Venture Spirit 1
I barely managed to convince my father not to see me off, and when I arrived at the airport, I was surprised to find Oh Se-hyun waiting for me.
“What brings you all the way here?”
“I just couldn’t let you go without saying goodbye. Isn’t the new car launch in three days? Wouldn’t it be nice to see it before you leave?”
“It doesn’t really matter whether I’m there or not.”
“But it’s the first car under the HW name, isn’t it?”
It’s just a minivan that was already in the works back when it was Ajin Motors. It has nothing to do with my reasons for acquiring the company; it’s just inertia. Nothing special.
The real reason for the acquisition, which will become HW Motors’ slogan, will be revealed as we enter the new millennium.
Rebranding as a new car company in a new era is both eye-catching and symbolic.
“I think it’s best if I stay out of it for now. People might think I’m meddling just because I’m a major shareholder. Maybe you should skip the launch too, Uncle. Let’s leave it to the experts for now. Aren’t they the experts from Ajin and Sunyang?”
“No way. I want to see it. Sometimes it’s good to show up and keep them on their toes.”
Knowing he understands the role of an investor, or rather a shareholder, better than I do, I didn’t argue further.
“By the way, have you talked to my father?”
“DMC?”
“Yes.”
“He hasn’t given you a definite answer, so why would he give me one?”
“Sometimes it’s easier to open up to a friend than to your own son, isn’t it?”
“You cheeky brat…”
Oh Se-hyun chuckled and patted my shoulder.
“Just wait a little longer. He wants to do it, but he’s being cautious about the practicalities.”
“Please remind him that we should start by the end of this year. Once the building is ready, it would be best to move in immediately, don’t you think? Once my father settles in, others will follow.”
“Don’t worry about things here. Just go and take care of your business. I’ve already informed them, so you won’t have any issues.”
Though I said I was going to clear my head, we both knew that wasn’t true.
“Alright. I’ll take it easy.”
After sending off the concerned Oh Se-hyun, I boarded the flight to New York.
“Do-jun!”
I heard a familiar voice calling my name excitedly at the arrivals hall.
“Hyung!”
It had been a year since I last saw Sang-jun, and he looked quite different.
Gone were the flashy clothes and brightly dyed hair he wore when he was into music. Now he was dressed simply in jeans and a shirt.
“What happened? Did you quit music? You look so… ordinary.”
“Yeah, I gave it up. Haha.”
His awkward smile told me he wasn’t joking.
“Really?”
“Let’s talk about it later. We should hurry. Mom’s preparing a feast for you. You have to eat it all, even if it’s too much.”
When we arrived at the apartment where my mom and brother lived, the smell of food filled the air. Mom seemed to have misunderstood. I wasn’t returning from living abroad; I was just coming from Korea to New York.
Yet the table was laden with Korean dishes, including stews and more.
The table was a testament to her guilt for not being able to cook for her younger son while taking care of her eldest.
Even without my brother’s urging, I was grateful for her efforts. I cleaned my plate and rubbed my full stomach.
I spent the entire day eating and sleeping.
Once I adjusted to the time difference, Sang-jun and I shared drinks and talked.
“So, you really gave up on music?”
“Yeah.”
“Why?”
“I realized one thing over the past two years. I’m neither the lead nor the supporting role—just an audience member. I couldn’t even make it on stage as an extra.”
“Is there no chance?”
As I poured him another drink, Sang-jun shook his head with a bitter smile.
“There are street performers in New York with old guitars who are better than me.”
“But your dream wasn’t to be a singer, right? Wasn’t it producing?”
“Exactly. I wanted to create music through the instrument of a singer, but I couldn’t. I have an ear for music, but that’s all.”
“So what are you doing now?”
“Nothing. Just hanging around here.”
There are countless young people lamenting their lack of talent, but seeing my own brother with his head down was heartbreaking.
“Who cares? If you hang around long enough, you’ll find your way. Don’t rush it. It took you two years to realize your limits, so maybe it’ll take another two to find new possibilities.”
Sang-jun gave me a wry smile.
“We should have been born in reverse order. It would suit us better.”
“Wow! Howard. Look at you! You’re stunning!”
How long had it been? Three years?
Rachel Arieff, looking even more sophisticated despite the years, greeted me with her usual flamboyance and pulled me into a hug.
“You too. How do you manage to stay so fabulous?”
Rachel laughed heartily at my compliment.
Damn. Why do these lines only come out when I’m meeting people for work?
When I see Min-young, whom I barely meet once a month, all I can think to say is, “What should we eat?”
“James mentioned that you’ve got a lot on your mind lately, so try not to do anything too taxing.”
“But I can’t just sit around doing nothing, can I? I’ll keep myself busy enough to stay sharp.”
Despite being the largest shareholder and managing over two billion dollars, Rachel treated me like a big sister, perhaps because she’d known me since I was ten.
“Alright, shall we start with a quick briefing?”
“Let’s finish our meal first.”
