I visited the home of Song Yeong-ju, the honorary chairman of Daehyun, as promised.
Guided by his secretary, I entered his study. Seeing Chairman Song in a completely different atmosphere from when I visited with my grandfather, I bowed my head.
"Hello, Chairman."
"Ah, come sit in front."
"Yes."
As I sat down, Chairman Song also moved from his desk to the sofa.
Chairman Song stared at me for a while, as if examining me, before he spoke.
"I'm not sure what I can teach you. But since it's a request from Chairman Cheon, I'll meet you a few times."
"Yes."
"Do you know anything about the relationship between me and Chairman Cheon?"
"I don't know."
Chairman Song nodded and began to tell the story of him and my grandfather.
"One of the two people I recognize in the Republic of Korea is your grandfather. People like the chairman of Ilseong or the presidents? I don't think they're better than me."
He really exudes confidence.
"But your grandfather, I acknowledge him. No, I respect him. The first time I met him was in Busan during the height of the Korean War... "
I had to listen to the story of their first meeting and everything that happened since then for quite a long time.
"Chun Tae-san, who was thriving, stumbled during that time. It was around 1972, I think. The government probably imposed a freeze on private loans."
August 3, 1972.
Due to the freeze on private loans initiated by the presidential emergency order, most people in the underground economy, including private loan providers, suffered significant losses.
It was an absurd policy that required the lender to disclose the source of the funds to get their money back.
This was only possible under a military regime.
"Thanks to that, the current chaebols were born. They didn't pay back the private loan providers at that time. But... how did your grandfather overcome it?"
"I don't know."
"Hehehe. Isn't that funny? He used it to his advantage and increased his wealth even more. He took revenge on companies that didn't pay him back using every method possible. Setting fire to factories, attacking family members... In the end, he either got his money back or inflicted equivalent damage."
"He must have been a scary person... "
"Yeah, he was a scary person."
Chairman Song laughed hollowly at my words.
After a long while, he continued.
"Back then, no businessman dared to defy Chairman Cheon. Now, anyone can call themselves a chaebol and strut around, but back then, it was nothing. They borrowed money to start businesses and used those businesses as collateral to borrow more. The government was the one who broke that cycle... 'Daema Bulsa!'"
Daema Bulsa (大馬不死).
Though it's a Go term, it's often used in economics.
Many companies survived because of this logic, thanks to the taxpayers' money.
During the IMF crisis, for the first time, large companies began to fail, making the term seem hollow. But up until now, it's been the most trusted phrase among chaebols.
"Still, looking at the current president's actions, wouldn't it be strange if he didn't implement it? He's the one who took decisive actions no one expected, like cracking down on the Hanahoe and disclosing the assets of high-ranking officials..."
"Hehehe. I don't like that guy, but he does his job well. Still, it's not the right time now."
I nodded slowly, looking at Chairman Song.
"I thought he would announce it this summer. Since your thoughts align with my grandfather's, I won't say anything more."
"Hehehe, you still have a lot to learn."
I had thrown out a hint, and now it was time to receive some proper advice.
"Can I ask another question?"
"Sure, go ahead."
"If, hypothetically, the Republic of Korea were to default. If the country were to fall into chaos, would it be right to take advantage of it to make money?"
Chairman Song's eyes widened, then he laughed hollowly.
"The Republic of Korea defaulting?"
"I said hypothetically."
"Even hypothetically, that won't happen. When I say the Republic of Korea defaulting, do you mean default?"
I nodded, and Chairman Song's expression turned amused.
"Alright, if that were to happen. And if there were an opportunity to make money from it. It would be a hardship for others, but an opportunity for you. That's what you're asking, right?"
"Yes."
Chairman Song nodded nonchalantly.
"Then, of course, you should seize the opportunity. If you don't, someone else will. That's how the economy works. When someone loses, someone else gains. It's impossible for everyone to make money."
Although I had already made up my mind, his words somewhat alleviated the discomfort I felt.
"But, default... I've never even considered it. That's quite innovative."
"Even if it's not Korea, other countries often face such situations. So I thought about what would happen if it happened here."
Chairman Song looked impressed.
"Hehehe. Yes, you should always think ahead. That's how you make money. You're just like your grandfather."
"Thank you."
"You seem smart, so you know that the economy is like a living organism. Don't be too greedy. That monster might eat you."
"Yes, I'll keep that in mind."
With that, the private meeting with Chairman Song, which lasted about two hours, came to an end.
We made plans to meet again next week, and I left his mansion.
I drove straight to Yeouido after leaving Chairman Song's house.
Yeouido, this small island, was the financial hub of the Republic of Korea. It remained so even ten or twenty years later.
It was the time when the market closed and people were leaving the securities firms.
Among them, a man quickly approached my car after spotting it. It was Han Kyung-eop.
He opened the passenger door and got in, smiling.
"Muhyuk, it's been a while."
"Yeah, we talk on the phone every day, but it's been a while since we've seen each other. You look much better, brother?"
"Hahaha, I'm just feeling great lately."
Not only was the stock market booming, but his intuition was definitely outstanding.
I thought he might lose all the 100 million won I gave him, but he already had a 50% return.
"Let's go eat first. Where's good? They say this place is great. How about I try your refined taste?"
"Hehehe, don't worry. Let's go. I'll tell you where to go."
A short while later, we arrived at a Korean beef restaurant in Yeouido. The parking lot was already full of people who had finished the market and come to eat.
We found a spot and entered the restaurant.
"Phew! It's crowded."
Fortunately, we were led to a room without waiting, guided by a server.
After placing our order and sitting down, I asked about his recent activities.
"How's it going? Are you doing well?"
"Can't you see my face? I'm doing great. Yesterday, I noticed something strange about a stock, so I followed it. It kept falling, but when I started buying, it stopped. And today, as soon as the market opened, it soared."
He was excited, using technical terms I didn't understand.
"I gave you that money to gain experience, expecting you to lose it all. But it seems I underestimated you."
Feeling the stiffness in my voice, Han Kyung-eop started to read the room.
"I remember. But I'm just feeling a bit disappointed. Can't I give some advice?"
I nodded.
"Right, you can give advice. But I have to decide whether to follow it, right?"
"Uh, yeah, right."
He answered, but his expression showed he wasn't convinced.
I smiled calmly.
"Alright. Since you have your own thoughts, you'll oppose me. Let's make a bet."
"A bet?"
"Yeah. If the stock market crashes after August 12th, I win. If it rises or stays the same, you win. How about it?"
"..."
I had no reason to make such a bet. But I needed to make him trust me.
That way, he would follow my instructions without questioning them whenever I needed.
I smiled and provoked him.
"What? Are you scared? If you're scared, you're dead!"
"Who? Me? Scared? No way! Alright, let's bet. But what are we betting on?"
"If you win, I'll give you all the money in that account."
Han Kyung-eop's eyes widened in surprise.
"All of it?"
"Yeah. But if I win, you have to follow my instructions without question, even if you have doubts. How about it?"
"Didn't we agree to that already?"
"You're not convinced now, are you? But if I win this time, you'll have to accept my words without question, right?"
"Deal! I have nothing to lose."
His face showed confidence. I smiled back at him.
"Well, we'll see if you have nothing to lose. By the way, do you have U.S. citizenship?"