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Chapter 24 : Position Flipping (1)
Chapter 24: Position Flipping (1)
『 TL – Marctempest 』 『 ED – Laplace 』
Makers Office.
Lee Jaseong was leaning back diagonally on the sofa, reading the performance report.
Multiple people had participated in the execution of the investment.
Wѐ b̆n̈.о̌ vӗ l̀ .Еn̊u mа̄
Lee Jaseong had devised the strategy, Seo Minjae had designed the investment structure, and brokers from other securities firms had executed the trades.
‘How precisely did the design translate into results?’
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No matter how perfect a strategy was, if it faltered at the execution stage, returns suffered.
This time, he had had to use brokers other than Seo Minjae, so he was also curious about the level of their skills.
Return on equity: KRW 67.291 billion
Total fee revenue: KRW 15.781 billion
Ẽn̈ û ṁа̊
Total profit: KRW 83.072 billion
Total return: 118.67% (relative to equity)
Below that was a detailed report.
— Market volatility at the time was greater than expected. On the final liquidation date, execution prices rose, causing slippage, but by narrowing the margin of error to within approximately 2% relative to the target price, we ultimately achieved a profit of KRW 67.291 billion…….
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Lee Jaseong snorted.
He could see right through the mindset behind the report.
Wе b̃ nо̂v̂ ё l Е́nú m а̊
‘They probably bragged about making tens of billions after widening the error margin to 2%.’
In the previous operation, Seo Minjae had kept the margin of error within 0.1%.
He summarized all those excuses in a single sentence.
‘As expected, Seo Minjae is better.’
Regardless of the brokers’ individual skills, the performance itself was overwhelming.
An equity base of KRW 70 billion had returned as KRW 150 billion in just three months.
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“KRW 150 billion is more than enough as seed money. So this is finally the starting point.”
He had seed money now. For Lee Jaseong, it stirred no greater emotion than that.
Money was merely a means.
What he truly wanted was influence.
From the moment he had planned succession consulting and established a family office, what he had always wanted was people.
They prevented major losses.
Е̃n̊ û m̌ а́
They enabled major gains.
They became saviors in moments of crisis.
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There was no surer way to earn people’s trust than this.
The short fund had been a stage to test Lee Jaseong’s abilities, but at the same time, it had been a yardstick for him to judge Han Juhyeong.
— How far does Han Juhyeong trust me?
Unlike Cha Eunchae, who had rushed to Makers with eyes blazing, Han Juhyeong had not even sent a single text message.
Е̄ńů m а̌
‘That probably means a basic level of trust has been established. In that case, he’ll be more receptive to my advice during the succession process as well.’
And Cha Eunchae.
‘A fund manager without self-confidence. But oddly enough, her goal itself is very clear.’
The loan shark king’s legitimization project.
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Cha Eunchae was running a private equity fund for that project.
Her desire was clear, but she did not know where to go. It was truly easy to entice someone without a compass.
E ǹ ǔ m а̌
The two of them were sufficient for now.
Only the last slice of cake remained.
‘Seoseong Securities.’
The Seoseong Group, ranked first in the business world.
Seoseong Securities was the entrance into the vast ecosystem called the Seoseong Group.
However, Seo Minju was the problem. What Seo Minju had said while breaking up their last dinner was a clear threat.
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‘Seoseong Securities is a position promised to me since childhood. If you touch this, I’ll make sure you can’t even set foot in Seoseong Securities. You or Seo Minjae.’
She would make sure they could not even set foot there.
When one heard words like that, wasn’t it only natural to want to do the exact opposite?
This operation had inevitably used other brokers, but if Seo Minju continued to interfere at every turn, it would become extremely tiresome.
“Maybe I’ll use this opportunity to secure a seat at Seoseong Securities.”
As it happened, he knew the shackles that bound Seo Minju’s ankle.
E̊ṅ u m̀a
‘FaceNote’s unsold volume.’
FaceNote shares that had not been disposed of in time due to a Nasdaq system error and a plunging stock price.
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At the current price, it was recording an unrealized loss of approximately KRW 150 billion.
The plan had already been fully laid out.
