Golden Spoon Investor

Within just a few years, Landon, the Chief Operating Officer of Eldorado Fund—a firm that had risen to represent the very heart of Wall Street—was commuting from his mansion in East Hampton, Long Island, to his office in Manhattan aboard his private helicopter.

The morning sun glinted off the steel-and-glass skyscrapers that defined Manhattan's skyline, dazzling the eyes with every reflection. The helicopter flew up along Upper Bay, brushing past New York's iconic Statue of Liberty.

Sitting comfortably in his plush leather seat, Landon turned his head, a folder in hand, and looked out the reinforced window. The Statue of Liberty, standing tall in the middle of the blue sea, felt like the embodiment of America—the land of opportunity and the promise of the American Dream.

Looking down at it from above, Landon couldn't help but think that he himself had achieved that dream. Just a few years ago, he couldn't have imagined possessing such wealth and prestige.

"Thinking back, meeting the Boss in Austin was the turning point of my life," he murmured to himself.

When Seok-won had first revealed himself as a massive Powerball winner and asked Landon to handle his legal and financial matters, Landon had dismissed him as just another lucky Asian exchange student who happened to strike gold.

"To be honest," Landon said with a faint laugh, "I thought he'd blow through the money in no time—like all those other jackpot winners."

He'd expected the usual story: expensive supercars, endless parties, women, drugs, and eventual ruin. But instead, Seok-won had done something completely unexpected—he invested.

"And not just any investments. High-risk ones," Landon recalled.

It began with Seok-won betting his entire winnings on the British pound's crash. Then came Mexico, shorting the yen, and wagering against the Nikkei index—reckless moves that bordered on gambling more than strategy.

Even in a world where "high risk, high return" was gospel, most on Wall Street saw his bets as suicidal. Behind closed doors, traders whispered that it was only a matter of time before Seok-won's luck ran dry and he went bankrupt.

Truth be told, even Landon had felt uneasy watching Seok-won walk that financial tightrope.

"But as if mocking Wall Street's doubts, the results were a complete triumph."

With each investment yielding enormous jackpots, Seok-won's almost supernatural investment instincts and jaw-dropping returns earned recognition not just from ordinary traders, but even from George Hamilton—the legendary figure of hedge funds himself. Seok-won had cemented his place as one of Wall Street's true giants.

"They call him the 'Midas of Wall Street' now. There are even funds and traders who mirror his every move. That says it all."

As Seok-won's and the Eldorado Fund's fame grew, Landon's own reputation soared right alongside it.

Just a few years ago, he had been a simple lawyer. Now, he was rubbing shoulders with executives from the largest investment banks and funds on Wall Street, and even mingling with figures from Washington's political circles. Something like that would have been unthinkable back then.

And all of it had been possible because of one man—Seok-won.

Looking out at Manhattan's dense forest of skyscrapers, Landon once again thought that accepting Seok-won's offer to work together had been the best decision of his life.

At the same time, he couldn't help but wonder how far Seok-won's uncanny insight and bold investing would take him. What new legends would he carve into Wall Street's history?

Lost in thought, Landon hardly noticed as the helicopter descended, circling once above the One New York Plaza building that rose behind the ferry terminal. It gradually lowered its altitude and came to a smooth landing on the rooftop helipad, where a bright white "H" was painted in the center.

The rotor wash whipped his clothes around as a security officer in a suit rushed forward, bowing slightly before opening the passenger door.

Landon stepped out, holding a slim leather briefcase in one hand, his cashmere coat fluttering in the wind.

The faint tang of exhaust in the air reminded him that he was once again standing in the heart of the global economy—Manhattan.

Striding forward, he descended the steel staircase and entered the building through an emergency door that had already been propped open for him.

A few minutes later, the elevator doors opened, and Landon stepped into the Eldorado Fund office. His personal secretary, Cassie, immediately stood up from her desk with a warm smile.

"Welcome back."

"Good morning."

Landon greeted Cassie as he stepped into his spacious office overlooking Upper Bay.

"Same coffee as always, please."

"Of course. I'll bring it right away."

He set his briefcase down on the desk, took off his cashmere coat, and hung it neatly on the rack. Sitting down, he began reviewing a set of reports sent from the firm's Tokyo branch. A few minutes later, Cassie knocked and entered with a steaming cup of coffee rich with the aroma of freshly ground beans.

"Anything else you'd like me to do?"

"No, you can get back to work."

"Then I'll leave you to it."

After she left, Landon picked up his cup and took a slow sip, letting the warmth and bitterness spread across his tongue. Coffee always tasted better when enjoyed with that sweeping view of the Upper Bay.

For a few peaceful minutes, he savored the calm before turning back to his desk. Moving the mouse, he pulled up the New York futures data—and his brows twitched as he noticed an unusual spike.

[BROD: 100.50 (+24.50)]

Broadcast.com, the company that had made waves as the first to offer internet radio and video streaming, was skyrocketing.

"No way…"

Sensing that something big was unfolding, Landon reached for the phone—just as a knock sounded on the door.

Looking up, he saw Andrew, the CIO, stride in with his usual suspenders and slightly flushed face.

"I was just about to call you," Landon said, setting the receiver back down.

"I figured as much," Andrew replied, stopping by the desk. "You've seen Broadcast.com's price surge, haven't you?"

Landon nodded, his tone edged with anticipation.

"With the stock jumping like this on the over-the-counter market, something must've happened. Don't tell me… is this what the boss predicted?"

Andrew grinned, flashing his teeth as he responded.

"That's right. The Wall Street Journal just reported an exclusive: Broadcast.com has agreed to be acquired at $140 per share in order to enter the interactive internet broadcasting business."

"$140 per share?!"

"Yes. The total acquisition comes to a staggering $6.2 billion—a truly massive deal."