We had a quick lunch of salad and French fries at a Manhattan restaurant before heading to the Miracle Investment headquarters.
I might never fully adapt to Wall Street.
This place feels like it’s inhabited by a different species. Hollywood is similar.
Their concept of money is different. They earn and spend in staggering amounts. What seems utterly useless to me is of utmost importance to them.
The paintings lining the office corridors, the vases and flowers placed everywhere—these are all part of it.
The paintings are genuine, and they pay exorbitant monthly fees to famous galleries to use them as tools to elevate the office’s prestige. The vases are works by renowned artists, and the flowers are managed by experts who replace them every morning. They squander enormous sums on all this.
It might seem insane, but here, it’s the norm. The reason is the clients.
The American upper class, who have more money than they know what to do with.
To cater to their tastes, this practice began, and now even those working here have caught the upper-class bug.
Ah, there’s someone similar—my aunt.
She mimics this American upper class to a tee.
In the conference room Rachel led me to, they had prepared not just for a simple briefing but a detailed, thorough report, complete with a projector.
Of course, given that I hold their fate in my hands, they wouldn’t take any chances.
After listening to the current investments and future plans, I spoke up.
“From now on, direct investments in dot-com companies are prohibited. No matter how rosy the future seems, don’t trust them. Don’t trust your instincts, and don’t trust the data.”
The managers in the room began to murmur.
Isn’t Silicon Valley in the U.S. where all the world’s money is flowing? If we don’t invest there, we’ll be considered fools on Wall Street.
Just as someone was about to voice an objection, Rachel shot them a sharp look, and they all fell silent.
“If we invest directly in companies, we can’t control the timing of our exit. We can’t get caught up in their game. We need to lead the game. Direct investment is the dot-com founders’ game. We play only on Nasdaq.”
“Wasn’t investing directly before listing and making high returns Howard’s specialty? Are you being more cautious now?”
Rachel asked on behalf of everyone.
How should I answer?
I can’t exactly say that I watched the dot-com bubble burst and billions vanish into thin air through the internet.
“What do you call it when you package something with no substance in pretty words to deceive people into giving you money?”
“Fraud?”
“Exactly. Fraud… but these days, they call it something else.”
All eyes were on me.
“Venture spirit.”
The room fell silent.
“Even if it’s just a cent, invest in companies with actual sales, even if their performance isn’t great, as long as they provide concrete services. Like Amazon, for example.”
Most seemed only vaguely aware of Amazon’s existence. But there was someone who knew the details.
“Are you talking about the online bookstore, Amazon?”
“Yes, Amazon.com.”
The detail-oriented one shook his head.
“If you’re talking about the Amazon founded in 1994, its investment value is close to zero. Last year, its IPO price was $18 per share, but it closed at $1.96 on the first day of trading.”
“How do you know so much?”
When I asked in surprise, the detail-oriented one sighed and couldn’t lift his head, and the room erupted in laughter.
I couldn’t help but laugh too.
“How much did you lose?”
After finally stopping my laughter, I asked, and Rachel held up her hand, fingers spread.
“Five thousand dollars?”
Rachel shook her head slightly.
“Fifty thousand?”
Rachel nodded and said, “Everyone told him it was hopeless, but he invested his own money anyway. And he bore the loss himself. Haha.”
“What a shame. If it were me, I would have invested ten times, no, a hundred times that.”
It’s not too late. The stock price is still the same.
Realizing I was serious, Rachel’s eyes widened.
“Howard, are you serious?”
“Of course. Amazon takes orders and delivers books. It generates a small amount of revenue. It’s a simple concept, but unlike the noisy dot-coms, it’s effective. A company with a straightforward, easily understandable service concept is the real deal. The rest are just bubbles.”
Why does it take everyone so long, and so much money, to grasp this simple principle?
“From this moment on, withdraw all your investments in dot-com companies. Make up a reasonable excuse and be prepared to take a small loss. Then, only invest in companies listed on the NASDAQ. That’s the first rule.”
“Is there a second rule?”
Rachel didn’t doubt me for a second. She’s seen the results of my advice up close.
“The second rule is to completely pull out by the first quarter of 2000, no matter how much the NASDAQ grows.”
“Why?”
“Because by then, everyone will know.”
“Know that ventures are just scams?”
“Exactly.”
The U.S. NASDAQ Composite Index will soar to 5,000 and then crash. It’s the gift of the new millennium.
The managers, unaware of this impending reality, began to speak with uneasy expressions.
“But Howard, the investors won’t just sit back. If we’re the only ones not investing in the booming dot-coms, they’ll pull their funds. There are plenty of other firms they can go to.”
“Then make it clear why you’re investing. Tell them it’s because the clients want it, but don’t forget to clearly notify them of the risks.”
I wanted to see how capable they were as they exchanged bewildered glances.
“Alright, let’s separate the wheat from the chaff. Who knows, maybe one of these thousands of companies will be the next Microsoft?”