Chapter 37: Miracle Investment in New York

Miracle Investment in New York established a Korean investment firm with one hundred percent capital, and Oh Se-hyun took office as CEO of both the US and Korean entities.

Now, the relationship between me, the major shareholder, and Oh Se-hyun, the professional manager, became subtle. His attitude toward me didn’t seem to change much, but he stopped immediately opposing my opinions.

He listened more attentively, and when he presented an opposing view, it was always a valid one based on data.

Especially when I said I would sell all of Dell Computer’s stock, he didn’t get agitated. Instead, he showed me a graph of the stock price trend and said,

“Last week, the stock price was $47. It’s never dropped since its listing—truly diamond-tier. How about we reconsider when it goes over $60?”

“Don’t you think there’s a bubble?”

“Of course, there is. But the bubble is also a component of the stock price. The reason I’m saying $60 is that the bubble will likely burst right around then. It’s the stage where people start doubting the bubble. It won’t be too late to exit then.”

His eye for analyzing stock prices is sharp.

Since I’ve never been much of a stock investor, I have no idea about bubbles or anything like that. It’s just that my interest in Michael Dell made me familiar with Dell Computer’s stock price.

The reason I know so well that the stock price, which had soared to $49, plummeted to $10 and then climbed back up to $60 and maintained that level, is because of this.

But Oh Se-hyun predicted the figure of $60. He’s an incredible person.

“Uncle, we’ve made over a hundred times our initial investment; isn’t this enough? There’s no reason to be greedy.”

“If you don’t want to be greedy, like you said, we can sell Dell Computer and invest in stable places. Coca-Cola, Heinz, and so on. Right?”

“That’s too stable. That’s not what an investment firm should be doing. Individuals should do that.”

My uncle is good at maintaining balance now. He sighs once and takes a step back.

“You mentioned Japan? Do you have any places in mind?”

“Could you look into it for me? See if there are any good places?”

I also wanted to see where Oh Se-hyun would find before I mentioned it. Perhaps he might find a better company than I would.

“Then I’ll draw up a list and we can discuss it again. If there’s nothing better than the US, you’ll change your mind, right?”

“Of course. Investing in the best place is the basic principle, isn’t it?”

I also pretended to back down. He’s a necessary person, so I need to accommodate him to this extent.

* * *

“May you live long and stay healthy, Grandfather.”

“That’s enough. No need for a deep bow… You seem to have become more mature. How is it? Did you learn a lot?”

Chairman Jin, who refused Jin Young-jun’s deep bow after he returned from Germany after several years, did not withdraw his sharp gaze.

Jin Young-jun’s life had been thoroughly checked through the weekly branch reports. There were occasional instances of him drinking to the point of being drunk, but nothing really went wrong.

“There was no need for me to go to Germany, Grandfather.”

“What did you say?”

Chairman Jin’s eyebrows twitched, but Jin Young-jun did not lose his composure.

“Our electronic products are selling out. Production can’t keep up with demand. European distributors are even putting down deposits and waiting. But all of that was thanks to you, Grandfather, so I thought it would be faster to learn directly under you.”

“This is thanks to me?”

“By removing unnecessary features and including only the essential ones at a low price, you’ve swept through Eastern Europe and even Western Europe. Isn’t this all part of your strategy, Grandfather?”

Jin Young-jun sat next to Chairman Jin and bowed his head.

“I’ve learned a lot. Thank you, Grandfather.”

“Keeping away from women seems to have cleared your head a bit.”

“I haven’t been drinking either. Just the occasional glass of wine, that’s all.”

Jin Young-jun noticed a faint smile on his grandfather’s lips and felt relieved. He seemed to have slightly changed his grandfather’s distrustful heart.

He wanted to end his exile now. In Korea, the title of the eldest grandson of Soonyang Group wielded immense power, but in Germany, it meant nothing.

People there either didn’t know the name Soonyang, or if they did, that was it. It was only recognized within the Korean community.

He wanted to live like a crown prince in this land as soon as possible.

But the words that came out of his grandfather’s mouth shattered his expectations.

“Yes. The branch managers all praised your self-discipline. Just keep working hard like this until you’re thirty. Then you can come back and take a key position.”

He wanted to jump up and shout that it wasn’t fair, but thanks to the patience he learned in Europe, he could smile brightly.

“Yes, Grandfather. I will work hard. Please watch over me.”

Jin Young-jun finished his New Year’s greetings like this and returned home. He didn’t forget to spit once in front of his grandfather’s house.

“He told me to stay cooped up in Europe until I’m thirty.”

“So? You didn’t happen to get upset, did you?”

“Come on, Father. I’m not a child anymore. I just said I would work hard and came out.”

“Good job.”

Vice-chairman Jin Young-ki patted his son’s shoulder. Then, looking around at his children sitting on the living room sofa, he said.

“Now that you’re all adults, remember my words. Your grandfather will surely monitor your every move. If even a slightly unsavory rumor is heard, it won’t just affect you; it’ll affect everyone else.”

The eldest daughter, Hye-kyung, and the youngest, Kyung-joon, had indifferent expressions.

There was no reason for them to get into their grandfather’s good graces anyway, as their inheritance ranking was far behind. They knew well enough that what their father was saying was for Jin Young-jun, the eldest son of this house, telling him not to cause trouble. They were adults, just as their father said.

“Hye-kyung, once you graduate college next month, I’ll introduce you to a good guy, so hurry up and get married. Or go study abroad….”

“Dad! Who gets married right after graduation these days? Maybe in a few more years….”

“Listen to me until the end!”

At Jin Young-ki’s roar, the two children’s pouting lips disappeared.

“All you have is your grandfather’s bloodline. Thanks to that, you live enjoying everything you want and desire. If your grandfather abandons you, you won’t even enjoy half of your current lifestyle.”

