Reincarnated in a Fantasy World Where I Can Conquer All Women

Adam continued:

"Third, the duchy can retain a special share. In my world, we might call it a golden share. A unique share that allows Isadora to block certain dangerous decisions. For example: transferring the plans, selling to a foreigner, changing management, or disseminating information outside of Valoria."

Shiora placed a hand on her chin.

"A share that isn’t used to make more money, but to prevent strategic betrayal."

"Exactly."

"Isadora will love that."

"I suspected as much."

Adam added:

"Fourth, we must consider dilution."

Shiora frowned.

"Dilution?"

Adam resumed the circle.

"If the company has one hundred shares and you own fifty, you own half. But if the company creates one hundred new shares and sells them to other people, there will be two hundred shares in total." Your fifty shares will now represent only 25%.

Shiora remained perfectly still.

Then her eyes narrowed.

"So you can steal control of someone without taking their shares, simply by creating a lot of new ones."

"Yes. That’s why you have to limit the issuance of new shares or require the agreement of the major shareholders."

Shiora wrote faster.

"Very dangerous. Very useful. Very important to watch."

Adam smiled.

"Welcome to finance."

She looked up at him.

"I understand why your old world seemed powerful and sick at the same time."

Adam was silent for a second.

Then he sighed.

"That’s a pretty good description."

Shiora quickly continued:

"And what about this stock market you mentioned?"

Adam put down his pen.

"A stock exchange is an organized place where shares can be bought and sold according to common rules. It makes trading easier, faster, and more transparent."

"Visible how?"

"Prices are known. Transactions are recorded. Buyers and sellers can meet more easily. This provides liquidity."

"Liquidity?"

"The ability to quickly convert an asset into cash. If you own a house, it’s wealth, but it takes time to sell. If you own a highly sought-after stock, you can quickly sell it to someone else. So it’s more liquid."

Shiora remained silent.

Then she murmured:

"Wealth that circulates quickly attracts even more wealth."

"Yes. But it also attracts speculation."

"Speculation?"

"Buying something not to use it or receive profits, but because you think you can resell it for a higher price later."

Shiora smiled.

"Merchants already do this with rare goods."

"Exactly. The Stock Exchange applies this principle to ownership shares."

Shiora slowly laid down her pen.

"If we ever create a Stock Exchange in Valoria, we could attract money from the great merchant families, finance projects for the duchy, and monitor economic activity all at the same time."

Adam looked at her.

"Yes. But be careful. A Stock Exchange without rules becomes an invisible battleground. Price manipulation, false rumors, hidden purchases, organized panic, speculative bubbles..."

"Bubbles?"

Adam drew a circle that was expanding.

"A bubble occurs when the price of an asset rises much faster than its true value, simply because everyone believes they can resell it for more. As long as people believe that, the price rises. When confidence is broken, everything collapses."

Shiora stared at the circle.

"A collective illusion of wealth."

"Yes." And when it erupts, many people lose everything."

She smiled faintly.

"Very dangerous."

"Yes."

"Very powerful."

"Also."

The session then took on a new dimension.

Shiora asked questions.

Adam answered.

They talked about initial capital.

How to finance production without emptying the duchy’s coffers.

Strategic investors.

The importance of choosing allies who brought more than just money.

A craftsman brought expertise.

A guild provided workshops.

A merchant house provided roads.

The duchy provided political protection.

Taverns provided the public.

Adventuresses provided popular appeal.

Nobles provided prestige.

Adam explained that in his old world, they didn’t just seek wealthy investors, but sometimes useful ones.

"Money alone is interchangeable," he said. "But a person who brings a trade route, protection, reputation, or access to a market can be worth more than a chest full of gold."

Shiora remained silent for a few seconds.

Then she smiled.

"So it’s not just about selling shares. It’s about choosing who gets to buy them."

"Exactly."

"A share becomes an invitation to protect the project."

"Yes. If the right people own a piece of the pie, they prevent others from stealing it."

Shiora chuckled softly.

"Adam, you’ve just made greed politically useful."

"That wasn’t my primary objective."

"But it’s the result."

Then they talked about licensing.

Adam explained that instead of manufacturing all the games themselves, they could authorize certain people to produce controlled versions in exchange for a royalty.

"A license is official permission to use an idea, a design, or a trademark. For example, an allied city could produce the Valorian Games at home, but only according to our rules, with our seal, and by paying us a portion of the sales."

Shiora took note immediately.

"This reduces shipping costs, increases distribution, and turns local producers into allies."

"Yes. But quality control is essential. Otherwise, poor copies will ruin the reputation."

"So mandatory inspection, a quality seal, and the right to revoke the license."

"Exactly."

They also talked about the trademark.

Adam explained that the name "Valoria Games" shouldn’t just be a title, but a promise.

Quality.

Clear rules.

Sturdy components.

A reliable experience.

A recognizable official version.

"If people associate the name with quality, they’ll prefer to pay for the original rather than a cheaper copy."

Shiora smiled.

