The Magician’s Memorial - Chapter 117



Only Krnovel

Episode 117 new era (1)

The last day of 1999.

I waited for the year 2000 to come with my grandfather.

Ding! Ding! Ding!

I watched the bell of Bosingak ringing on TV.

After watching this for several minutes without saying a word, the grandfather sighed.

“Whew, fortunately nothing happened.”

“Are you really worried about the Y2K ghost story?”

“Isn’t there something just in case?”

“You sound like someone who expects something to happen.”

“Hehe, why would I do that? “If we just stay still, it won’t be long before Taewoo Group reaches first place in the business world.”

Taewoo Group’s situation couldn’t have been better.

On the other hand, the current group was creaking here and there.

Hyunjae Construction’s sluggish sales, disharmony due to the acquisition of SS Motors, and even a competition for successor.

If he just stayed still, he could easily become number one in the business world.

“We will be able to occupy the top spot in the business world within next year at the latest. “Isn’t the problem Mercury?”

“Are you talking about future food?”

“We must secure future food in preparation for the future 10 or 20 years from now.”

“Taewoo Group is investing in various businesses. And you’re also growing your IT business, so what’s the problem?”

“It’s not enough. Only with more investment can we not only become number one in Korea but also survive in the global market.”

Grandpa turned off the TV and looked at me.

“So where do you want to invest?”

“The businesses that will lead the future are artificial intelligence, robots, batteries, and the space industry.”

These were industries I had heard about so much that I had scabs on my ears before the regression.

There were still many unfamiliar industries, but if we were to think about Taewoo Electronics 20 years from now, we had to prepare now.

“Even though we are growing batteries at Taewoo Electronics, it feels like the artificial intelligence and space industries are far from us.”

“I think the same way about the space industry. It is impossible to operate a space industry in Korea because there are too many regulations. “It also requires a huge amount of investment and has a poor profit structure.”

“So, should we invest in artificial intelligence and robots?”

“Robots and artificial intelligence are like one set. “We must foster both industries from now on for Taewo Group to survive.”

It would be better if we boldly invest in all industries.

It cost too much money to do so, and even if SAVE Investment Company provided support, it was close to impossible.

“Robots are said to need development since robot arms are still being used in automobile factories, but what are you trying to do with artificial intelligence?”

“You can do a lot. “Businesses that my grandfather might be interested in include self-driving cars, and it is also possible to operate electronic products through voice recognition.”

“Hehe, you’re telling a story like something you’d see in a science fiction movie.”

“It is a possibility in the not-too-distant future. And this is a story that must be written from now on.”

It was an old man who didn’t show much interest.

That’s why I brought up a story that would interest my grandfather.

“Using artificial intelligence and robots, cars can be produced in unmanned factories. “Because it is a robot, there are no labor costs and there will be no strikes.”

“It would be nice if that happened, but I don’t think the political or labor circles would like it.”

“The human resource pool in Korea is limited. As Taewo Group grows larger, there will come a time when there will be a shortage of people to work. “We need to prepare now for that time.”

“Yes, you will be leading the Taewoo Group from now on, so it would be right to do as you say.”

Grandpa reluctantly gave permission.

I could have just ended it here, but I brought up a negative story.

“These are areas where it is difficult to profit right now. These are also fields that will become money-sucking hippopotamuses. “Most of the profits earned by Taewoo Electronics and Taewoo Motors will be lost as investment money.”

“Isn’t money something that exists and then doesn’t exist, and even if it doesn’t exist, it exists? They say it will cost a huge amount of development money, but if development is successful and we can gain a monopoly position, shouldn’t we invest?”

My grandfather was much more awake than I expected.

As expected, my grandfather, who raised Taewoo Group to this point, still had the same insight.

“If the group operates according to the roadmap I have set, it may remain stagnant for 10 years. However, I can be confident that after 10 years, we will not be ranked first in Korea but first in the world.”

“When that time comes, I won’t be here.”

“What are you saying? Even after 10 or 20 years, you should still be with me at Taewoo Group.”

“My body hasn’t been the same these days.”

Grandfather said while massaging his arms and legs.

Today, I felt like my grandfather’s wrinkles became deeper.

“I can’t send you anywhere until Taewoo Group becomes the world’s No. 1 group.”

“Is that something we can do as we please? If I had a wish, it would be for Taewoo Group to become number one in the world… … “I want to attend your wedding in good health.”

“Are you suddenly talking about marriage?”

“Now that a new era has begun, shouldn’t you start a new family? “How long are you going to stay next to Jaejabi?”

Although the topic changed suddenly.

There was nothing wrong with what my grandfather said.

“I will try to have a serious meeting.”

“Are you sure?”

“I will definitely bring you good news before the end of the year.”

“Good news doesn’t have to be marriage. “They say it’s popular these days to get married first.”

“Are you telling me to make a baby first?”

“Hmm, but that doesn’t mean I won’t have a problem with it.”

I could see how much the grandfather missed his great-grandson.

Honestly, I want to grant my grandfather’s wish, but right now, growing a company is more fun than dating.

***

As January began, I called Taewoo Securities CEO Park Man-deok into the planning office.

