Never Forget. 2
No matter how many times I checked, it was hard to believe.
“Ten, hundred, thousand, ten thousand, hundred thousand…”
I counted each digit meticulously, but it wasn’t a mistake.
I sank into my chair, waiting for my racing heart to calm down.
I had anticipated a market crash and knew the put options would yield significant profits.
The numbers on the monitor matched my expectations. The only surprise was the profit margin.
A return that defied imagination and prediction.
Before fully grasping the situation, I logged back into the Japanese stock market.
Once again, I confirmed the densely packed numbers, punctuated by commas. The figures were even larger than those in our domestic market.
I had made a fortune, yet my heart was uneasy.
In the stock market, my gain meant someone else’s loss.
I steadied myself and reviewed the day’s events.
The aftermath of the 9/11 attacks delayed the market opening by three hours, but the composite index plummeted by 12%, with 621 stocks hitting the lower limit, and the KOSPI 200 index fell by 7.96 points.
The KOSDAQ also dropped by 11.59%. Considering the current price fluctuation limit is 12%, it meant every stock hit the lower limit.
Due to the massive market crash, a total of 27.7 trillion won in market capitalization vanished in a single day—23.4 trillion from the exchange and 4.3 trillion from the KOSDAQ.
I could almost hear the cries of the small investors who lost everything today.
But the loudest cries came from the securities firms. Unlike individuals, these firms, which profited from short positions, suffered massive losses from put options.
Except for Sunyang Securities, which I had shielded.
The president of Sunyang Securities must be wondering how to express his gratitude to me right now.
And today is just the beginning. A few people made a fortune with put options today, and with the market expected to crash again tomorrow, investors rushed to buy put options. On the 12th alone, there were over 210,000 transactions.
But as always, those who jumped on the bandwagon too late would end up losing.
In the next two or three days, many will lose big and lament their losses.
Gambling isn’t for everyone.
When the U.S. stock market reopened after a four-day closure, I called Rachel in New York.
I trusted her to handle things well, so I didn’t mention the investments. Even if there were some mistakes, who could blame anyone in such a chaotic time?
The situation in the U.S. was no different. In fact, as the country directly affected, it suffered the most.
After offering my sincere condolences, I got to the point of my call.
“Rachel, take a hundred million dollars from my account and donate it. Under the name of New York Miracle Investment.”
“Yes. We have enough money. It could go towards relief efforts or memorial projects. You decide where it should go.”
Money can’t undo tragedy, but it can aid healing. Selfishly, it was also a way to ease my conscience.
In 2001, following the burst of the IT bubble, interest rate cuts had been ongoing, but to mitigate the shock of 9/11, the U.S. Federal Reserve, led by Greenspan, accelerated the rate cuts.
Eventually, the continuous rate cuts brought the benchmark rate down from 6.5% to 1.75% within a year, and it settled firmly in the 1% range.
The low interest rates breathed life back into the stock market, and the plummeting market gradually found its footing.
This event brought about two significant changes.
The first was the shift in how people at Miracle treated me. Despite Oh Se-hyun being the CEO, they treated me as if I were the honorary chairman, and even Oh Se-hyun rarely gave directives.
Instead, I became busier.
When I was in the office, employees constantly flocked to me, and when I was outside, my phone never stopped ringing.
“Why aren’t you doing anything? Are you just going to sit there with your hands tied?”
“Why? Are you regretting paying me a CEO’s salary?”
“It’s suspicious.”
“What’s suspicious?”
“You’re not planning to retire already, are you?”
“You fool. I’ve already started planning my retirement. Just waiting for the right timing.”
“Uncle, you’re only in your mid-fifties. Others are desperate to work…”
“That’s others. I’m different. Thanks to someone, I’ve amassed a fortune, and it would be a waste to work until I’m old.”
“You’re too young to retire.”
“I have too much money to work. Haha.”
Seeing him chuckle, it seemed he had made up his mind to some extent.
In truth, Miracle could function without Oh Se-hyun. The most important task he had been handling was managing the HW Group.
The fact that he hadn’t officially announced his retirement yet likely meant he was coordinating the timing for me to take over.
I just hoped that time would come as late as possible.
The second change began on October 7.
The U.S., having declared a war on terror, launched Operation Enduring Freedom.
They initiated a massive airstrike on key military targets and major cities, including Kabul, the capital of Pakistan, and within a day, Afghanistan’s air defense, communication networks, and air force were obliterated.
It was the first war of the 21st century and marked the beginning of the longest war in U.S. history.
Media outlets worldwide reported on the start of this war, and Korea was no exception.
But the problem lay in the articles following the front-page war news.
“One month after the collapse of the Twin Towers in New York, is Sunyang Securities the winner?”
“While all securities firms are struggling with massive losses, Sunyang Securities soars. Stock prices skyrocket.”
“The young conductor of Sunyang Financial Group proves his capability.”
