Episode 172
January 2000. As South Korea celebrated the new millennium and looked forward to a brighter future, an unprecedented bomb dropped. It would later be known as “Bloody Monday,” a massive market crash.
“W-what is this?!” A man, who had just finished his breakfast and turned on the stock market channel, stared at the screen in horror. “A crash?” All the IT stocks were plummeting.
“Was there some bad news?” He frantically searched the news and newspapers, but there were no reports that could explain such a drastic drop. The previous decline had been triggered by Chunha Group’s withdrawal, but this was a freefall. All the news about IT companies was positive: new investments, technological breakthroughs… and yet, their stock prices were plummeting.
His phone rang as he stared at the TV blankly.
“H-hello?”
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What the hell is going on?! It was his friend, whom he had encouraged to invest in IT. – Everything is falling! You said it would keep going up!
“Just wait, I’m trying to figure out what’s happening.”
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I took out loans based on your advice! I’m ruined if I lose this money!
“Just wait, I said!” He shouted, irritated. “You have to stay calm! The stock market doesn’t just go up, it corrects! There must be some bad news we don’t know about…”
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You don’t know? You’re the expert!
“I can’t know everything!”
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What should I do?! Should I sell now?
“No, you have to wait. It’s difficult to sell during a crash anyway. Prepare more funds instead.”
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More funds?
“Yes, this is an opportunity.” He said confidently,
“Remember what happened when Chunha Group pulled out? The market crashed, and then it recovered, and now the prices are twice as high as before. Don’t you remember all those people who panicked and sold their shares, regretting it now?”
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Are you… sure?
“There’s a saying in the stock market: buy when there’s blood in the streets, sell when there’s euphoria. You might be scared now, but if you buy when the price bottoms out, you can make a huge profit.”
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Do you… think so?
“I’ll tell you when it’s the right time to buy. Stop staring at the charts and go find more money. It’ll distract you from your work. Got it?”
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…Are you… sure this is okay?
“Just trust me! We’ll win in the end. We’ll be rich! Did you think making money was easy? There are always bumps in the road!”
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…Alright, I trust you.
After hanging up, he muttered anxiously, despite his confident words to his friend, “That’s right, we just have to wait. I’m an expert. I’ve been through a market crash before. I can handle this. We have to buy at the bottom.”
Kim Min-sik, the one who had triggered the crash, was still at it, shouting, “Sell! Sell everything! We’re burning down the house!”
“S-sir…” his secretary said nervously.
“What?”
“Shouldn’t we slow down the selling a bit?”
“No! The price is still falling! We have to sell quickly to minimize our losses!”
He wanted to say, “You’re the one causing the price to fall,” but he kept quiet. He didn’t dare to challenge the tyrant.
Countless employees had been fired for less. And finding another job in these times was almost impossible.
Kim Min-sik, ignoring him, shouted excitedly, “Sell like there’s no tomorrow!”
Although Joongang Investment Group had initiated the sell-off, other investors and speculators had joined the frenzy, accelerating the decline.
IT CEOs were calling non-stop, pleading and complaining, but he ignored them all.
“Hehehe, those foolish speculators.” They thought this was just another pump and dump scheme like the one with Chunha Group, so they were actively selling their shares. They were probably planning to buy back the shares at a lower price after Joongang Investment stopped selling, but this was just the first wave.
“Sir…” his secretary said after taking a phone call.
“What now?”
“Have you heard of Assemblyman Oh Young-soo of the opposition party?”
“Oh Young-soo? Who’s that?”
“His aide called. He wants to have a private dinner meeting with you.”
“It’s a pleasure to meet you. I’m Oh Young-soo.”
“Kim Min-sik.”
Assemblyman Oh, smiling, said, “It’s an honor to meet the famous CEO Kim Min-sik.”
Kim Min-sik, puffing out his chest, responded in his usual exaggerated manner, “An honor, you say?” It was his way of subtly provoking people. Assemblyman Oh frowned slightly and then forced a smile. “Please have a seat.”
“Alright.”
Kim Min-sik looked at him as he sat down. ‘Oh Young-soo, a two-term opposition party Assemblyman. Not a particularly influential figure.’
According to his research, he had no connection to Kim Min-sik or his business.
“So, what do you want?” he asked, getting straight to the point after taking a sip of water. It was an unusual approach for a politician, accustomed to formalities and small talk.
“Haha, let’s discuss it over dinner. The food here is excellent.”
