Daehung Securities Headquarters, Yeouido.
A light autumn rain had been soaking the streets since morning.
Standing by the window, Seok-won gazed outside while speaking on the phone with Landon in New York.
"Did you say multiple companies have requested option liquidations at the same time?"
[That's right. Five companies, including Nissan Motors. With the USD-JPY exchange rate surpassing 104 yen, they couldn't hold out any longer and rushed to close their contracts.]
"With the yen continuing to fall instead of rebounding, it's no wonder they're panicking."
Holding his phone to his ear, Seok-won smacked his lips in mild disappointment.
"It would've been better if they held out a little longer. A bit of a shame."
[Hahaha, I know what you mean.]
The weaker the yen, the greater the profits. But not all Japanese corporations were foolish, so it was time to settle for what they had gained.
Still, the profits weren't just decent—they were exceptional.
Currently, Wall Street's hottest hedge fund, LTCM, was expecting an annual net profit of $1.6 billion.
And while the final figures weren't confirmed yet, Eldorado Fund had already earned far more through its knock-in knock-out options. It was a massive jackpot.
For Japanese exporters, the weak yen had initially boosted revenue, but those gains were now being erased by foreign exchange losses. Some companies were surely reeling from the impact.
"So, from now on, we should expect a wave of option liquidations."
[Most likely. Porter, who oversees our Japan office, expects everything to be settled by the end of the year.]
Seok-won nodded slightly—he had reached the same conclusion.
"So far, everything has been happening quietly under the radar. But once the options are liquidated and the losses are finalized, the issue is bound to explode."
[Even with a rough estimate, the total losses exceed $2 billion. It's inevitable.]
"Do we have a contingency plan in place?"
[Of course. If necessary, Deputy Secretary Vincent will personally step in.]
The U.S. Department of Commerce oversaw international trade, patents, and tariffs—an agency with immense global influence.
"Vincent? That's quite a heavyweight name."
Landon responded, his voice tinged with pride.
[We need someone of that stature to ensure the Japanese government doesn't try anything reckless.]
"Makes sense. Given how Japan was recently pressured by the Commerce Department over auto trade negotiations, they won't want to stir the pot again."
[Exactly. If they step in now and turn this into a trade dispute, they'll have a serious problem on their hands.]
Landon was right. Eldorado Fund had made a fortune, but if Japan attempted any sanctions or investigations, they'd clash with the U.S. Commerce Department—a situation far more problematic for Japan.
Japan had only just resolved its recent trade tensions with the U.S. by buying massive amounts of U.S. Treasury bonds and agricultural products. They wouldn't want another dispute now.
There was no upside for the Japanese government in intervening.
Seok-won smirked, adjusting his grip on the phone.
"If I were the Japanese Prime Minister, I'd have no choice but to let this slide. You made the right call."
[Hah! That's exactly why we spend millions each year on lobbyists in Washington.]
"Absolutely."
Seok-won chuckled in agreement.
"It'd be best if this blows over quietly, but keep an eye on the situation. Coordinate with Porter in Japan, and if needed, we'll play the Vincent card at the right moment."
[Understood.]
After exchanging a few more words, Seok-won ended the call and slid his phone into his pocket.
Standing by the window, he rubbed his chin, contemplating how to wrap up this investment on the best possible terms.
Just then, a knock came at the door, and Na Seongmi stepped in, dressed in a sleek, professional dress suit.
"Director, Team Leader Choi Ho-geun from Team 4 is here."
"Let him in."
"Yes, sir."
Na Seongmi stepped back outside, and moments later, Choi Ho-geun entered, a red tie neatly knotted around his collar. He gave a respectful bow.
"You called for me, sir?"
"Good to see you. Have a seat."
Seok-won gestured toward the sofa with one hand.
"Thank you."
Choi Ho-geun took a seat on the right, while Seok-won naturally occupied the central seat of authority.
"Would you like something to drink?"
Na Seongmi asked as Seok-won casually crossed one leg over the other.
"I'll have a coffee. What about you, Team Leader Choi?"
"Then, I'll have a coffee as well."
Na Seongmi nodded and stepped out, saying she'd bring it right away.
Seok-won leaned back comfortably in his chair and looked at Choi Ho-geun, who was sitting upright with perfect posture. He spoke first.
"Next year marks three years since we first met."
Choi Ho-geun offered a faint smile in response.
"It feels like just yesterday that I first met you, Director. Time really flies."
"It sure does. How's Team 4's performance these days?"
At the lighthearted question, Choi Ho-geun smacked his lips before replying.
"As you know, the stock market has been in terrible shape lately, so our results haven't been great. But thanks to your foresight and prior instructions, we've managed to avoid losses."
"The market is full of bad news, so turning a profit for the rest of the year will be difficult. Just minimizing losses is a win. Tell the team not to push too hard—focus on defensive trading."
"Understood."
