We never forget that, in any situation, the client is the owner of the money.”

I wondered if this much lip service was enough.

* * *

Soonyang Electronics’ revenue, which had exceeded 20 trillion won in 1998, had rapidly increased to 34 trillion won by 2000. However, with the IT bubble bursting this year, it had decreased to around 32 trillion won.

Operating profit also fell to the 2 trillion won range, less than 30% of last year’s 7 trillion won, but it still boasted the prestige of Korea’s top company.

No matter how well my financial group performed, it couldn’t match the scale of Vice-chairman Jin Young-ki’s electronics division.

Due to the 9/11 attacks, my personal wealth had once again ballooned significantly, but money was merely a supporting tool, not direct firepower.

I needed to shake up the affiliates and force them to release core assets, but Soonyang Electronics remained an impregnable fortress.

Directly attacking that fortress would be foolish.

I needed to shake the precarious throne of the king sitting inside and make him fall.

And the one to shake that throne wasn’t me, but King’s brother, Vice-chairman Jin Dong-ki.

As the year drew to a close, all sorts of thoughts swirled in my head.

The new year was just a week away.

There would be local elections, and the World Cup, which would electrify the nation with chants of ‘Republic of Korea.’ And the 16th presidential election would also be held.

All three were significantly relevant to me.

My major task for 2002 was to gain entry into the core management of HW Group.