Chapter 110
Chapter 110
Translation: Godtl
"Positions? Have they all been established?"
"Yes. We barely managed to meet the three-month deadline."
Just as planned, the National Pension Service had moved swiftly over those three months, selling off all their assets to establish short selling positions.
A colossal position built with a staggering 700 trillion won.
Even though they were targeting the global markets, absorbing 700 trillion won within three months was no easy feat.
Because to establish short positions, someone first had to buy the assets being sold—without sufficient liquidity, establishing positions would be impossible.
"But this time, we didn't face much difficulty on that front. Everyone's rushing into the stock market like mad right now. Liquidity wasn't a concern. The problem lies elsewhere."
The financial markets were currently experiencing an unprecedented boom.
Even as they liquidated assets and established positions, global stock markets continued to rise, leaving the National Pension Service burning with frustration.
"The momentum is terrifying. If this continues, the U.S. stock market is projected to hit an all-time high soon."
"It's not just the U.S. The European markets are also on track to break through their ceilings. Every market is in a bull run right now."
Was someone secretly pulling the strings?
The moment the National Pension Service established their short positions, it was as if the markets had been waiting for it—stock prices surged across the board.
And not just in one market, but globally.
"Didn't the WHO declare a state of emergency over that Wuhan pneumonia outbreak?"
"Yes. But the markets had already climbed too high to be stopped. It's as if nothing happened."
The Wuhan pneumonia crisis was more severe than expected.
The city of Wuhan, with a population of 11 million, had been completely locked down.
Not only that, but infected cases were rapidly emerging in other countries as well.
The WHO hadn't declared a state of emergency for no reason.
At the time, Chairman Choi had thought this was the beginning of the financial crisis Jeong Jin-ho had warned about.
But to his shock, instead of crashing, stock prices were piercing through the sky.
"Chairman, we need to stop now."
The executives, too, had reached their limit.
"If we go any further, the prime brokers will demand additional margin. But we've already deployed funds globally—we can't provide any more collateral."
They hadn't poured all 700 trillion won into short positions.
Because margin requirements existed.
Of course, there were ways to minimize margin using complex financial instruments and systems. But even those had their limits.
If stock prices continued to rise this steeply, multiple financial institutions would start pressing for additional margin.
And if they couldn't pay?
"Then it's forced liquidation."
"...How much would we lose if we cut our losses now?"
"We'd have to swallow a 7-10% loss. But if we miss this timing, it'll spiral out of control."
Ten percent.
Tens of trillions of won vanishing in an instant.
In the dizzying tension, Chairman Choi closed his eyes.
'Should we exit now?'
Tens of trillions had already been lost.
They'd only accelerated the depletion of the pension fund.
And in doing so, they'd trampled over the hopes of future generations.
All because of the chairman's stubbornness and selfishness.
I—I alone have destroyed the future of South Korea.
"..."
Bowing his head in self-loathing, Chairman Choi let out a deep sigh.
Just when he thought the old man might finally relent—
"Let's hold out a little longer."
"Ch-Chairman!!"
"Doesn't everyone already know? It's too late to turn back now."
"It's not too late yet! We said 10%, but that's the worst-case scenario due to volatility. We'll do everything to cap the losses at 6%!"
But even then, nothing would change.
Hadn't they resolved themselves the moment they took those short positions?
Either return in triumph with gold, or die together here.
"Now that we've come this far, we must see it through to the end."
Despite his words, Chairman Choi's hands trembled violently.
His lips were parched, and sleep wouldn't come no matter how hard he tried.
Had I truly made the wrong choice?
Just as he was drowning in regret and self-reproach for the hundredth time—
"Ah...!"
Finally, the U.S. stock market hit an all-time high.
It was a historic record.
Simultaneously, a barrage of urgent calls poured in from the financial institutions acting as prime brokers for the National Pension Service, which had been distributing its funds globally.
They were pressuring him to deposit more margin.
They even announced their intention to forcibly liquidate his positions if he didn't transfer the funds within a few days.
"..."
The executives no longer urged the chairman either.
They, too, knew it was already too late to unwind their positions now.
All they could do was stand there dazed, watching helplessly as hundreds of trillions of won would vanish into thin air when the forced liquidation hit.
"..."
It was while kneeling before the guillotine in this manner, resignedly awaiting forced liquidation, that—
"It—it's happening!"
The executives who had stayed late at the office burst into the chairman's room in a clamor, shouting hoarsely.
"Wh-what's going on?"
"It's happening, Chairman!"
"What? What's happening?"
