CH394 | Heir

There was one fact I had briefly overlooked.

Before the sharper hedge funds could fly to Korea, another group came looking for me first.

Not all of the short sellers were based in the United States; two hedge funds that had offices in Korea’s Financial Hub Tower had also joined the short-selling campaign.

“Chairman, the representatives of Rail Hedge Fund and Mark Hedge Fund are here to see you.”

“They’re the ones who joined the short-selling, correct?”

“Yes, the traitors. They confessed that they had participated in the shorting and said they want to talk.”

“Let’s hear what they have to say. Show them in.”

Mark and Rail.

The two had founded hedge funds named after themselves.

On Wall Street, their firms weren’t considered particularly large, but they still managed capital close to the trillion-won range.

At this point, their actual losses amounted to less than ten billion won.

Perhaps that was why? Mark and Rail strode into the office with an air of confidence.

“It’s been a while. I trust you’ve been well?”

“Ahem, let us confess first. We made a mistake. We joined the short-selling of Hess and Taewoo Trading. It was an error made by an individual employee who followed the movement of the Wall Street short-selling forces.”

“Rail Fund made a similar mistake. Our firm grants our employees a lot of authority, and such an error happened as a result.”

A mistake?

So they had coordinated their story.

They were both trying to pass it off as if it hadn’t been a company decision but merely the error of a single employee.

Bowing their heads wouldn’t be enough at this point—yet this was how they chose to play it?

“Mistakes by employees can happen at any time. You don’t need to tell me about it. It’s nothing serious, after all.”

“Thank you so much for your generosity and understanding. We’ll ensure strict oversight so such mistakes never happen again.”

“We’ve already revised our system so that all employee authority is reduced, and I personally oversee every project.”

The two hedge fund representatives smiled.

Smiling already. To think they still had no idea how the situation was unfolding.

No wonder things had come to this—when people like them could sit in the position of hedge fund CEO.

“Well done. You may leave now.”

“Actually, we’d like to purchase a portion of Hess’s shares at the current price. Not much—just enough for thirty million dollars’ worth of equity, so that we can close out our short positions.”

“For us, it’s twenty million dollars’ worth.”

“You’re entrusting your shares to me?”

Their combined loss amounted to fifty million dollars—about sixty billion won.

Of course, when they had borrowed the shares from financial institutions, they would have put up far less capital.

But now, they wanted to cover their shorts immediately, even at a loss.

And why should I agree?

For now, their loss was sixty billion won.

But if Hess’s stock price rose further, those losses would no longer be counted in billions—they would jump to hundreds of billions.

And the gains would all be mine. Why would I sell them shares now?

“Wouldn’t it be better for both sides if we settled the short positions now?”

“That’s right! It could also serve as the starting point for dividing the short-selling forces.”

“I have absolutely no intention of selling Hess shares right now. Why should I take a loss just to help cover for what you claim was a mere employee’s mistake?”

The smiles had vanished from the two representatives’ faces.

It seemed they had only just begun to grasp the reality of the situation.

“If this incident has offended you, we apologize. But if news spreads that we’ve pulled out and closed our short positions, wouldn’t that force other short-sellers to withdraw as well?”

“There’s nothing to be gained from dragging out a fight against the short-selling forces. Chairman Kim, you’ve already earned quite a profit, so wouldn’t it be best to end things here?”

An apology? No—they were trying to negotiate.

But negotiations only happen when both parties stand on equal footing or when there’s mutual benefit.

“Nothing to be gained from dragging it out? The fifty million dollars’ worth of shares you threw away will soon turn into five hundred million. If I just sit still, the money comes to me—why would I stop fighting the short-sellers?”

“…Hess stock can’t keep rising like this forever. You’ve recovered your principal for now, but over time, it will fall again.”

“We’ll see about that.”

“Are you really going to take this stance?!”

The hedge fund representatives slammed the table and shot to their feet.

Did they still think short-sellers held the upper hand?

The only reason they dared act this way was because their losses hadn’t yet snowballed into something unmanageable.

“Fine. Since we all work under the same financial tower, I’ll give you a good opportunity. I’ll sell for triple the price—one hundred fifty million dollars.”

“You’re saying fifty million dollars’ worth of shares should cost a hundred fifty million?”

“No matter how high the premium, how could there ever be a hundred million added on top? That’s the tail wagging the dog!”

Yes, in this case, the tail was indeed bigger than the dog.

But a hundred-million-dollar premium was hardly expensive.

Soon enough, it wouldn’t just be a hundred fifty million—people would be scrambling to buy at double or triple that amount.

“If you refuse, then so be it. But remember this: once you walk out of this room, this offer is gone forever.”

“How could you expect us to accept such terms! If you continue with this attitude, then I won’t hold back any longer. We’ll leave the financial tower entirely!”

The two stormed out of the room.

They didn’t even realize that the offer they had just rejected was a golden lifeline sent from the heavens.

***

The next day.

President Han had been waiting for me since morning.
His hair was a mess, as if he had spent the whole night watching the U.S. stock market.

“You should try to get some sleep.”

“There’s no time for that. If we want Hess’s stock price to rise, we need to buy and sell at just the right moments. That’s why I stayed up all night staring at charts.”

“So, what’s the result?”

“Hess’s stock price went up more than 10% in just one day!”

It was faster than I expected.

