Free Web NovelAs promised, I visited the residence of Song Youngjoo, Honorary Chairman of Daehyeon.
Guided by his secretary, I entered his study. The atmosphere was completely different from when I had come here with Grandfather. I bowed politely as I looked at the man before me.
“Good afternoon, Chairman.”
“Yes. Please, have a seat.”
“Yes, sir.”
As I took my seat, Chairman Song left his desk and sat at the head of the sofa.
For a moment, he studied me with a searching gaze before opening his mouth.
“I don’t know what I can teach you. But since it’s Chairman Cheon’s request, I’ll meet with you a few times.”
“Yes, sir.”
“Do you know anything about the relationship between me and Chairman Cheon?”
“I do not, sir.”
Nodding, Chairman Song began recounting his story with Grandfather.
“There are only two people in Korea I truly acknowledge. One of them is your grandfather. Ilseong’s chairman? Presidents? I don’t consider any of them superior to me.”
That confidence of his really was something else.
“But I acknowledge your grandfather. No, I respect him. The first time I met him was back during the Korean War, in Busan...”
What followed was a long recounting—from the first meeting between Grandfather and Chairman Song, to everything that had happened since.
“There was a time even Cheon Taesan stumbled. Was it in 1972? That must have been when the regime issued the private loan freeze.”
August 3, 1972.
A sweeping government emergency order froze all private loans, devastating loan sharks and much of the underground economy.
It was an absurd policy: lenders had to disclose the source of their funds to be repaid.
A policy only possible under a military regime.
“Thanks to that, the current chaebols were born. It basically meant they didn’t have to pay back what they owed loan sharks. But... do you know how your grandfather overcame that?”
“I don’t, sir.”
“Hahaha. Isn’t it funny? He turned it around and grew even wealthier. Any company that didn’t repay him—he used every method possible to take revenge. Set fire to factories, attacked passing family members... In the end, he either got his money back, or inflicted losses worth more.”
“He must’ve been terrifying...”
“Of course he was terrifying.”
Chairman Song laughed heartily at my comment.
After laughing for a while, he continued.
“Back then, there wasn’t a single businessperson who wasn’t afraid of Cheon. These days, anyone struts around calling themselves a chaebol, but back then they were nothing. They ran companies on debt, used their collateral to get more debt, and kept going. The government is what ended that cycle... 'Too Big To Fail'!”
Too Big To Fail.
Originally a Go term, but now more commonly used in economics.
Many companies survived purely on this logic—propped up with taxpayer money.
Although the term lost its meaning during the IMF crisis when conglomerates collapsed en masse, up to this point, it was the gospel of Korea’s elite business class.
“Forbes? That Yankee magazine or tabloid, whatever it is, calls me Korea’s richest man. Nonsense. Your grandfather is Korea’s richest man. Not in stocks—in cash.”
Finally, Chairman Song’s long speech—about an hour in total—came to an end.
Though I had knowledge of the future, hearing the vivid stories of his lived experience from youth onward was extremely valuable.
“Thank you. I learned a great deal.”
“I feel like I talked too much... So, do you have any questions? Anything you’re curious about?”
Chairman Song looked at me with mild curiosity.
“What are your thoughts on the Real-Name Financial System?”
“The Real-Name Financial System, huh...”
“Yes.”
“Hahaha. It has to happen. Absolutely. But now’s not the time. Korea still needs to develop more. When it does get implemented, there’ll be chaos. I bet even the President is struggling with that decision. Even the military governments couldn’t pull it off easily.”
His voice held certainty.
“Still, don’t you think, judging by the President’s recent actions, it wouldn’t be strange if he implemented it soon? Dissolving Hanahoe, forcing public officials to disclose assets... He’s done things no one expected.”
“Hahaha. I don’t like that man, but I’ll admit—he gets things done. Still, now is not the time.”
I looked at him quietly and nodded.
“I thought he might announce it this summer. Since both you and my grandfather share the same view, I won’t press the point further.”
“Hahaha, you’ve still got more to learn.”
I had dropped the bait. Now, it was time to fish for real advice.
“May I ask something else?”
“Go ahead.”
“If—hypothetically—Korea were to default, and chaos ensued... Would it be right to make money from that situation?”
Chairman Song’s eyes went wide, then he chuckled.
“Korea, go bankrupt?”
“I said hypothetically.”
“Even hypothetically, I don’t think that would ever happen. A Korean default... Are you talking about a sovereign default?”
I nodded, and Chairman Song’s face lit up with amusement.
“Alright. Let’s say that happens. And let’s say there’s a way to make money from it. It’d be painful for most, but an opportunity for some. That’s what you mean, right?”
“Yes.”
Chairman Song nodded like it was obvious.
“Then of course you take the opportunity. If you don’t, someone else will. That’s the nature of economics. One person’s loss is another’s gain. No such thing as everyone profiting together.”
I had already made up my mind, but something about hearing it from Chairman Song loosened the unease in my chest.
“But still, a default... I’ve never even considered that. That was a fresh one.”
“Even if it’s not Korea, it happens in other countries from time to time. I just wondered what if it happened here.”
Chairman Song gave me a pleased look.