"The global stock markets! After hitting record highs, they're suddenly plummeting at an unprecedented rate!"
"What?"
Had that peak been the final flare before the crash?
From that moment onward, all stock markets were plunging vertically.
"Wh-why? What's the reason?"
"New infections are surging in countries worldwide. The Wuhan pneumonia is spreading at an alarming rate, and nations are already starting to close their borders one by one. Most crucially, rumors are circulating that the WHO is about to declare a pandemic, and the markets seem to be reacting strongly to that."
"A pandemic?"
"It means acknowledging that the outbreak has reached a level beyond emergency—effectively uncontrollable. Declaring a pandemic would require all countries, including ours, to simultaneously seal their borders."
"!?"
Having spent decades in the financial markets, the chairman grasped the implications immediately.
"If that happens... wouldn't that mean a Great Depression?"
"Yes. Initially, we thought it might just be a passing epidemic since the financial markets showed little reaction. But this seems far more serious. Just look at how all markets are convulsing."
"Thailand has already closed its borders and banned gatherings everywhere from workplaces to schools."
Sealing borders and restricting people's movements—
All because of an epidemic!
The economic devastation that would follow was beyond imagination.
That was why the financial markets were reeling right now.
"What about our stocks now?"
"Prices are falling across the board. At this terrifying rate, we might even be able to realize profits as early as today. Of course, it'll take time to unwind everything."
"What if this is just a one-off drop?"
"That's entirely possible too. That's why we need to act fast and liquidate while profits are still achievable."
Was this what it felt like to ascend to heaven after being in hell?
The problem was that there was no telling how long this window would last.
So the right move was to cut losses and exit faster than anyone else.
But—
"This isn't our decision to make."
"Huh?"
"Our entire investment was only possible thanks to Gwangun. So Gwangun will know the right timing for unwinding our positions."
"Ah..."
The executives nodded in realization.
After all, Gwangun had been the one to initiate this.
"But... could Gwangun have predicted this?"
"How on earth did they know the virus would spread globally?"
"Something is definitely off. Remember how Gwangun acquired that pharmaceutical company after the UK market crash? And months before this crisis hit, they told us to take massive short positions."
"So what? Are you suggesting Gwangun has some direct connection to this virus?"
As the executives buzzed with speculation, the chairman raised his hand to silence them.
"Sigh. That's enough. That's too absurd of a conspiracy theory."
"Hah, but the timing is just too perfect..."
"So you're saying Gwangun directly created and spread that virus? That can't be right. However, they might have detected the virus earlier than others. They likely recognized its danger in advance. That's why they prepared this insane operation in the first place."
Now that they thought about it, that explanation seemed plausible.
Hadn't they always said major securities firms obtain information faster than the National Intelligence Service?
"If that's the case, I wish they'd given us at least a little heads-up."
"Even if they had told us, it would've just made things awkward. And remember—we have no connection to Gwangun whatsoever. Everyone, keep that in mind. Also, all these investment decisions were made solely by me, so make sure that's understood."
"Chairman..."
They all knew why the chairman was saying this.
Was he trying to take all the credit for himself if this investment succeeded?
No. No matter how much money they made from this investment, someone would have to take responsibility for this crisis.
And the chairman intended to shoulder it all himself.
"There's no need to see it that way. I was prepared for this from the start. So instead of standing around like this, everyone, get moving. No matter what happens, this investment must succeed."
"Ah, yes, sir!"
Only after all the executives had left did the chairman finally relax, his legs trembling uncontrollably.
Now he could breathe a little easier.
But what if this was just a one-time crash?
Yet, for some reason, the chairman couldn't shake the feeling that this was only the beginning.
＊＊＊
Before the media reported on the Wuhan pneumonia outbreak, the WHO had circulated an official request to pharmaceutical companies.
They were asking if these companies could develop a vaccine for a specific virus.
Since the proposal came out of nowhere, the pharmaceutical companies seemed somewhat hesitant.
From their perspective, if they were being asked to develop a vaccine without additional funding, cost considerations were inevitable.
However, AstraZenon, which our Gwangun had acquired, was the first to begin vaccine development. They received all the virus data the WHO provided.
"President, Italy has also started a complete lockdown."
"Huh. Italy too? So practically every country in the EU could close their borders now?"
The first to seal its borders had been North Korea.
Other countries had started by banning travelers from China.
"Back then, everyone still thought it would die down quickly."
But once the virus began spreading, its transmission rate far exceeded all predictions.
Countless people started getting infected, and governments worldwide realized that simply banning travelers from China wouldn't solve the problem.