Just then, Na Seongmi returned with a tray, placing a cup of coffee in front of each of them before stepping out again.
As the rich aroma of coffee filled the room, Seok-won interlocked his fingers and rested them on his lap, his voice turning serious.
"Do you remember what I said last time? That I wanted you on my side?"
"Yes."
Sensing something significant, Choi Ho-geun straightened his posture.
Seok-won looked him directly in the eye and asked again.
"Do you still feel the same way?"
"Of course."
The immediate, unwavering response made Seok-won's lips curve into a slight smile.
"Actually, in the upcoming year-end reshuffle, I'll be promoted to board director."
Caught off guard by the unexpected news, Choi Ho-geun's eyes widened before he quickly smiled and offered his congratulations.
"Is that true? Congratulations!"
For an ordinary employee, such a rapid promotion would be unthinkable. But given that Seok-won was a direct heir to the company—with rumors circulating that he would eventually take over Daehung Securities—Choi Ho-geun found it unsurprising.
"I'll hold the Director title and remain on the company's books, but I won't be involved in daily operations like I am now."
As Choi Ho-geun's expression turned puzzled, Seok-won took a slow sip of coffee, his demeanor relaxed.
"Of course, I won't completely cut ties with the company. But I'll be focusing more on external ventures, which means I'll rarely be in the office."
At that, Choi Ho-geun's confusion deepened. He hesitated before carefully asking,
"By external ventures… what exactly do you mean?"
Seok-won's lips curled into a faint smile.
"I actually run a private family office, and for the time being, I plan to dedicate more of my time there."
"A family office…?"
Caught off guard by the sudden revelation, Choi Ho-geun hesitated for a moment. But then he reminded himself that Seok-won was from a chaebol family, and the idea began to make sense.
'A secretive company set up by the chairman or the owner's family to manage private assets?'
Jumping to his own conclusions, Choi Ho-geun gave a subtle nod to himself.
Seok-won might be young, but given the talent and keen foresight he had displayed so far, it was entirely plausible that he would be running a family office.
While this realization settled in, an unexpected wave of disappointment crept over him.
'If he's only keeping his title at Daehung Securities but won't actually be involved… does that mean I'll be left behind, just drifting?'
As if reading his thoughts, Seok-won placed his cup down and met Choi Ho-geun's gaze.
"That's why I wanted to ask—would you consider leaving the company and coming with me?"
The abrupt proposal made Choi Ho-geun's eyes widen.
"You mean… you want to take me with you?"
"That's right. But only if you want to, of course."
A surge of excitement coursed through Choi Ho-geun, and he instinctively swallowed hard.
Leaving a stable job was a tough decision, but this was a once-in-a-lifetime opportunity—a golden ticket to align himself with Seok-won who was set to inherit Daehung Group's financial empire.
More importantly, he had witnessed firsthand that Seok-won was far more than just an chairman's son—his competence was undeniable.
'But…'
The only thing holding him back was Team 4—especially Deputy Manager Jung Hwanyeop and the rest of the team.
Glancing at Seok-won, Choi Ho-geun cautiously asked,
"Would I be the only one coming with you?"
Seok-won crossed his arms and leaned back against the sofa.
"Why? Is there someone you want to bring along?"
Summoning his courage, Choi Ho-geun made his request.
"I know it's a bold ask, but… could you take my whole team with me?"
"Not just Jung, but all of them?"
"Yes."
Seok-won arched an eyebrow.
"Jung is a skilled swing trader, so I get it. But the others? They won't be much help. Do you really need them?"
Choi Ho-geun leaned forward, his tone more earnest now.
"Seok-hyun and Miss Hong only just shed their rookie status, so they still have a lot to learn. But they're quick-witted and have great instincts. If given the chance, they'll pull their weight."
Seok-won rubbed his chin, contemplating.
He had worked as their team leader before, so he knew their strengths and weaknesses well. While they weren't exceptionally talented, they were competent and reliable.
Besides, it wasn't like he was cutting ties with the domestic market entirely—there was still plenty of work ahead.
More importantly, with the looming IMF crisis, Seok-won needed a trusted team—one that could act as his hands and feet, executing tasks reliably.
'Team 4 wasn't just skilled—they also had great chemistry and worked seamlessly together.'
Rather than assembling a new team from scratch, it made far more sense to bring in a group he already knew and trusted.
Having reached a decision, Seok-won flashed a smile at Choi Ho-geun, who was waiting anxiously for his response.
"Alright. Discreetly gauge your team members' interest—let's keep this quiet for now."
"Thank you, Director!"
Choi Ho-geun's face lit up with relief and gratitude as he bowed deeply.
Seok-won uncrossed his arms and continued,
"We've worked well together so far, so if they come along, that works for me."
"Yes! I'll speak to them as soon as possible."
"Good. There isn't much time—we need to inform the president and complete the handover process. Get back to me within a week with how many are willing to join."
"Understood!"