Lee Jaseong picked up his phone and called Seo Minjae.
It was time to work together once again.
Ënú m̆а
Seo Minjae stepped into the Makers office.
“Congratulations. Your first fund hit it big, didn’t it?”
“As expected. Sit down. Let’s wrap things up.”
From an operational standpoint, only one task remained.
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— How to deal with the short fund.
This fund had been created solely for the purpose of taking a short position against FaceNote.
W̊е̃ b̌ nо vӗ l Е̄_n ů m̌ǎ
Now that its objective had been achieved, there were two options.
One, liquidate the fund and return all profits to the investors.
Two, propose a new investment.
“So what are you going to do? Liquidate? Or change the investment objective?”
Lee Jaseong chose the latter.
“We’re changing the investment objective. Prepare a long fund service.”
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“A long fund?”
Instead of answering, Lee Jaseong took a document from the bookshelf and handed it over.
[Change of Fund Investment Objective]
The moment he read the first page.
Seo Minjae could not help but ask.
“You remember short-selling FaceNote last week, right?”
Е n̊ ǔ m̌ а̊
“I couldn’t forget that return even if I tried.”
“And now you’re saying we should scoop up FaceNote? After shorting it to your heart’s content just moments ago?”
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Click.
At the insolent jerk of his chin, Seo Minjae let out a sigh.
“……You’re ruthless.”
But as if explaining the most natural thing in the world, Lee Jaseong remained utterly calm.
Е̊nu m̆ ã.і̊d
“Yes. Like you said. Right after an IPO, stock prices are…….”
“……determined by speculation and market sentiment. And you’re the speculative force.”
Lee Jaseong chewed lightly on those words.
“FaceNote is a company with high growth potential. It dropped to 17 dollars, so we should buy. If we purchase at this price and hold long-term, we can generate decent returns.”
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“…….”
The logic itself was sound.
E n ǔ m а̂
Even if it was not something someone who had just shorted the stock should be saying.
Still, Seo Minjae accepted it.
Most institutions fundamentally maintained long funds for long-term investment.
And since the capital had already been raised anyway, redirecting it to another purpose seemed better than liquidating.
“Fine. How much are you thinking of raising?”
Seo Minjae asked a practical question.
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Given that the current fund held roughly KRW 300 billion, he assumed it would be on a similar scale, or perhaps slightly larger.
But then—
“One trillion.”
“Keh!”
Seo Minjae coughed violently.
“Wait, what did you just say? One trillion?”
E n ū m̄_ä. i̊ d̀
“Yeah.”
“Won?”
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“What, should we do it in dollars?”
Lee Jaseong asked seriously. Suddenly frightened, Seo Minjae waved his hands.
“No, that’s not it…… Damn it, one trillion won? Even if you hit it big this time, one trillion is insane!”
One trillion won was among the very top-tier sizes even for domestic funds.
Е_n̈ u m̃á
And Makers was a newly established firm that had only just succeeded with its first investment.
“Isn’t that too big? You’d have to raise at least another 700 billion…….”
“Don’t worry about that. I’ve already set up the funding plan.”
“You have?”
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Seo Minjae flipped through the documents he had just received, but it was nowhere to be found.
If it wasn’t in the documents, it had to be unofficial business—and when it came to unofficial matters, Lee Jaseong demonstrated considerable creativity.
Е̄ num̈ ȧ . іd́
……Let’s not ask for now.
He took out his pen and began writing down the portfolio composition.
“First, we invest in FaceNote, but have you looked into any other investment targets as well? Or should I make a list?”
With one trillion won, diversification was essential.
Typically, a long fund of this scale invested across 20 to 30 stocks.
However, once again, Lee Jaseong defied expectations.
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“No. We’re going all in on FaceNote.”
“Huh?”
Seo Minjae froze with his pen in hand.
Thinking he might have misheard, he asked again.
“All one trillion won into FaceNote?”
“That’s right.”
W е̄b̄ n̆ӧvӗl Е̃ nũm̆ ǎ
“Uh…… I really want to stop you on this one.”
Seo Minjae’s expression turned serious. As a broker, this was an issue he had to address.
