Chapter 19
CHAPTER 19
Reached out and lifted tablet. Tablet where electronic document with amount Richard wrote floating. Touched it, but light didn't come out.
Hm, not coming out here too.
When doing real estate transaction light emitted from building. And when recalling price light became intense or faint. Thanks to that could find fair price and purchase. But stock was different.
Don't know what difference, but for some reason only stock light doesn't show fair price.
If difference stock was electronic transaction and building was existing object. Another difference was giving rough idea of period when light coming from stock will burst.
Would have been better if letting know fair price of stock while at it.
When would he purchase real estate again? Checking document thinking probably none for time being.
"No problem. Will sell."
At word handing over at once interest appeared in Richard's eyes.
"Surprisingly not haggling?"
"Because same as price I thought. No thought to blush face unnecessarily with partner to continue connection in future."
No. Just thought handing over now is best knowing NextMove stock price goes sideways.
If continuing sideways and strange news comes out for nothing spread might plunge.
Current point NextMove received evaluation ruined. But light was gray. That word means not ruining in short time. As Richard said short 1 year, late 2-3 years take. Don't know how spread moves in that period. If really ruined becomes handing over cheap but.
Enough if obtained 14 times profit.
CDS transaction is originally like this. Taking profit until end as company ruins is huge bank like JP Morgan.
Profit is always right.
Finished transaction recalling only absolute iron rule of investment.
Gang-hyeon returned. Richard Blake remaining alone in suite room looked out window. Seoul scenery looking down from Shilla Hotel was beautiful. But such scenery didn't enter eyes.
"Fun man."
Fun. Word fitting perfectly to express man named Gang-hyeon. That much appearance Gang-hyeon showed until now was out of prediction.
"Saw profit of 400 million dollars with this transaction?"
Net profit exceeding 470 million dollars if combining until immediate transaction. To extent wondering if there was institution earning this much profit in time of little over a month.
"More surprising is holding that profit in cash."
Most investment institutions hold certain position even if reaping profit. So even if profit occurs it was book profit not actual profit. Gang-hyeon was different in this part. He was holding most funds in cash. Reason knowing that was because he was Broker Director of company called JP Morgan. Could see balance situation of contracted company and could know most of assets KH Capital held was cash.
High proportion of cash means two meanings. Don't know how to invest or stocking up bullets preparing for war.
To investors war was plunge or rise of market.
If saw rise wouldn't have cleared all positions held in first transaction.
In other words, prospect he sees is not rise.
Meaning seeing it will fall.
This was opposite to overheated atmosphere of current market.
"Indeed how will it become?"
Thought curiosity about man named Choi Gang-hyeon would disappear to some extent if met once. But no. Rather curiosity grew bigger.
"Time to depart."
"Right, let's go."
At secretary's words Richard left hotel. Time to return to US again now.
Should make time a little more and come next time.
Pledging next meeting he left for US.
Took two days to clear all short selling volume. After clearing all positions, decided final profit through meeting.
"This NextMove short selling yield 57.4 percent, profit is 200.9 million dollars. Excluding lending interest from this 196,584,920 dollars."
Profit hollow laughter coming out. Took position with 70 million dollars so profit exceeded 2 times easily. Not end here.
"And combining up to 199 million dollars excluding commission from 200 million dollars profit obtained selling CDS total profit is 395,584,920 dollars."
Calculating with current exchange rate 1420 won obtained profit of 561.7 billion in Korean Won. Since original invested money was 120 billion won, left 5 times profit in a month.
"Historical transaction."
Im Gwang-ho spit out as if talking to self. Accurate expression. This much profit approached profit global medium-sized fund earns for 1 year. Raised such profit in a month. That too in place where number of employees only 5. Such transaction hard to find few times in Wall Street history too.
"Everyone good work."
Gang-hyeon hearing satisfied yield opened mouth looking at employees.
"Thank you for efforts giving meanwhile to finish this transaction successfully."
Employees made efforts. Had to change work time to night time which was day time taking position suddenly. Plus if some event burst in news became 5 minute standby group and came to company. Because there was such hardship could finish this transaction successfully.
"Same as last time appropriated 5 percent of total profit as incentive. Will be paid as bonus."
At word 5 percent employees eyes grew big. Bonus received last time was also hundreds of millions won. Didn't use all of that yet, but bonus again. That too 5 percent of total profit?
Profit is 395 million dollars. How much is this in Won? 561.7 billion with current exchange rate?
If 5 percent of 561.7 billion it's 28 billion right?
Giving 28 billion as bonus? Does this make sense?
Actually there were often cases receiving 28 billion bonus in investment industry. But most of them were traders. Because traders had high performance money ratio in contract. However in case of back office or operator almost no case receiving tens of billions money as bonus.
"Bonus scale is 28.008 billion won and plan to be deposited within today deciding ratio according to each role from this amount."
At Gang-hyeon's words everyone made unbelievable expression.
"And paid vacation will be given for 2 weeks from now."
"Paid vacation?"
"Yes. Given to all employees, let's take recharge time while receiving bonus this time."
Bonus wasn't end. Paid vacation of 2 weeks. Here wasn't company but heaven. Employees thought so.
"However, point that might have to come to work urgently if big fluctuation in market. Please keep in mind."
"Yes!"
"Understood!"
What does that matter? Obtained vacation of whopping 2 weeks. Employees' expressions and voices were livelier than ever.