“Hahaha. Yes, you always have to think ahead like that. That’s how you make money. You... You’re just like your grandfather.”
“Thank you.”
“You seem smart, so I’m sure you know—economics is like a living creature. Don’t be too greedy. That beast can devour you.”
“Yes, I’ll keep that in mind.”
With those words, our two-hour meeting came to an end.
After scheduling a follow-up meeting for the next week, I left Chairman Song’s residence.
Once I was out, I drove straight toward Yeouido.
Yeouido, this tiny island, was the financial mecca of South Korea. That hadn’t changed in ten years, or even twenty.
It was market close, and people were flooding out of the brokerage houses.
Among them, one man spotted my car and hurried over—Han Kyungyeong.
He opened the passenger door, got in, and smiled.
“Long time no see, Muhyuk.”
“Yeah. We’ve been talking every day, but it’s been a while since we saw each other. You look good, hyung.”
“Haha, it’s because I’m having fun these days.”
The stock market was booming, but beyond that, this guy’s intuition was extraordinary.
I handed over a billion won thinking it’d be fine even if he blew it all, but he’d already made over 50% in returns.
“Alright, let’s grab {N•o•v•e•l•i•g•h•t} something to eat. What’s good around here? You know this place well, right? Let’s see how refined your taste really is.”
“Heh heh heh. Don’t worry. Let’s go. I’ll give directions as we drive.”
Soon, we arrived at a premium Korean beef restaurant in Yeouido. The parking lot was packed with people who had closed out the trading day and come for dinner.
We barely managed to find a spot and entered the restaurant.
“Phew! It’s packed.”
Thankfully, we were shown to a private room without needing to wait.
Once we ordered and sat down, I asked about how he’d been.
“How’s it going? Is it manageable?”
“Look at my face! I’m having a blast. Yesterday I spotted something fishy with a stock, so I jumped in. It kept falling, but as soon as I started buying, the drop stopped. And this morning when the market opened—boom! Skyrocketed.”
He was excitedly talking in stock jargon I didn’t really understand.
“I gave you that money figuring you might lose it all while learning the ropes... Maybe I underestimated you.”
I said with a grin, and Han Kyungyeong, shoulders puffed up, responded confidently.
“You’re the impressive one—for spotting a talent I didn’t even know I had. Thanks to you, I’ve gained confidence. I mean, I jumped into the market during the slump from ’90 to early ’92, so I tanked... The amounts were small anyway...”
Indeed, from the early to mid-90s, the market had gone through repeated downturns.
His timing had just been bad. He ended up hiding from loan sharks—no need to say more.
Eventually, even the government couldn’t hold out and opened the door to foreign direct investment.
It started at just 10%, but increased steadily until the IMF crisis eliminated restrictions entirely.
The meat was cooking well now. We chatted casually over the meal.
Once the server left after tending the grill, I brought up the real reason for the dinner.
“You still holding those stocks?”
“Yeah, about a billion’s in stocks, and I’ve got around 500 million in cash. Why?”
I set down my chopsticks.
“Sell everything starting Monday. No later than the market close on the 12th. Got it?” freēwēbnovel.com
Han Kyungyeong also set down his chopsticks and looked at me with confusion.
“What? Things are looking great right now. This isn’t the time to sell. We’re in a strong bull market. Now’s when we should be holding.”
Stocks like Ilseong Fire & Marine were pushing the market upward.
Given that, it was no surprise he found my suggestion hard to swallow.
“Hyung, remember what I said when we decided to work together? That even if you go wild on your own, when I say sell—you sell. When I say buy—you buy. That comes first. You haven’t forgotten, have you?”
Sensing the firmness in my tone, Han Kyungyeong began watching my expression.
“No, I haven’t forgotten. I’m just saying it’s a shame, that’s all. I can still give advice, can’t I?”
I nodded.
“Of course you can give advice. Whether I take it or not is my call. Right?”
“Huh? Oh. Yeah, right.”
He responded, but didn’t look fully convinced.
I smiled calmly.
“Alright then. Since you’ve got your own thoughts, how about a bet?”
“A bet?”
“Yeah. If the stock market crashes after August 12, I win. If it goes up or stays the same, you win. How about it?”
“...”
There was no real need for this bet. But I had to make him trust me.
That way, he’d follow my instructions without hesitation next time.
Smiling, I goaded him.
“What? Scared? If you’re scared, just say you’re scared!”
“Who, me? Scared? Don’t be ridiculous! Fine. Bet’s on. But what’s the wager?”
“If you win, you get everything currently in your account.”
Han Kyungyeong’s eyes widened in surprise.
“All of it?”
“Yeah. But if I win, you have to follow my every word without question from now on. No hesitation, no doubt.”
“We already agreed to that, didn’t we?”
“You’re not following it now, though. Right? So if I win this time, you agree—no more questioning me.”
“Deal! Nothing to lose on my end.”
He looked completely confident. I smiled back at him.
“Well, we’ll see if you really have nothing to lose. By the way, hyung—you’re a U.S. citizen, right?”
“Huh? Yeah. How’d you know?”
This was the second reason I chose him.
Because he held U.S. citizenship.
< A Private Meeting with Chairman Song Youngjoo > End.