President Park Man-deok’s face was very bright.

Thanks to the Patriotic Fund, Taewoo Securities was earning the highest profits since its founding, so his expression could not help but be bright.

“The Patriot Fund expires this month, right?”

“That’s right. Customers are contacting us every day asking us to launch a new fund soon. So, we are planning to launch the second patriotic fund.”

Successful products tend to have sequels.

In the case of the Patriotic Fund, it was a huge success that will remain in the history of securities companies, so it was natural to create a follow-up product.

“This year, it would be better to launch the fund starting in the second half of the year.”

“Are you saying we should abandon the market in the first half of the year? But the market is better than ever. “Last year alone, we achieved a profit of 300%, and we expect that even more will be possible this year.”

“You made most of your profits from IT-related stocks, right?”

“That’s right. The fund to be launched this time also has a portfolio of IT stocks.”

The current stock market is one where IT-related stocks are subject to upper limits without any questions asked.

Not only Taewoo Securities, but other securities companies were also competitively investing in IT stocks.

And since it was generating huge returns, it was clear that IT-related funds would pour in this year as well.

“The IT market is overheated. “It seems better to watch from behind for the time being.”

“The stock market is prone to madness. And shouldn’t securities companies create products that satisfy the craziness of their customers?”

“This is an opportunity to create an image that we are different from other securities companies.”

“It would be so if the IT market suddenly turns downward, but even in the U.S., IT stocks are still hitting their upper limit. “If we don’t launch a new fund now, customers will move to other securities firms.”

It was a bit of a concern.

Should we watch customers move to other securities firms?

Other securities companies will unconditionally invest in IT stocks, and the moment the IT bubble bursts, they will suffer huge losses.

Even if other securities companies suffer losses.

Doesn’t the customer’s money that should have come to us disappear?

“Hmm, then maybe we should launch a fund. Launch a fund, but don’t make aggressive investments. “Put your money only to the extent of investing in bond products that can generate stable returns.”

“If you invest in bonds, the return is only about 5% at best. “It is a rate of return that is not much different from bank interest.”

“You can invest like that in the first half of the year, and depending on the situation, make aggressive investments in the second half of the year. “Some of our customers may leave for other funds, but we have a lot of loyal customers, so we won’t see a significant departure.”

President Park Man-deok looked at me with an expression that had a lot to say.

He too was immersed in the madness of the IT sector.

“I take full responsibility. “Just make stable investments with the mindset of throwing away the first half of the year.”

“I will.”

Although he still seemed very dissatisfied.

It was clear that President Park Man-deok would follow my words.

If you don’t follow my instructions and move, you will have to take full responsibility.

The higher a person was, the less likely he or she would be to take responsibility.

So, even if it was just to pass the responsibility on to me, I had no choice but to follow my instructions.

***

Although the year 2000 has begun, not much has changed yet.

But in March, a very big incident occurred.

“Director, a dispute over management rights in the current group has begun!”

“It’s finally exploded. “When a group is run by co-chairmen, disputes are bound to arise.”

Chairman Jang Young-joo stepped down from his position due to health reasons.

The eldest son, Jang Gyeong-jun, and the sixth son, Jang Young-jun, were currently leading the group as co-chairmen.

“Chairman Jang Kyung-joon demoted the chairman of Hyunjae Securities. “The Chairman of Hyunjae Securities is known to be Chairman Young-Joon Jang’s confidant.”

“It looks like he has started to eliminate his confidants in order to become the sole chairman.”

“There are widespread rumors that Chairman Jang is considering his sixth son, Jang Young-jun, as his successor. “If I stayed still, I would have to hand over the position of head of the group to my younger brother, so I would have had no choice but to move.”

Chairman Jang really cared for his sixth son, Jang Young-jun.

It is understandable that they cherish Jang Young-jun because he has shown excellent management skills.

From the eldest son’s point of view, it was obviously unfair.

In terms of management ability, Jang Kyung-jun’s ability was by no means lacking.

In a way, Jang Young-jun was able to achieve management results because he took care of all the dirty work.

“I went to jail instead of the chairman and now I’m in a position to be left out in the cold, so of course I’m going to throw a tantrum.”

“However, Chairman Jang has already planned to inherit Hyundai Motor Company to his eldest son and Hyundai Construction, Electronics, and Securities to his sixth son, Youngjun Jang.”

“You said the chairman of Hyunjae Securities was demoted, right? Then I guess you want to buy current securities. “The current car alone will not be enough.”

The planning director nodded.

From anyone’s perspective, it was too much to inherit only the current car to the eldest son.

“Although the sales of Hyundai Motor Company are large, we have also acquired CL Semiconductor in the case of Electronics, and although Hyundai Engineering & Construction is said to have fallen behind us in terms of contract ranking, we are firmly maintaining our second place position. Moreover, it does not seem reasonable to inherit the current securities, which are a cash cow, to the sixth son.”

“In your opinion, does the current automobile company seem to be inferior to the other three affiliates?”

“I think so.”

Everyone was thinking this.

However, even after 10 years, this assessment is overturned.

Who knew that the person with the current car was the winner?