Gwang-ho visited CEO office. Closing door he started conversation with Gang-hyeon in informal speech as usual.
"Wow... our CEO, isn't bucket huge? 28 billion as bonus. Probably never happened in Korean investment industry giving such bonus up to general employees?"
"Everyone suffered, so should receive that much bonus."
"Intend to give like this in future too?"
"What? Bonus ratio?"
"Yeah. Such transaction won't exist continuously, but isn't appropriating 5 percent as bonus always too high?"
At Gwang-ho's words worrying about him Gang-hyeon smiled.
"Okay. Shouldn't there be this much bonus for everyone to be motivated?"
"True, with this amount what motivation? If me devoted life to company."
"That's what I want."
Gang-hyeon spoke clearly what he wanted.
"I like current members. Eventually have to have merit to hold them."
His trading method was unique. If recruiting new manpower have to match hands and feet again. Thought occurred such process unnecessary.
"What would be biggest merit employee can have in company?"
"Money."
"Correct answer. So intend to go like this in future too."
"Well, since your money. If want to do so doesn't matter."
"Strictly speaking not my money but company money."
"Anyway thanks to you I touch some money too. If going like this will buy building too."
Wasn't joke. Gwang-ho received bonus of largest ratio in first bonus payment. Received bonus of whopping 800 million won. But this time bonus amount unit was different. Already expected how much bonus will come in.
"When you said found thousand Bitcoins, seem did well staying quiet."
"Haha! Really?"
"Yeah, worst choice in my life is handing over 500 Bitcoins at giveaway price. Best choice is pretending not knowing you found thousand Bitcoins."
Gang-hyeon laughed seeing Gwang-ho speaking sincerely.
"Buy delicious thing for sister-in-law with this bonus."
"What delicious thing? Should buy bag wanted to buy and change car too. Send father-in-law mother-in-law trip and my parents cruise trip too."
Gwang-ho set all plans already.
"By the way, did mother move?"
"No, not yet."
"Why? House already prepared right?"
"Seems that house has some problem. So not yet. Only transferred title to mother's."
"Transferred title twice?"
"No, state moved balance to bank escrow so asked understanding to original owner and did title transfer a bit slowly."
Here too there was help and advice of Hanbit Bank. Suggestion not to pay tax doubly but if depositing in escrow will deliver balance with title transfer. Since landlord also had to have benefit gave some premium more, but small amount comparing with tax.
"Wow... there was such method too?"
"I also didn't know such thing possible before hearing advice. Anyway wish mother moves quickly. Don't know reason."
"Mmm, on this occasion you go trip or something and have conversation calmly."
"Shall I?"
"Yeah, not Southeast Asia or such place earned lots of money too how about Europe tour?"
"Europe? Will mother like?"
"My mother-in-law said. Woman is woman even if aging. Even if wanting to eat pasta or unique food can't do so because age catches."
"Europe will be similar?"
"Right. Mothers also eventually women and don't speak properly but want to go places like Europe."
"Decent. Should look into once."
"If possible side not walking much. Have lots of money. Good if planning as luxury trip right?"
Gwang-ho didn't spare advice until end. Expressed gratitude tapping such Gwang-ho's back.
"Understood."
Like that KH Capital's first vacation was given.
Gang-hyeon traveled overseas when young. Place went farthest was US. Although study abroad not trip, Gang-hyeon could learn many things at that time. Thinking to become investor was also through US trip. Experience of trip at time influenced Gang-hyeon's life a lot. So wanted to send mother trip too.
Person whose proper trip Jeju Island is all.
Common thing. When mother was young wasn't easy to go foreign country. When became able to go foreign country easily already formed family and aged. Above all unknown fear called foreign country blocked steps of adults. Intended to solve such part through this trip.
JP Morgan's VIP Concierge System. Let's try using once on this occasion.
Finished all preparations and visited mother. Preparation was perfect, but useless if no consent of person concerned. Could prepare receiving permission first, but thought mother's consent would be faster if prepared all. Mother visited like that didn't have good face color than usual.
"Sick somewhere?"
"Hm? No. Okay."
Said okay, but wasn't atmosphere. Since reading this much wasn't difficult Gang-hyeon asked straightforwardly.
"Seems have worry. Please tell."
At son's earnest request mother sighed and talked.
"Sigh... not big deal. Landlord keeps postponing Jeonse deposit return date."
"Doesn't return Jeonse deposit?"
"Yeah. Contract period remained so said will pay penalty and go out as you said. Postpones date or doesn't receive contact."
Jeonse deposit of this house was asset mother cultivated for lifetime. Although that money wasn't many, asset made trying for lifetime so amount wasn't important. Since couldn't receive that back, nerve kept being used eventually became state showing on face.
No wonder kept postponing moving date.
Didn't know there was such thing. Would have been good if trusted self more. Mother couldn't say such thing lest child cares still.
"I will look into."
"Hm? Must be busy with company work, okay. Since said gives soon..."
"Vacation for 2 weeks from now. Will try looking into little by little in meantime. By the way, and affiliate recommended Europe trip product this time. How about it?"
"Europe? You going too?"
"Yes. I should go with mother too."
"Oh my, overseas trip with my son. Good just thinking."
Mother's expression which was dark brightened a little. Seeing that appearance slight hostility towards landlord rushed.
(End of Chapter)
— Translated by Prime Works —