Then came the final decisive blow.
"Wow... even the U.S."
The U.S. implemented Phase 4 response measures, effectively blocking foreigners from nearly all countries.
America had closed its borders.
"How much has the U.S. stock market dropped now?"
"-20%. At this rate, it'll hit -30% in no time. They say this is the fastest stock market crash in history."
The current rate of the market crash is said to be unprecedented.
Even during the Great Depression, stocks didn't fall this rapidly.
That's how terrified everyone is.
"This is the first time a virus has spread like this, and the first time borders have been sealed like this."
So of course everyone is panicking.
"Was pneumonia ever this terrifying of a contagious disease?"
"Ah, we're not supposed to call it Wuhan pneumonia anymore. They said to call it the coronavirus."
"Why?"
"You know how it is. China's a permanent member of the UN Security Council. The WHO has to tread carefully around them."
China vehemently denied that the Wuhan pneumonia virus originated in their country.
The irony was that China had been the first to report the virus and the first to share its genetic sequence with pharmaceutical companies.
It was one of those strangely amusing yet not-at-all-funny situations where everyone knew the truth, yet everyone chose to pretend otherwise.
"Anyway, AstraZenon has already begun vaccine development and seems to be making considerable progress. While other pharmaceutical companies estimate it'll take at least a year to develop a vaccine, we're looking at just three months."
"But even if development finishes within three months, that doesn't mean we can immediately distribute it, right?"
"Correct. We'll need approval from each country first. Normally, vaccine development takes over ten years, after all."
The average time for vaccine development was fifteen years.
While the actual development took about three years, clinical trials alone took over ten.
Then came another two to three years for government approval.
This was why pharmaceutical companies had been reluctant to develop vaccines early on—it simply took too long.
That was precisely why mRNA technology had emerged.
Using this technology, what used to take three years could be shortened to a matter of months—and with further advancements, even down to days.
But the real hurdles remained clinical trials and government approvals.
Even those would take at least two to three years.
"Though even that might be resolved sooner than expected. The virus's spread has already outpaced all predictions—if we don't develop a vaccine as fast as possible, there'll be no stopping it. There's already talk of the WHO working with the UN to expedite approvals as much as possible."
In other words, the race was just beginning.
The moment the UN reached an agreement, every pharmaceutical company would dive headfirst into vaccine development and production.
The key was who could finish developing and distributing it the fastest.
"The fortunate part is, thanks to the Chairman's long-term investments in mRNA technology, no other company can keep up with AstraZenon. Plus, with the number of factories AstraZenon owns, if we dedicate all of them to vaccine production..."
Director Seo's voice trembled slightly as he continued.
"...We could supply the entire world quickly. If that happens, we might record the highest profits in pharmaceutical history."
Other major pharmaceutical companies were also developing mRNA technology.
But none had poured in the same massive investments as we had.
That was where the difference lay.
"Keep me updated daily on AstraZenon's vaccine development progress."
"Yes, Chairman. But... what about the short positions we're holding? Do you think the market will drop further?"
I briefly placed my hand over the U.S. stock market report.
"...!"
A sharp sensation pierced my fingertips.
The signal was clear—it would drop even more.
It already seemed to have fallen as far as it could, but now it was signaling another plunge.
Just how far was it going to go?
"Hold for now. Ah, and there's one more thing I need you to look into."
"Ah, yes. Just say the word."
"It's about..."
＊＊＊
Ever since Gwangun Shipping was forcibly disbanded by the EU, there hadn't been much work to do.
Following Jeong Jin-ho's instructions, they maintained only the bare minimum operations, with everyone just collecting their paychecks without much to actually do.
"..."
Naturally, unease had begun to creep in.
At first, they'd hoped for some kind of rebound, but as time dragged on, they lived in constant fear of restructuring—wondering when the axe would fall.
"Pfft—"
Among them, President Kim Du-yeong was the most frustrated.
These days, he couldn't even sleep at night without alcohol.
Maybe I should just quit now?
Some might say it was a dream—getting paid this much without lifting a finger. But Kim Du-yeong's conscience, not to mention his pride, had already hit rock bottom long ago.
[President Kim?]
"Ah, yeah. President Jeong. It's me."
Today's the day.
He'd finally hand in his resignation.
Just as he was about to say it—
[Perfect timing. I was just about to call you.]
"Huh?"
Don't tell me he's going to fire me first?
[Time to get back to work.]
"...?"
But that wasn't it.
[Shouldn't we take back the trading companies we lost?]