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“First of all, the investors will oppose it. No matter how big a hit you scored this time, if you say you’re dumping one trillion won into a single stock, everyone’s going to think you’ve lost your mind. They’ll say you’re not even following the basics of risk management. And with one trillion won, the sheer amount itself becomes a factor that pushes the stock price up. If the price rises as we buy, we end up buying at inflated prices.”
Seo Minjae’s explanation was logical and sound.
But Lee Jaseong remained utterly calm.
“You don’t need to worry about that.”
Е̂ nù m а́ . і̇ d
“Why not?”
“Seoseong Securities still has unsold volume, don’t they?”
In that instant, Seo Minjae’s mouth fell open.
Because he understood exactly what Lee Jaseong was planning.
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Who would be the investor willing to hand over one trillion won?
Who would supply that massive volume of FaceNote shares?
Е́_n̂.u̇m a.і́d_
It was Seoseong Securities.
“……You fucking bastard!”
Even a one-trillion-won fund was nothing more than a ticket to Seoseong Securities for Lee Jaseong.
The timing was perfect, too.
Thanks to detailed rumors spreading through Yeouido about Seo Minju’s string of failures.
That was Seo Minjae’s handiwork.
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The deal between Lee Jaseong and Seo Minjae went as follows.
Seo Minjae designed the investments and introduced the brokers.
In return, Seo Minjae was free to use all information obtained during the transactions.
‘If I couldn’t secure performance this time, I might as well secure something else.’
With the FaceNote deal, Seo Minjae hadn’t earned a single won in fees.
On the contrary, Seo Minju’s pressure had nearly tangled his relationship with Lee Jaseong as well.
Е̃ ń û_mà
In that case, weakening his sister’s position at this opportunity didn’t seem like a bad idea.
In Yeouido Plaza, where securities firms clustered together.
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Securities men enjoying post-lunch smoke breaks whispered among themselves.
“Did you hear about NB Securities? They made 2 billion won just in fees this time. Two billion from a single deal.”
“What? How did that happen?”
“Makers. They hit it big this time. From what I hear, they put in 150 billion and came out with 300 billion.”
Ẃ ѐ bnо̌ v ĕ l̀ Е̄ nū m̂а́
“Damn, that’s fucking enviable.”
In Yeouido, where tens of billions changed hands over a single cup of coffee, news of money doubling was the best kind of gossip.
The securities men’s eyes lit up.
“But didn’t Makers originally deal with Seoseong Securities? That illegitimate child was handling Makers exclusively.”
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“That was before. But this time, Seoseong Securities was part of the underwriting syndicate. Apparently, Seoseong Securities refused to handle Makers’ deal. That’s how NB Securities snatched it up.”
“Seoseong Securities must be a total mess right now. Losing clients and losing fee revenue. And FaceNote didn’t go well either.”
Ẽ n̊ ūmá
“Didn’t go well? It crashed.”
“Man, Seoseong’s really fallen lately. Last time they got stuck with distressed bonds, and now they’re stuck with FaceNote.”
“That’s all one person’s work, isn’t it? The Seoseong Securities princess.”
One man snickered and pointed upward.
The Seoseong Securities logo was gleaming on the building’s exterior wall.
At the very top floor of that building.
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A heavy silence hung in the CEO’s office of Seoseong Securities.
Seo Minju sat with her back straight, enduring her father’s silence. Normally, they would have discussed countermeasures immediately, but her father only let out sighs with a hardened expression.
That was how bad the situation was.
So bad that even Chairman Seo, who had shielded his daughter until now, could not do anything.
“The institutional investors you dumped the FaceNote volume on are protesting. The losses are so large that the audit committee is finding fault. They’re asking why they were made to buy such an overvalued stock in bulk.”
“Father, they were fully aware of the risks and accepted the deal. I didn’t force them. In exchange, we promised them priority allocations when good IPOs came up.”
Enu̇ m̈ä. і́ d
But Chairman Seo shook his head.
