The bass was low, vibrating through the mahogany floorboards. The air smelled of Cuban cigars and perfume that cost more than a semester of tuition.
Kang Min-jun sat in a leather booth, sipping a glass of water. He was the only person in the room wearing a suit off the rack from a department store sale. Everyone else was draped in bespoke Italian fabrics.
He had been invited. Hong Ye-eun had kept her word.
"So," Ye-eun slid into the booth next to him, holding a crystal glass of Hibiki 17. She looked radiant, her sharp bob cut framing a face that was currently flushed with the intoxication of easy money. "I'm up 200%. My father thinks I'm a genius."
"You're not a genius," Min-jun said, not looking at her. He was watching the VIP table in the center of the room. "You're just riding a wave. The genius is knowing when to get off before it crashes."
"It won't crash yet," Ye-eun argued. "Ahn Cheol-soo is polling higher than Park Geun-hye. The stock hit 80,000 won today. Analysts are saying 150,000."
Min-jun pulled a napkin and a pen. He drew a sharp curve.
"This is a Political Theme Stock cycle," Min-jun explained, tapping the peak. "It doesn't move on earnings. It moves on hope. And hope is the most volatile asset in the world."
He pointed to the downward slope. "September. That's your deadline. Ahn Cheol-soo is an academic. He hates the mudslinging of politics. The moment the pressure gets too real, he will hesitate. And the market hates hesitation."
Ye-eun looked at the napkin. "September? You're saying I should sell everything in September?"
"I'm saying you should sell into the strength. Don't try to catch the absolute top. The top is a needle. You want the shoulder."
Their conversation was interrupted by a loud burst of laughter from the VIP table.
Min-jun looked up. Jin Hyuk-jae was holding court.
The Daegwang heir was older now, nineteen. He had filled out, his arrogance hardening into a shell of effortless superiority. He was surrounded by a sycophantic orbit of lesser Chaebol kids—construction heirs, hotel heiresses, plastic surgery clinic sons.
"So I told the professor," Hyuk-jae shouted, swirling his cognac. "'If you fail me, I'll just buy the building and turn your office into a janitor's closet.' And he gave me an A!"
The table erupted in laughter. Min-jun didn't laugh. He felt the phantom pain in his chest—the memory of the terrace in 2025.
"That's him," Ye-eun whispered. "Jin Hyuk-jae. The Prince of Yeouido. Don't stare. He hates peasants."
"I know him," Min-jun murmured.
"You do?"
"We met at a bookstore once. He owes me a coffee."
Suddenly, Hyuk-jae stood up. He scanned the room, his eyes landing on Ye-eun. He smiled—a predator spotting prey. He walked over, his entourage trailing him.
"Ye-eun-ah," Hyuk-jae grinned, leaning on their table. "I heard a rumor. My broker tells me the Hanseong Ilbo daughter is moving markets. Buying AhnLab? Isn't that a bit... pedestrian for you?"
"It pays for the drinks, Hyuk-jae," Ye-eun replied coolly.
Hyuk-jae's eyes drifted to Min-jun. He frowned, trying to place the face. The memory of the bookstore was fuzzy, a meaningless encounter with an NPC (Non-Player Character) two years ago.
"And who is this?" Hyuk-jae asked, gesturing to Min-jun with his glass. "New bodyguard?"
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"Classmate," Ye-eun said quickly. "Top of the department. He helps me with... statistics."
"A tutor," Hyuk-jae scoffed. "Cute. Hey, Tutor. Since you're good with numbers, calculate this."
Hyuk-jae pulled a gold coin from his pocket and tossed it onto the table. It spun, humming loudly.
"Heads, you drink this whole bottle," Hyuk-jae pointed to the whiskey. "Tails, I give you this coin. It's an ounce of solid gold."
The room went quiet. It was a classic Chaebol power play. Humiliate the scholarship kid for entertainment.
Min-jun looked at the spinning coin. He looked at Hyuk-jae. He didn't stop the coin. He let it spin until it wobbled and fell.
Tails.
Hyuk-jae blinked. He looked annoyed. "Beginner's luck."
"Keep the coin," Min-jun said, pushing it back.
The silence in the room deepened. Nobody refused Jin Hyuk-jae.
"Excuse me?" Hyuk-jae's smile vanished.
"Gold is trading at $1,600 an ounce," Min-jun said calmly. "It's peaked. The US Fed is signaling a tapering of QE (Quantitative Easing). Inflation fears are subsiding. That coin is going to lose 30% of its value in the next year. I don't take depreciating assets."