Landon whistled in delight, his face lighting up at the jaw-dropping figure.

"No wonder the stock is soaring with news like that!"

"It's nearly double the previous day's closing price," Andrew added.

At that rate, it was almost certain that the stock would climb to the agreed acquisition price of $140 per share.

"If the deal goes through as planned, we're looking at a profit of $520 million," Andrew continued, eyes gleaming with admiration.

"Achieving a 180% return in just one month—once again, the boss's prediction hit the mark perfectly," he said.

Landon smirked, lifting the corners of his mouth proudly.

"When has the boss ever been wrong?"

"True enough," Andrew agreed.

Seok-won had anticipated that major IT companies, including Yahoo, would move to acquire Broadcast.com to dominate the rapidly growing internet streaming market. Accordingly, Eldorado Fund had already accumulated a large position, securing a 15% stake at an average price of $50 per share.

"Honestly, while Broadcast.com is undoubtedly an attractive company, I never expected anyone to pay such a huge sum for a firm that's been publicly traded for just one year," Andrew admitted.

Broadcast.com, a fledgling venture that had gone public in July of the previous year, had quickly gained massive popularity by streaming sports events and Victoria's Secret fashion shows, attracting over 700,000 users in a short period of time.

"Well, I've always trusted the boss's insight—he's never been wrong—but I didn't expect a big deal to close this fast."

Andrew stood by the desk, shaking his head.

"Seeing this up close really makes you realize how extraordinary the boss is. It's like he lives in a completely different world from the rest of us."

"That's why they call him the 'Midas of Wall Street,' even among all the geniuses there."

"Exactly."

Landon nodded toward Andrew before continuing.

"As a major shareholder, contact Yahoo to confirm whether the acquisition of Broadcast.com is real and get the details on the terms."

"Yes, sir."

Andrew responded briefly, then turned and left the office.

Once the door closed, Landon rolled up his sleeves and checked his wristwatch. Although it was the middle of the night in Korea, this was urgent enough that he picked up the phone without hesitation.

***

Seok-won, sitting on the plush living room sofa with a can of beer in hand, was reading the intelligence report prepared by Lee Cheol-kyun when his phone vibrated on the coffee table. He picked it up.

"Hello?"

[Boss, it's Landon.]

There was an unmistakable excitement in Landon's voice. Seok-won set the report aside and asked,

"At this hour? What's going on?"

[I called because I have some good news.]

"What is it?"

[Yahoo has announced that it will acquire Broadcast.com for $6.2 billion.]

Seok-won's eyes widened, and he straightened in his seat.

"Is that for real?"

[Yes. The Wall Street Journal broke the exclusive story, and Yahoo has officially confirmed it.]

"Then it's definite."

Landon replied with a smile.

[Once again, your prediction was exactly right, Boss.]

"After all, it's a company that has shown not just simple search or news services, but full video streaming over the internet with sports broadcasts and Victoria's Secret fashion shows. Most importantly, they can insert ads to generate revenue, so any major IT company would be eager to snap them up."

Seok-won spoke as if it were no big deal.

Looking at it this way, it was clear that Jerry Yang and David Filo, who had acquired Broadcast.com early on, had correctly anticipated that video would be the next growth engine and understood the direction the internet was heading.

'But no matter how right the direction, if the timing is off or it's too ahead of its time, failure is inevitable.'

Seok-won knew all too well that just three years after the acquisition, Broadcast.com—which had been bought for a massive sum—would end up shutting down all its services and be cited as one of the worst M&A failures. A bitter expression crossed his face.

[They've agreed to pay the acquisition price with Yahoo stock instead of cash.]

"Even though Yahoo is doing well, it wouldn't be easy to raise that much cash at once. Choosing a stock-for-stock exchange makes sense."

[Because of that, Yahoo's stock has weakened in the market since the acquisition announcement.]

"Even if the acquisition strengthens competitiveness, an increase in the total number of shares isn't good news from an investor's perspective. That explains it."

Seok-won adjusted his grip on the phone and said,

"Once the acquisition completes and we receive the Yahoo shares, sell them off gradually."

[All of them?]

"Yes."

Landon asked cautiously, surprised by Seok-won's decisiveness.

[It's a high-quality IT company whose stock has risen more than tenfold since listing and earned a $25.6 million profit last year. Wouldn't it be better to just keep the shares?]

Seok-won's tone left no room for doubt.

"The more it rises, the higher the risk of a fall. So not only the newly acquired shares but also the existing Yahoo shares we hold should be sold off gradually starting at year-end."

[You mean all of the existing shares too?]

Landon blinked in surprise and repeated,

"Right. The stock has risen enough—now it's time to realize the gains."

Seok-won, who had invested in Yahoo early on, held a 40% stake.

Yet he had delegated all voting rights to the two founders and had not interfered with management at all. That was why, despite being a major shareholder, he was only informed of the Broadcast.com acquisition after the Wall Street reports broke.

Part of it was intentional: he wanted to avoid any suspicion later that he had bought Broadcast.com shares in advance, knowing about the acquisition.

Even though the dot-com craze was still raging and selling shares in the hottest company might seem premature, Landon stifled any disappointment, trusting Seok-won's decision, which had never been wrong.

[If that's the boss's decision, there's nothing I can do. As you said, the gains are already more than sufficient. I'll follow your instructions.]

"Keep me updated on the progress," Seok-won said.

After ending the call, he set down the phone, sank into the sofa, and muttered in a firm voice,

"With a market capitalization nearing $40 billion, yet net profits of only $25.6 million, it's clear the bubble has inflated to its limit."

It was time to slip out of the party before the music stopped quietly.

TL/n -

In 1999, Yahoo! acquired Broadcast.com, a pioneering internet broadcasting company, for approximately $5.7 billion in stock