“We’ve already gone beyond what that can resolve. You sold to the institutions at 33 dollars. Now the stock price is 17 dollars. That means a 50% valuation loss is recorded on the books. Do you understand what that means? For the stock price to recover to its original level, it’ll take at least a year, maybe two. Do you think institutional investors will patiently wait that long?”
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Unlike simple long-term investors, institutional investors were subject to NCR (net capital ratio) regulations.
Large unsold inventory worsened NCR.
And that wasn’t all. The quarterly earnings announcement was just around the corner.
A 50% valuation loss would be stamped onto the balance sheet, and net profit for the period would naturally turn negative.
Е̊ ń ům а́.і̄d̄.
Then would shareholders stay quiet?
Questions like ‘Why are you holding such a large amount of distressed assets?’ and ‘Wasn’t this a management misjudgment?’ would pour in.
Institutions battered at shareholder meetings would once again vent their anger at Seoseong Securities.
Seo Minju felt lost.
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‘Where did it all go wrong?’
Who could have known that FaceNote would crash like this?
E̊ n̈ŭmǎ .î.d_
It was a natural disaster.
The problem was that Seoseong Securities had dragged other people into that disaster as well.
In this situation, to say, ‘It was an unforeseen disaster, so there’s nothing we can do. Everyone should bear their own losses’?
That would be the end.
After a long silence, Seo Minju opened her mouth. She had brought her younger brother for moments like this.
“Seo Minjae……”
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“No. Not Minjae.”
“Why not?”
“Lee Jaseong was originally Minjae’s client. And rumors that Lee Jaseong made a killing with shorts have spread all over Yeouido. What do you think people will say?”
Soon, such speculation would begin.
‘Seo Minjae must have known FaceNote would perform poorly, so why did Seoseong Securities push ahead with the IPO?’
‘Did Seo Minju ignore it on purpose because she was keeping her brother in check?’
Е ǹũ m а_
‘Wasn’t it the same with the Yuseong Group distressed bonds? They say Seo Minjae warned them, but Seo Minju blocked it.’
Seo Minju protested bitterly.
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“That’s not true.”
“Results create facts. And right now, the results say otherwise.”
At this rate, following the distressed bonds, Seo Minju would end up being held responsible for FaceNote as well.
‘Isn’t there another way?’
Ẇ е̃ b̄no̊v e̊ l Ën u ṁа̌
Just as she was growing desperate, the intercom from the secretariat rang.
“Chairman, CEO Lee Jaseong of Makers has come to see you.”
Chairman Seo and Seo Minju lifted their heads at the same time.
Chairman Seo raised an eyebrow in surprise, while Seo Minju’s face filled with wariness.
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“I don’t recall having an appointment. What did he say was his business?”
“He said he’d like to help process the unsold volume.”
Еn u̇ mа
At those words, Seo Minju’s pupils wavered.
‘Lee Jaseong wants to ‘help’?’
From the Yuseong Group distressed bonds to the FaceNote catastrophe.
Every time she got entangled with Lee Jaseong, she ended up losing.
She had to avoid getting entangled at all costs. Under no circumstances could she allow Lee Jaseong to set foot in Seoseong Securities.
‘The moment he uses this incident as a pretext to enter Seoseong Securities, it’ll spiral out of control.’
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“Father, Lee Jaseong definitely has an ulterior motive. That man never moves without a reason.”
“Of course he has an agenda. Where in business is there help without calculation? But……”
Chairman Seo paused and looked at Seo Minju.
“If you have a way to handle the unsold volume, say it now. Then I’ll turn Lee Jaseong away and follow your plan.”
“……”
There was none. She had no solution at all.
W̊ ёb́.n оṽēl̊ Е n̈um а̊
If they sold on the market, the losses would be realized. If they held, NCR would only worsen.
There was only one option left.
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“Let him in.”
Moments later, the door opened and Lee Jaseong entered.
Seo Minju’s eyes met Lee Jaseong’s.
A faint smile brushed the corner of Lee Jaseong’s lips. The instant she saw it, a chill ran down Seo Minju’s spine.
Ӗ n ū m̄a .іd̊
On one side of the scale sat 300 billion won worth of unsold volume.
Then what would be placed on the other side?
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