“Father, why are you suddenly saying this….”

“Don’t you know that your grandfather has changed since last year? People’s thoughts change as they get older. If they have something they want to eat, their eldest son comes to mind, and if they have something to give, they want to give it to their youngest—that’s the heart of aging parents. Right now, your grandfather’s affection is focused on your youngest uncle and Do-jun’s family.”

Everyone somewhat sensed the atmosphere. There were even rumors that Chairman Jin watched the movie made by their youngest uncle despite his busy schedule.

“Consider your grandfather’s age. How much longer will he live? Until then, don’t cause any trouble and visit your grandfather often. Once Soonyang Group comes into your father’s hands, you can live however you want. Do you understand?”

“What does getting married have to do with not causing trouble and staying quiet?”

When Hye-kyung snapped back, Jin Young-ki burst into frustrated shouts.

“Who in our family had a love marriage? Look at Uncle Yoon-ki! He lived being treated like an abandoned son for over ten years. That’s the price of a desired marriage. If you want to get married as you please, pack your bags and leave right now!”

Jin Hye-kyung was speechless at her father’s outburst.

Jin Young-ki calmed down as he saw all his children lower their heads and watch his reaction.

He was so anxious these days that he couldn’t even sleep properly.

It was because Chairman Jin had changed drastically after the acquisition of Ajin Automobile fell through last year. Major matters of the group were being carried out without his knowledge, and even current issues of subsidiaries that he used to handle required the chairman’s approval at the end.

Rumors began to circulate within the group that the succession structure would change, and presidents of subsidiaries frequently skipped him and reported directly to the chairman.

His father had definitely changed. He vaguely guessed the reason as well.

A nephew he had never been wary of, or rather, whose existence had been insignificant, was shaking the entire family.

Jin Young-ki had already decided that it would be better to abandon his children than to fail to become the owner of Soonyang Group because of them.

* * *

“I’ve discovered a hidden gem, but it’s not easy to deal with.”

Only one company was listed on the list Oh Se-hyun handed me.

“Last year’s sales were 100 billion yen, close to 800 billion won in our currency.”

“Then isn’t it already a grown goose laying golden eggs?”

“This company’s trajectory is the same as the IT industry. As the IT industry grows, this company also grows. It will grow even more in the future.”

In 1992, Microsoft’s Windows 3.1 dominated the Japanese computer industry. Furthermore, software like MS Office also sold like hotcakes. The size of Japan’s software market is roughly twenty times that of Korea. Although the population is only a little over twice as large, the awareness of copyright is clear. SoftBank, which held the exclusive sales rights for Microsoft, grew into a large corporation in an instant.

I didn’t say, ‘Actually, I was thinking of SoftBank when I mentioned it.’ There’s no need to mention it since it aligns with my thoughts.

Isn’t it the virtue of a true leader to take responsibility for the failures and give credit to their subordinates?

“What do you mean by ‘not easy to deal with’?”

“Now that the company is on track, they probably think there’s no need to receive investment. The founder of this company… Oh, right, this person is a third-generation Korean-Japanese.”

“I know. It was in the newspaper once. In a special article about successful Koreans abroad. They said he’s a bit of an eccentric.”

“Really? Anyway, having achieved success in Japan, many investors flocked to him. But since he doesn’t lack anything, he rejected them all, I heard.”

“It’s the same case as Dell Computer.”

Like attracts like, while those down on their luck find everyone coming to collect debts.

“No. This side is much more high-handed. The president is overflowing with confidence.”

“Is he planning to go public?”

What I saw in internet articles was all I knew, so I had no idea of the exact timing. But I distinctly remember that it went over a hundred times when it went public.

“Well, I haven’t heard anything about that.”

“Then there’s still an opportunity.”

“The problem is persuasion… It doesn’t seem likely.”

The people who have failed to invest so far are different from me. They can’t even imagine that the stock price of a software distributor would skyrocket, no matter how successful it is.

If you know this fact, you can invest as much as you want.

“Uncle.”

“Yeah?”

“Grandfather once said something like this: everything in the world has a price. However, the price that each person thinks of is different.”

“Well, it doesn’t sound like a profound statement. They’re even selling common water.”

The first official sale of bottled water in Korea was during the 1988 Seoul Olympics. At the time, the government allowed the sale of bottled water due to foreign athletes during the Olympics, but banned it after the Olympics ended.

The government was concerned that allowing the sale of bottled water could create a sense of alienation among the people, where the rich would buy bottled water and the poor would drink tap water. They also didn’t allow the sale of bottled water due to concerns about groundwater depletion and environmental pollution.

However, bottled water companies persistently demanded permission to sell bottled water and have currently filed a lawsuit with the Constitutional Court.

“Exactly. SoftBank’s stock is also a commodity. They will definitely sell it. If you give them enough money.”

At my words, Oh Se-hyun began to look at me with curious eyes.

“Then how much do you think we can offer?”

“What do you think, Uncle?”

He paused for a moment, deep in thought, then held out his palm.

“Five times. With this much, we should be able to make about a 30% profit with the initial surge after listing.”

“I don’t think they’ll be interested in five times.”

“That’s why I’m saying it’s impossible. There must be many investors who have offered up to five times. Conversely, it also means that anything more than that has no investment value.”

“Then maybe the president of SoftBank might sell if we offer more than five times? Since everyone else thinks that way?”

At my words, Oh Se-hyun smiled faintly.

“Maybe. How many times are you thinking of?”

“Let’s ask the president of SoftBank how many times he wants to sell for. Let’s offer to meet his demands. I want to see how eccentric that president is.”

I’m not going to be too greedy. Let’s just make a clean double.