Masao Ishihara left Tokyo in Japan by private jet and flew non-stop to Seoul, South Korea. After arriving at his destination, he left the airport by private car and finally arrived at the Karuizawa Hotel in Gangnam Ward.

In order to facilitate the stay of Masao Ishihara and his entourage, the hotel not only reserved the best floor in advance, but also arranged the best service staff and security personnel.

Soon after Ishihara Masao sat on the couch in the presidential suite, Park Yilin personally led his son Park Junlong in.

Park Junlong's first reaction when he saw his father was not a greeting such as "hard work", but without hesitation, he walked directly to the other party and took a standard Japanese-style earth seat.

He didn't get up, he still knelt on the ground and said, "I take full responsibility for the mistakes I made." ”

Masao Ishihara didn't ask him to get up first, but just asked lukewarmly: "You should have heard of the name John Paulson of Wall Street in the United States!" ”

Park Junlong replied with a straight face: "Like thunder." He was one of the very few big winners of the financial crisis that erupted in the United States in 2008. ”

Masao Ishihara leaned back on the sofa cushions and said calmly: "The initial size of the first fund founded by John Paulson in July 2006 was only $147 million.

Of that amount, $30 million was all he invested after selling the house. And the fund you have in your hand is also your first fund.

The initial size of the capital was $500 million, and the loss of 200 billion won was almost $153 million, which exceeded the initial size of John Paulson's first fund. The loss rate of your fund can be as high as 30%. ”

Park Junryong said cautiously: "I have lived up to my father's expectations of me. However, I know that at the beginning, when everyone was not optimistic about John Paulson, you were very optimistic about him, and you directly invested 100 million dollars in him.

At that time, everyone thought you were crazy. In January 2007, when John Paulson founded his second fund, he was noticed by Soros and others.

The initial size of his second fund was $700 million, and Dad, you are as optimistic about him as ever, and you have increased your efforts to invest $500 million in the other party.

In total, Dad invested $600 million in two of John Paulson's funds. In the end, you reaped nearly $5 billion with interest, more than 800% of the profit margin. ”

Masao Ishihara unabashedly showed a disappointed expression on his face and said, "It seems that you still don't realize what you are doing wrong?" ”

Park Yilin, who had never dared to sit beside him, suddenly became very nervous when he heard him say this. He hurriedly interjected and said: "Before John Paulson founded the first fund in July 2006, he had a lot of experience in the industry, and he definitely belonged to the financial masters of Wall Street.

Our family Junlong, whether in terms of age or experience, is far from being able to compare with him. Besides, Junlong's losses are not entirely his own disappointment. This time the negative impact of the black swan event is the most deadly. ”

Masao Ishihara couldn't help but laugh and said, "According to what you mean, that's my mistake." In the first place, I shouldn't have given Junlong that $500 million fund to Junlong. ”

Park Yilin said hurriedly: "No, no, no, you are not at fault." It's all the fault of the black swan event. ”

Park Junlong went straight and said, "Mom, I know you are kind enough to help me." But my fault is my fault. As the person in charge of the fund, I seem to be fully responsible for the loss. ”

Masao Ishihara smiled and said, "You keep saying that you are fully responsible." How do you take full responsibility? Could it be that you can afford to lose this 200 billion won? ”

In the face of pressure from his father, Park Junlong still didn't make the slightest intention to shirk and said, "I will try to earn back the money I lost this time in the future." ”

What Masao Ishihara values is a responsibility and says, "Don't kneel, get up first." Theoretically, you don't have to be responsible for the loss. However, that is only theoretical.

It's not like you don't know that the big conglomerates, the big banks, and the financial vultures on Wall Street can't owe money. Once it is owed, even if it is the end of the world, it must be recovered.

Laymen mistakenly think that family trusts and personal trusts can carry out a certain amount of property cutting, and they will not be liquidated to it.

In fact, Credit Suisse's pursuit of what the founder of Luckin Coffee owes is a living example. Even if the family trust is established in the Cayman Islands, it still does not get rid of the final liquidation.

The financial industry is completely a one-time loss, and you can lose your whole life. Although it is normal to invest with losses and gains, it is always difficult to accept losing money.

Therefore, if the person who started the fund does not invest a large amount of money in it first, then others will not invest in it. Only when life and death are shared and interests are at stake, then a relationship of trust between each other can be established.

The most stable relationship in the world is not a blood relationship, but a relationship of interests. People who do investment, what about those who don't pay tuition? The tuition you pay this time is not small. ”

Park Junlong slowly stood up and said, "I know." I will definitely learn the profound lesson of this bloody experience. ”

Masao Ishihara said bluntly: "Tell me your summary. ”

Park Jun-ryong replied seriously: "I shouldn't have put all my chips on real estate in Seoul, South Korea." The correct operation is to reduce the risk, and I should do a corresponding hedge beforehand.

Although the members of the team reminded me of this aspect, I didn't take it. At that time, I was so confused that I only thought about making more profits, so I turned a deaf ear.

My misjudgment at the time was that real estate in Seoul, South Korea, would not fall and would continue to rise. Unexpectedly, a thunderstorm incident in South Korea was that the landlord ran away, and hundreds of tenants lost their all-rent deposits.

In this way, an uproar was caused, which led to the formation of the first fallen dominoes. As a result, other tenants who rented all of them were like frightened birds, and they asked the landlord to return the deposit of the whole rent.

Even if you voluntarily breach the contract and pay liquidated damages, you must terminate the full rental contract between the two parties. The root of all this lies in the Fed's continuous interest rate hikes.

In order to curb the rapid rise of inflation in the country, the Federal Reserve has been forced to raise interest rates continuously, and the Bank of Korea has also been forced to follow suit. With or without US coercion, the Bank of Korea can only do so. ”

(End of chapter)