Hyuk-jae stared at him. The insult was wrapped in so much technical jargon he wasn't sure if he should be angry or confused.
"You're betting against gold?" Hyuk-jae laughed, looking around for validation. "Gold is safe haven! Everyone knows that!"
"Everyone knowns it. That's why it's over," Min-jun stood up. "The trade is crowded, Hyuk-jae. Just like your table."
Min-jun bowed slightly to Ye-eun. "I have a lecture in the morning. Enjoy the whiskey."
He walked out. He felt the lasers of Hyuk-jae's glare on his back. He had just declared war. Not with a shout, but with a whisper.
September 19, 2012. SNU Campus. 2:00 PM.
The summer had passed in a blur of volatility. AhnLab (053800) had gone parabolic. It hit 100,000 won in July. 120,000 won in August. 150,000 won in early September.
Min-jun’s 105 shares were now worth nearly 16 Million KRW. It wasn't a fortune, but for a broke student, it was a lifeline.
Ye-eun had texted him every day. "Should I sell? It's still going up!" Min-jun had replied with one word: "Wait."
But today, the chart looked different.
Min-jun sat on a bench, looking at the HTS on his phone. A "Shooting Star" candle had formed on the daily chart. A massive gap up, followed by selling pressure. Volume was spiking, but price was stalling. The smart money was exiting.
And the news cycle was shifting. Rumor: Ahn Cheol-soo is facing pressure from the Democratic Party to merge campaigns with Moon Jae-in.
"Now," Min-jun whispered.
He texted Ye-eun. [SELL EVERYTHING. NOW. MARKET ORDER.]
He opened his own account. He didn't just sell. He wanted to short. But he couldn't short easily. So he sold his 105 shares. Exit Price: 148,000 KRW. Total Proceeds: ~15.5 Million KRW.
Then, he did something risky. He bought Put ELW (Equity Linked Warrants) on AhnLab. He bet on the crash.
September 20, 2012. The Crash.
It happened at 3:00 PM. Ahn Cheol-soo held a press conference. He looked tired. He spoke about "unity" and "sacrifice." He didn't drop out yet. But the market heard the dog whistle.
AhnLab: 145,000 -> 130,000 (-10%). 130,000 -> 110,000 (-24%).
The bubble burst. Retail investors who bought at the top were wiped out instantly. The "Royal Circle" kids who followed Hyuk-jae's advice to "buy and hold" were screaming.
Min-jun sat in the library, watching the blue waterfall. His Put Warrants were up 400%.
His phone buzzed. Caller: Hong Ye-eun.
"I sold," she sounded breathless. "I sold yesterday when you told me. I got out at 146,000. It's trading at 105,000 now. Min-jun... you saved me 2 billion won."
"Good," Min-jun said. "Now you owe me."
"I owe you," she admitted. "What do you want? A job? A car?"
"I want access," Min-jun said. "Daegwang Group is preparing a bid for a Duty-Free Shop license in November. I want the draft of your father's newspaper article about Daegwang's corruption before it goes to print."
Silence on the line. "That's... that's corporate espionage, Min-jun. That's dangerous."
"You made 2 billion won, Ye-eun. Danger is the price of admission."
A long pause. "Fine. I'll get it. But if my father finds out, we're both dead."
Min-jun hung up. He checked his account. Cash Balance: ~25 Million KRW (Stock Sale + Put Profit).
He was liquid again. And more importantly, he had a spy in the media.
He looked at the chart of AhnLab, continuing to plummet. Theme stocks were a zero-sum game. Wealth wasn't created; it was transferred. He had just transferred a chunk of the elite's wealth into his pocket.
[TRANSACTION LOG]
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Date: September 19-20, 2012
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Asset: AhnLab (053800)
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Action: SELL (Liquidation) + SHORT (Put Warrants)
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Entry: ~20,000 KRW (March)
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Exit: ~148,000 KRW (Sept)
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ROI: +640%
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Net Profit: ~13.5 Million KRW (from shares) + ~10 Million KRW (from Puts).
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Total Cash Position: ~25.5 Million KRW.
[ASSET STATUS UPDATE]
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H-Semicon: Holding (Price ~35,000 KRW).
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Bitcoin: Holding (Price recovering to ~$12).
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Hermes Logistics: Cash Flow Positive (Barely). Series C Prep.
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Social Capital: Alliance with Hong Ye-eun (Secure). War with Jin Hyuk-jae (Active).