“The third generation surpasses the second, proving Chairman Jin Yang-cheol’s choice was right.”
Once again, my photo plastered the media.
I wondered how people who become overnight stars endure such rapid changes.
Interview requests flooded in, and reporters camped out in the company lobby. Some even staked out in the underground parking lot, making it impossible to move freely.
“Director, how about doing an interview?”
Vice President Jang Do-hyung subtly urged.
“Vice President, do you think any of those reporters outside are well-versed in economic terms? They’re all just trying to make money by piquing readers’ curiosity.”
“Who doesn’t know that? But right now, Sunyang Securities is leading the charge. It’s boosting not just the financial sector but also the stock prices of other affiliates. Wouldn’t it be great to deliver a decisive blow now?”
“Do you think the stock price will rise just because I do an interview?”
“It will. The PR department has already thought of a headline. ‘The George Soros of Korea, a legend in his twenties.’”
Damn, that gives me goosebumps.
“Customers are already flocking to our securities firm. If this article comes out, the numbers will multiply. This year, we’ll see the best business performance.”
Hearing that it would significantly benefit the stock price and business, I couldn’t refuse.
“Alright, let’s do it.”
Vice President Jang Do-hyung promptly slid a piece of paper towards me.
“Here’s the interview schedule. We’ve selected just four outlets: a daily newspaper, an economic journal, a weekly magazine, and a monthly magazine.”
“What? Four?”
Looking at the schedule, the monthly magazine was one you’d expect to find in a beauty salon, not a serious publication.
“What’s this? Why is a women’s magazine on the list…?”
“The PR department insisted on including it. It turns out to be an important magazine. I was surprised too.”
Jang Do-hyung shrugged, as if it were unexpected.
“It’s a magazine that affluent women in Gangnam make sure to read. They typically invest anywhere from a few hundred million to several billion won in stocks. If the interview article turns out well, they’ll all switch to Sunyang Securities…”
I was astonished to learn that a women’s magazine wielded such power.
“Alright. If we’re doing this, let’s do it well.”
Once I gave the go-ahead, the PR team swarmed in, insisting we take photos to distribute to the media outlets conducting the interviews.
“Hold on. We’re taking the photos here, right?”
“Yes, we’ll use your office as the backdrop.”
“Then let’s spruce it up a bit. If we’re doing this, we should do it right.”
I immediately contacted a department store.
The interior designers and coordinators sent by my aunt divided the office into two concepts: one suitable for central and economic publications, and another for women’s magazines, each with matching suits.
The effort paid off.
Seeing the final photos, I realized once again how crucial a professional touch is. The photos laid out looked like a photo album.
The interviews that followed were as expected.
Even the economic journal tried to pry into my personal life with trivial questions, and among the four interviews, there was only one worthwhile question.
“After the 9/11 attacks, Sunyang Securities’ actions seemed unusual.”
“What do you mean?”
“You didn’t take any action. It was as if nothing had happened. When the stock prices plummeted, you focused on buying blue-chip stocks. That led to enormous profits.”
This question came from a reporter from a central daily newspaper, not an economic journal.
“You observed correctly.”
“How was that possible? If the stock prices had continued to fall, it would have resulted in irreparable losses.”
“It was possible because we let go of excessive greed.”
“Let go of greed? Are you saying other securities firms were greedy?”
“In a volatile market, large sums of money change hands. Naturally, there’s a desire for ‘performance.’ Our Sunyang Securities let go of that greed. Given the magnitude of the event, we focused on protecting our clients’ money.”
A company that prioritizes safeguarding clients’ money will earn the trust of those who fear losing their principal the most.
“We never forget that, in any situation, the true owner of the money is the customer.”
Was that enough lip service?
In 1998, Sunyang Electronics’ revenue surpassed 20 trillion won, and by 2000, it had skyrocketed to 34 trillion won. However, with the burst of the IT bubble this year, it has decreased to 32 trillion won.
Operating profits have fallen to 2 trillion won, less than 30% of last year’s 7 trillion, yet the company still stands as the nation’s leading enterprise.
No matter how well my financial group performs, it can’t hold a candle to Vice Chairman Jin Young-ki’s electronics division.
The 9/11 attacks have once again inflated my personal wealth significantly, but money is merely a tool, not the main force.
I need to shake the subsidiaries to make them relinquish their core assets, but Sunyang Electronics is a fortress.
Directly attacking that fortress would be foolish.
Instead, I must unsettle the king sitting precariously on his throne within the castle. And the one to shake that throne should not be me, but the king’s own brother, Vice Chairman Jin Dong-ki.
As the year draws to a close, my mind is a whirlwind of thoughts.
In a week, the new year will dawn.
There are local elections, the World Cup that will send the nation into a frenzy, and the 16th presidential election.
All three are closely tied to me.
My major task for 2002 is to secure a position among the core management of the HW Group.