Dallas Fort Worth International Airport, USA.
Seok-won sat in the wide, comfortable seat of a Gulfstream IV private jet, waiting on the apron for takeoff clearance. He held his phone to his ear, speaking with Landon in New York.
[Congratulations. As of yesterday's closing price, Yahoo Japan's stock has surpassed sixty million yen per share.]
"That's excellent news."
[Back in January, when it first broke ten million yen per share, I had a feeling something was brewing. From there, the rise was steep, and in just the last two days alone, it jumped another twenty-eight million yen.]
Seok-won smiled in satisfaction, phone still in hand.
"The dot-com craze, coupled with the limited number of circulating shares, must have fueled the surge."
[Exactly. Since it hasn't gone public yet, all trades are on the over-the-counter market. And with only 6,910 shares issued, supply is incredibly scarce.]
Considering Seok-won held half of those shares—3,455 in total—the number in circulation was even smaller.
"Yahoo Japan practically opened the Japanese internet search market on its own and already holds an undisputed first place. Add to that the halo effect from Yahoo in the U.S., and of course investors can't help but flock to it."
Landon chuckled over the line.
[They want to buy, but there are hardly any shares available. That drives the price up, and when others see the surge, they scramble to buy too, pushing it even higher. It's a self-feeding frenzy.]
At that, Seok-won flashed a grin,
"There may be a temporary dip if profit-taking starts, but just as we've seen with Yahoo in the States, the upward trend will continue for some time."
[I agree.]
Landon's voice carried a note of admiration.
[At yesterday's close, the value of your Yahoo Japan holdings has reached 207.3 billion yen. Truly impressive.]
"This is only the beginning. It's nothing to get worked up about yet."
As always, his nonchalant tone made Landon laugh heartily.
[Ha ha ha. I knew you'd say that.]
Leaning back into the plush seat, Seok-won adjusted his grip on the phone and continued speaking.
"By the way, since Yahoo Japan has skyrocketed, the parent company SoftBank's stock must have risen a lot as well."
Landon replied immediately.
[Of course. The rally continued, hitting the upper daily limit two days ago, and then yesterday it climbed another 790 yen, closing at 19,000 yen.]
"Unlike Yahoo Japan, which is still traded over the counter, SoftBank is listed on the Tokyo First Section. It's practically the flagship dot-com stock in Japan. Until the internet craze dies down, it will keep its position as a leading stock."
[As you say, SoftBank seems to be reaping the biggest benefits of the dot-com boom in Japan.]
"After all, it owns Yahoo Japan as a subsidiary and also holds the exclusive rights to distribute Microsoft products in Japan. It's no wonder investors are flocking to it."
[Thanks to your orders, the large volume of SoftBank shares purchased by our Japan branch has shown tremendous gains. Branch Director Porter can't stop laughing these days.]
"The better our Japan branch performs, the better for us."
Seok-won's lips curved into a smile as he recalled Masayoshi Son, who had once come to him with a long face, reluctantly handing over 50% of his Yahoo Japan shares.
[Ah, and we've also finalized negotiations with Mitsubishi and Mitsui. If the gas field development in Block 3 succeeds, they'll provide us with a fixed supply of gas for ten years in exchange for swapping our stake with theirs in Block 2.]
At this news he had been waiting for, Seok-won's eyes lit up.
"That's excellent news."
While Seok-won was pleased, Landon clicked his tongue slightly.
[We carried out the deal because it was what you wanted, but frankly, our Block 3 not only has a higher estimated reserve, but we also hold 50% of it, far more than their share in Block 2. I can't help but feel it wasn't necessary to swap with the Japanese trading houses.]
It was natural to feel regret. To anyone, it looked like the Eldorado Fund had gotten the worse end of the deal.
'The only reason Mitsui and Mitsubishi agreed to the swap is because they were convinced it benefited them.'
However, once full-scale exploration began, it became clear that Block 3 was far more challenging to develop than Block 2. When the sea froze over in winter, drifting ice would drive production costs through the roof.
'When that time comes, they'll regret trading away their stake in Block 2.'
Of course, Seok-won couldn't reveal that outright, so he gave a convenient excuse instead.
"As I mentioned before, Block 2 is closer to the coast, which makes development much easier. For us, with no prior resource development experience, it's a safer and more practical choice."
[I see.]
Even so, Landon still felt as though they'd taken a loss. But with the negotiations already finished, there was no turning back.
So he forced down his regret and accepted Seok-won's reasoning.
"Once the stake swap is finalized, make sure we move quickly so exploration can begin as soon as possible."
[Understood.]
At that moment, Andrea, the new flight attendant, approached and gave a slight bow.
"We'll be taking off shortly."
Seok-won gave a small nod, phone still in hand.
"Since we're about to depart, let's continue this conversation after I arrive."
[Yes. I wish you a pleasant flight to Seoul.]
After ending the call, Seok-won fastened his seatbelt. Before long, the private jet eased forward from its spot on the apron, then surged down the long runway and lifted powerfully into the sky.
***
Spring had arrived before anyone realized it, and people's clothes had grown much lighter. In front of a securities branch in Yeouido, a crowd had already gathered that morning.
There were easily more than thirty individual investors. Some held economic newspapers in one hand while smoking, others kept their hands shoved into their pockets. They stood in small groups, chatting about stocks as they waited for the trading hall doors to open.
"Hey, Kim. The stock you bought yesterday jumped a lot. You must've made a killing."