“I would, but I’m very busy. Is the food really that good?”
“Y-yes, it is.”
“Then let’s eat. Is it really that good? I’m looking forward to it.” He had completely disarmed Assemblyman Oh with his rambling, stream-of-consciousness style.
The food arrived, and Kim Min-sik took a bite and exclaimed, “Wow, this is freaking delicious!”
“Freaking?”
“Don’t you know that expression? Young people use it these days. It means ‘very delicious.’ I’m taking lessons from my daughter, trying to be hip. This is freaking delicious.”
He devoured his food, and Assemblyman Oh, seeing his enthusiastic reaction, thought, ‘Is it really that good?’ He had never been to this restaurant before. His aide had chosen it. He took a bite and frowned. ‘It’s just okay.’
Kim Min-sik suddenly chuckled. “Gotcha! It’s not good, is it? I didn’t want to eat alone, so I pretended it was delicious.”
Assemblyman Oh thought, ‘What a lunatic.’ He had heard the rumors, but he was even crazier in person. He cleared his throat. “You have a… unique sense of humor.”
“I hear that a lot. This is terrible, by the way.” Even if the food wasn’t good, it was customary to at least pretend to enjoy it, out of courtesy to the host. But Kim Min-sik had no such qualms.
Assemblyman Oh, trying to suppress his irritation, said, “You seem busy these days.”
“I am, the IT stock prices are falling. I have to be there to manage the situation.”
Assemblyman Oh’s eyes gleamed at the mention of IT. “Ah, Joongang Investment Group is a major player in the IT sector. You must be very busy.”
“You could say that.”
“So, CEO Kim, how far do you think this decline will go?”
He tilted his head. “How would I know?”
“You’re a stock market expert. And as a public servant, I’m concerned about the IT sector, which has captured the public’s attention. I’m worried about the people who might lose their savings. I came here to ask for your advice.”
Kim Min-sik looked at him intently. “Assemblyman.”
“Yes?”
“Did you invest in IT?”
He said with a straight face, “I didn’t invest. I’m just curious.”
Kim Min-sik smirked inwardly.
‘Ah, he’s working for one of the speculators.’
Joongang Investment Group was currently controlling the market decline.
Knowing how far they were planning to push it was valuable information. And those speculators were moving billions, even trillions, of won. It wouldn’t be surprising if one of them had connections with a National Assembly member. ‘Or maybe he’s a speculator himself.’
He smiled. “You’re really that curious?”
“Of course. Why else would I be here?”
“This is valuable information. I can’t just give it away for free.”
“Is there anything I can do for you? I’ll help you within reason.”
“Have you heard of ‘speculators’?”
He narrowed his eyes. “Speculators? Like market manipulators?”
“Yes, I’m curious who orchestrated the previous market crash.”
“Wasn’t it because of Chunha Group’s withdrawal announcement?”
Kim Min-sik burst out laughing. “Hahaha, why are you playing coy with me? Chunha Group didn’t do anything. It was those speculators who triggered the crash.”
“Haha, I don’t know anything about the stock market.” He tried to backpedal.
Kim Min-sik said with a disappointed expression, “Is that so? That’s too bad.”
“Why are you looking for them anyway?”
“Why? Because I’m grateful to them for screwing over Chunha Group, those bastards. I’ve been looking for a chance to crush them, and they did it for me. I’m so grateful.”
Assemblyman Oh said with a knowing smile, “You don’t like Chunha Group, do you?”
“Of course not! How dare they criticize us and call themselves righteous after we created the IT boom! They’re always meddling, acting like heroes.”
“What are you planning to do if you find out who the speculators are?”
Kim Min-sik smirked, seeing him take the bait. ‘He knows.’ He said, “Well, I’ll talk to them. Share some information, maybe. Is it okay to talk about this in front of a National Assembly member?”
“Hahaha, don’t worry, everything we discuss here is confidential. That’s why we’re meeting in private.”
He whistled nonchalantly. “We have a bank, a securities company, everything except for political connections. It’s a shame.”
“I can look into it for you.”
Kim Min-sik’s face lit up. “Really? Thank you so much!”
“Haha, don’t get your hopes up. As I said, I don’t know much about the stock market.”
Kim Min-sik stood up, grabbed his hand, and shook it vigorously. “It’s the thought that counts. Thank you.”
He even bowed his head, thanking him profusely. Assemblyman Oh smiled, oblivious to the menacing glint in Kim Min-sik’s eyes.
“You’re welcome.”