"So the name itself becomes an asset."

"Yes. In my old world, some brands were worth more than their factories."

Shiora put down her pen.

"More than their factories..."

She seemed almost moved.

"It’s beautiful and terrible."

Adam smiled.

"Another good description."

Then they discussed counterattacks.

Shiora pulled out a list.

"Imitations, accusations of monopoly, rumors about quality, attempts to buy off artisans, sabotage of deliveries, nobles demanding free shares, merchant families wanting to impose their routes, imperial agents searching for the plans..."

Adam studied the list.

"Have you already planned for everything?"

"No. Just the obvious things."

"Reassuring."

He thought for a moment.

"For imitations, you need an official seal that’s difficult to copy. For rumors, you need public demonstrations and respected people testing the games. For nobles who want a free share, you need clear entry rules. They can invest or offer something useful, but they can’t take without contributing."

Shiora nodded.

"And what about the artisans they try to buy off?"

"Compartmentalize production. No one knows everything except the inner circle." And those who work on sensitive parts must be well paid, monitored, and have more to lose by betraying than by remaining loyal."

Shiora smiled.

"Very businesslike."

Adam shrugged.

"Very human, especially."

"Humans aren’t the only ones who betray for money."

"That’s true."

She took another note.

Then Adam spoke about bonds.

"There’s another way to raise money without selling a share of ownership."

Shiora immediately looked up.

"I’m listening."

"Debt. But in an organized form. In my old world, we called it bonds. The company borrows money from investors and promises to repay later with interest."

Shiora immediately offered an analogy.

"Unlike with shares, the investor doesn’t own a part of the company. They’re a creditor."

"Exactly. If he wants to share the profits and the risk, he buys shares. If he wants a more predictable income, he lends through a bond."

"And if the company fails?"

"Creditors often get priority over shareholders when it comes to repayment, but they don’t profit as much if the company becomes very wealthy."

Shiora smiled.

"So the cautious buy the debt, the ambitious buy the shares."

"In short, yes."

She wrote this sentence in large print.

Adam looked at her.

"You’re going to reuse it, aren’t you?"

"Of course."

The discussion continued like this for almost two hours.

Time passed without Adam even noticing.

He almost forgot about the bracelets.

Almost.

Every time he moved to draw a diagram, the weight on his wrists reminded him that Selene had turned even her business lessons into a workout.

Shiora, on the other hand, seemed increasingly excited.

Not just by the profits.

But by the structure.

By the idea that money could be organized like an army.

Each stock, a soldier.

Each investor, an ally.

Each license, an open road.

Each brand, a flag.

Each dividend, a reward.

Each ledger, a fortress against lies.

Finally, Shiora leaned back in her chair, her eyes shining.

"Adam."

"Yes?"

"Your old world was terrifying."

"I know."

"But it had magnificent weapons."

He sighed.

"I know that too."

She carefully gathered her notes.

"Tonight, you’ll explain this to the others."

Adam stared at her.

"Elaria already ordered me to explain the algorithms."

"Perfect. You’ll explain the algorithms and the stocks."

"This dinner is going to become a university lecture."

Shiora tilted her head.

"University lecture?" "

Adam thought for a moment.

"A place where people study for a long time to understand complicated things, before discovering that the real world is even worse."

Shiora burst out laughing.

"I like that definition very much."

She then stood up and walked around the desk.

"For the Valoria Games, I’m going to set up a privately held company. Not a real stock exchange yet. Too soon."

Adam nodded.

"Good decision."

"The duchy will retain a special controlling stake. Elaria will have a share related to production. I’ll have a share related to distribution. Selene and Elena can represent military and popular customs. Lyriana will oversee security. And you..."

Adam had a bad feeling.

"Me?"

Shiora smiled.

"You’re still the source of the rules and the ideas. So you’ll have a foundational role."

Adam remained silent.

"Can’t I just be paid in meals and rest?"

"No."

"Too bad."

"Rest doesn’t produce results."

"For my body, it does."

She placed a light hand on his shoulder.

"You’ll get used to it."

Adam closed his eyes.

"That phrase is following me everywhere."

Shiora smiled.

"See you later, Adam. And thanks for the lesson."

He looked at her.

His tone was more sincere than usual.

Adam smiled slightly.

"You’re welcome. Just try not to create a financial crisis before the end of the week."

"I’m not promising anything."

"Why did I ask?"

Shiora was already heading back to her office, clearly ready to transform two hours of discussion into a plan capable of shaking several merchant families to their core.

Adam left the room.

As he descended the stairs of the Merchants’ Guild, he felt mental fatigue join his physical exhaustion.

Selene had attacked his body.

Elaria had attacked his technical mind.

Shiora had just attacked his economic memory.

And he still had Vespera to contend with.

Adam paused for a moment in front of the exit.

The weight of the bracelets strained his limbs.

But he continued onward.

"Very well..."

He looked up at the distant silhouette of the Mage Tower.

"Let’s see what a dragon can do with my last reserves of strength."

Then he headed toward his next class.