"Heh heh heh. It hit the upper limit, so I pocketed a tidy profit."
A man in a jumper standing nearby burst out in frustration.
"Damn! I should've bought in too."
While the jumper-clad man was lamenting, the first speaker slipped in a suggestion.
"Since you made some money, why don't you treat us to coffee?"
His expression made it clear he was fishing for a freebie. The middle-aged man called Kim smiled in good spirits and replied.
"Why not? That's nothing."
"Not vending machine coffee though. I'm talking about the coffee from that tearoom just over there."
"Sure, why not?"
He must have padded his pockets well, because Kim spoke with casual confidence.
The man who'd first brought it up took a drag on his cigarette, trying to mask the bitterness in his voice. Just then, the guy in the jumper spoke up loudly.
"By the way, did you see Goldbank's stock climb again yesterday, after stalling for a while?"
"Yeah, I saw it. If I'd known, I wouldn't have sold last week. It's a damn shame."
At Kim's muttered complaint, the man with the cigarette jutted his lips out.
"But you made money on something else, didn't you?"
"Only about ten percent. Meanwhile, Goldbank's hit the upper limit twice in a row. Of course I regret it."
"True. Goldbank's rise is no joke. Right?"
The jumper man's words drew a puff of smoke from the other man, who answered through it.
"They're adding more services—an online shopping mall, a cyber PCS dealership, even a travel agency. Naturally, that's lighting a fire under the stock."
"Tsk. I can't just sit out. I think I'll get back in now."
"Come on, Kim. The stock's already soared. What if you get stuck holding the bag?"
But the man called Kim wore a serious expression.
"Don't you realize seven or eight out of ten people in the trading hall these days are talking about Goldbank? That kind of attention means the stock has a strong chance of climbing even higher."
"You're right. I think so too."
The man in the jumper nodded in agreement.
Hearing the two of them, the third man hesitated. A nervous thought crept in—what if he was the only one missing out on a chance to strike it rich? His resolve wavered.
Clatter!
Just then, a securities employee came out and rolled up the iron shutter, opening the branch doors.
"All right, let's head in!"
"Wonder how the market will do today."
The individual investors waiting outside surged in like a tide.
The man dropped his half-smoked cigarette to the ground and hurried in with the others.
Some went straight to the large electronic board on one side to check the previous day's closing prices. Others grabbed the slips provided on the tables and, with practiced hands, wrote down the stocks and quantities they wanted to buy or sell.
Then they lined up in long queues at the counters, eager to place their orders first.
"Buy twenty million won worth of Goldbank!"
"Me too, five million won of Goldbank. At market price!"
"Get me six hundred shares of Millennium Computer right now."
"The market's about to open—hurry this through!"
"We'll enter your orders in sequence. Please wait!"
"Don't push!"
As impatient customers pressed and urged, the opening bell rang loud and clear. The numbers on the big board began flashing up and down rapidly.
In an instant, everyone's eyes were fixed on the screen. Then, depending on what stocks they held, groans and cheers erupted.
[Goldbank: 20,650 (+750)]
"Look at that!"
"Unbelievable! It's up again today."
"Doesn't it look like it's going to climb even higher?"
"Wow!"
"That spike is insane."
"If I'd known, I'd have sold my house and put everything into it."
"At this rate, it might hit the upper limit again today."
The resistance line at 20,000 won per share was shattered in an instant as Goldbank's stock shot upward without limit, leaving retail investors speechless.
Even after breaking through 20,000, the rally didn't slow down. If anything, buying pressure only grew stronger, sending the stock climbing higher still.
"This isn't the time to hesitate."
"Damn it, I should've put in an order before trading opened!"
"Hey, move aside!"
Voices rose across the trading floor, and pens scribbled frantically on order slips. Everyone was desperate to ride the runaway surge in Goldbank and strike it rich.
Like moths diving into flames, dazed retail investors rushed to buy even a single extra share, blinded by greed.
Brokerage clerks raced to process the avalanche of orders, hands moving nonstop as the counters jammed with crowds.
The roar of buy orders filled the hall, deafening, while the overheated trading floor seethed like a furnace fueled by the greed of those chasing their one big score.
Fed by this frenzy, Goldbank's stock raced ahead at a terrifying pace, right at the center of the dot-com craze.
By the end of April, after relentless gains, Goldbank had finally broken past the 100,000-won mark per share.
[Goldbank: 100,050 (1,450)]
Executive Director Yoon Gi-hoon stared at the price flashing across the monitor, his face blank with disbelief.
"I thought it was incredible when it broke twenty thousand, but to see it climb past a hundred thousand… this is insane."
There was no other word but mania.
He recalled how, when he had suggested cashing out after Goldbank's earlier surge, Seok-won had told him this was just the beginning of the climb and to leave it alone.
"Well… what can I say."
He'd known Seok-won's investment sense was exceptional, but seeing this kind of unreal return unfold before his eyes left him in pure awe.
And the fact that this bet was made before the IPO, with confidence in its potential from the very start, made it even more astonishing.
"They call him the Midas of Wall Street for a reason, it seems."
Murmuring to himself, Yoon Gi-hoon suddenly imagined what would have happened if he'd sold at his suggested price of 4,500 won per share. A cold shiver ran down his spine.
"To think I almost sold a hundred-thousand-won stock for just forty-five hundred… I must've been out of my mind."
He rubbed his arm again and again, trying to smooth out the goosebumps that wouldn't go away.