After several days of nonstop climbing, it should have slowed down by now.
But thanks to President Han’s skills, Hess’s stock price had jumped another 10% in a single day.

“I didn’t know President Han’s ability was this remarkable. I would have been satisfied with a 5% rise, but you doubled that.”

“To be honest, I didn’t do much. I picked the timing and sold off a block of shares, planning to buy them back at a higher price. But the moment I put them on the market, they were all snatched up in less than a second.”

“So someone was just waiting for Hess’s stock to be released. Who was it?”

President Han hesitated for a moment.

Then, an entirely unexpected name came out of his mouth.

“Berkshire bought them all.”

“Berkshire? Are you saying Warren Buffett bought them?”

“That’s right. The hidden big player was Warren Buffett. Berkshire acquired more shares than even Dimon’s fintech bank and the Quantum Fund combined.”

It was something I hadn’t imagined at all.

Most financial institutions were making money through short-selling.
But Warren Buffett’s Berkshire had always stuck to an investment philosophy far removed from shorting.

That’s why I was so taken aback to learn that the mysterious buyer of Hess’s shares was Warren Buffett himself.

“Have you figured out his motive for buying?”

“I tried to dig into it through various channels, but I couldn’t find out.”

“And how big of a stake did he acquire?”

“More than 6%, at the very least. And that’s only because the fintech bank and the Quantum Fund were competing for shares. If there had been no rivals, Berkshire would’ve likely bought up the entire 15% of stock available on the market.”

Warren’s intentions were what mattered.

If he had bought the shares to support me, then there was no problem.
But if he was on the opposite side, things could get difficult for both of us.

“I suppose I’ll have to talk with him. I’ve barely returned from the U.S., and now it looks like I’ll have to fly back again.”

“If you’re planning to go just to meet Warren Buffett, that won’t be necessary. I received word that he’ll be visiting Korea in a few days.”

Berkshire had a Korean branch located in the Finance Tower.
And since President Han oversaw the entire tower, he was always the first to know such information.

“Until Warren arrives in Korea, release only a very small amount of Hess stock. First, we need to figure out what he’s thinking.”

“Understood. I’ll start pacing the release.”

“And also, set up a meeting with the U.S. ambassador for next week. After I meet Warren, I’ll need to talk with the ambassador as well.”

“I’ll arrange the schedule right away.”

***

A week later.

Hess stock continued climbing steadily, rising by 3–4% each day.

Even though we were only releasing a small amount of shares, the stock remained in high demand as it had become one of the market’s hottest picks. That constant demand kept driving the price upward.

Meanwhile, Berkshire kept accumulating more Hess stock as well.

By the time their stake had surpassed 7%, Warren Buffett arrived in Korea.

The very first place he visited was the Finance Tower. I personally guided him through Berkshire’s Korea branch and then escorted him to my office.

“Do you like the Berkshire Korea branch? I made sure it was placed in the very best location.”

“It seems they’re working in an environment even better than headquarters. I appreciate the thoughtfulness. Hahaha.”

Warren Buffett greeted me with his signature warm smile.

He seemed to be in genuinely good spirits, sipping a fizzy cola and smiling even brighter.

“If you don’t mind, may I ask you just one question?”

“Any question from Chairman Kim is always welcome.”

“I’ve heard that Berkshire has been purchasing Hess stock. May I ask what led you to take an interest in Hess?”

I posed the question very carefully.

Thankfully, Warren Buffett kept his smile as he replied.

“Isn’t the reason obvious? When there’s a chance to buy a great company at a cheap price, there’s no reason not to.”

“So, you’re valuing oil companies highly even in this era of low oil prices?”

“How long do you think a period of low oil prices will last? Prices fall, then they rise again—and the oil industry still has room to grow.”

Value investing.

Warren Buffett wasn’t pursuing some hidden motive—he was simply buying Hess because he believed in its fundamental worth.

And his words didn’t sound like a lie.

After all, even before my regression, Warren had followed this very same approach: buying oil company stocks consistently during downturns, then reaping huge gains once prices rebounded.

“Frankly, I was a little worried you might have bought the stock either to support me or to keep me in check.”

“Haha, there’s no such thing. And why would I try to keep Chairman Kim in check? If anything, I’d support you. Of course, this Hess purchase had nothing to do with you—it was purely an investment based on the company’s value.”

It was clear that Warren held me in good regard.

So, for his sake, I put forward a proposal.

“In that case, would you consider selling your current stake back to me? I’m willing to buy it at a premium over the current price. Oil prices may be inching up now, but before long, they’ll fall again.”

“I don’t make short-term investments. Even if oil prices dip in the near future, in the long run they’ll rise significantly again. I can afford to wait.”

As expected, Warren’s insight was remarkable.

That was why he was called the Sage.

“Then perhaps, would you be willing to lend me Berkshire’s stake instead? Just for three years—I’ll return it with more than five times the value.”

“Sounds like you’re planning something quite interesting.”

“I intend to stage an event in the stock market—something rarely seen. For that, I’ll need Berkshire’s shares.”

Originally, Warren Buffett hadn’t been part of this operation.

But since Berkshire had acquired a portion of Hess stock, I had no choice but to bring him in.

Even if he declined, the plan itself wouldn’t be jeopardized. Still, if Berkshire joined as an ally, the outcome could be far more dramatic.