The Magician’s Memorial - Chapter 278



Only Noblemtl

278. Threats disguised as help (3)

The meeting with Warren Buffett took place earlier than expected.

Of course, I was able to schedule an appointment quickly because I went directly to the Berkshire Hathaway office in Omaha.

“Boss! This is Berkshire Hathaway headquarters.”

“It’s a little different than I thought.”

A smaller company than you think.

It was small for a building that houses the company of Warren Buffett, known as America’s greatest investor.

David had already been here a few times.

With his guidance, I was able to meet Warren Buffett.

“Nice to meet you. My name is Minjae Kim.”

“I finally got to meet someone who plays with Wall Street. I really wanted to meet him at least once.”

A gentle look.

But the eyes seem to have mastered the world.

I shook his hand without relaxing and sat down.

“I’m sorry for making a sudden schedule. I didn’t think there would be time to meet you if it wasn’t now, so I made an unreasonable schedule.”

“I should apologize. I made you come all the way here, didn’t you? You made a very interesting proposal. I never imagined that a proposal would be made to establish Berkshire Hathaway’s Asian base in Korea.”

That was absolutely not what I suggested.

I just wanted Wall Street financial companies to move their Asian base to Korea.

But David and George from Quantum Fund stepped forward and did something I didn’t even want.

In the end, it was a good thing that I met Warren Buffett.

“You don’t need to set up a base in Korea right now. We haven’t even started building the building yet, and it won’t be until four years before we can build the financial building.”

“This is a situation where we don’t even know what’s going to happen tomorrow, so we promise four years from now? Hehehe.”

“We are by no means forcing it, but we can be confident that in the future, Asia’s financial hub will move to Korea.”

“Chairman Kim is saying he wants to make it happen. He is the one who turned Wall Street upside down, so maybe it’s possible.”

Warren Buffett also knew me well.

Well, we acquired AIZ, the largest insurance company in the US, so how could you not know?

“Are you interested? Sign the contract now and we can help you move into the financial building for a very low price.”

“I have been interested in Korea for a long time. There are Korean companies in my investment portfolio. But I don’t know if I have the vision to open a new branch. Isn’t it a country with too many risks?”

As he said, Korea was a country with great risk.

Various regulations, political issues, insufficient financial system, etc.

But the biggest risk above all else was that it was a country at war.

Koreans are so used to it that they don’t feel it, but to outsiders, Korea was a country where the war had not yet ended.

A vision was needed to overcome such risks.

And I already had a vision that Warren Buffett would be interested in.

“Korea will become a center of advanced technology in the future. I can be confident that it will have an overwhelming advantage, especially in the environmental field.”

“It is contradictory that a country that is centered on manufacturing has become the center of the environmental sector.”

“I understand that you are very interested in the environmental field, and so am I. That is why we are investing astronomically in electric vehicles.”

Warren Buffett was a person who was very interested in social responsibility.

Two years ago, he donated 35 trillion won, equivalent to 85% of his assets.

Therefore, I brought up the topic of environmental pollution with the aim of getting his attention.

“Hmm, ESG is becoming more and more important these days. I agree with that, but I am opposed to the current behavior of coercively demanding ESG.”

“I agree with that too. However, Taewo Group is investing for the future, not in response to someone else’s demands.”

ESG.

Environment, society, governance.

It was a factor that was becoming increasingly important, especially in Europe.

In particular, in the environmental sector, companies were being forced to do so, such as introducing a carbon tax.

“If electric vehicles grow to the point where they are commercialized, Taewo Group will definitely be able to grow to the next level. However, I am still skeptical. If we consider the environment, it may be better to develop diesel vehicles.”

“Even diesel cars will eventually emit carbon dioxide. However, electric cars do not emit carbon dioxide at all.”

“Isn’t that something that will only be known after some time has passed?”

The converting blow did not work.

It’s not that he wasn’t interested in environmental pollution, but Warren Buffett wasn’t very interested in electric cars.

Then I had to come up with the next vision, and I quickly came up with a topic that he might be interested in.

“Korea is growing into an IT-centered country. Many IT companies are already forming in Korea, and Taewoo Group is even building a city for IT companies.”

“I know very well that Taewoo Group is great. That’s why I own some shares of Taewoo Group. But what I’m interested in right now is not new industries, but the future of existing industries.”

I never thought I would bring this story up first.

Actually, this was the reason I came to see him today.

Many large companies are on the verge of bankruptcy due to the economic crisis.

Naturally, the stock prices of companies were at their lowest point, and there was a structure in which those who had money shared it among themselves.

“If you say it is the future of an existing industry, would you consider buying a stake in the company now?”

“It may not be as big as Taewoo Group’s purchase of AIZ, but now is the right time to invest. When it comes to stocks, the time to start investing is when people are in fear.”

Buy for fear, sell for desire.

This was the investment method emphasized by Warren Buffett, and it was also the investment method of SAVE Investment Company.

“What field are you interested in?”

“I plan to invest $13 billion in banking stocks. Everyone said I was crazy, but the U.S. financial sector is bound to survive eventually, so there is no reason not to invest.”

“I see it that way too. That’s why I acquired AIZ. Most people buy stocks when others show interest in them, and don’t pay attention when they should be interested.”

“Hehehe! There is a reason why SAVE Investment Company plays with Wall Street. It’s been a long time since I met someone with similar investment views as me.”

Warren Buffett smiled happily.

This was partly because I borrowed the famous saying he used, and partly because I actually showed such behavior.

“I think it is very right to invest in the financial sector now. However, Taewo Group plans to no longer invest in the financial sector.”

“I want to know why.”

“It’s important to revive the financial sector, but shouldn’t we also revive other industries?”

“I don’t believe that people from Wall Street invest in good faith. Bankers from Wall Street and group entrepreneurs are all people who pursue profits.”

I had no intention of being pretentious.

Investing to revive other industries?

It was never done with good intentions, it was just to monopolize the industry.

“I have never invested in good faith. I think it is better to donate to show good will.”

“I like your answer. Can I ask you one more question? If you were to invest in an American financial company right now, which one would it be?”

I already knew the answer to the problem.

Because I remembered which bank Warren Buffett invested in during the subprime mortgage crisis.

“I will invest half in Goldman Sachs and Bank of America. If I invest $5 billion, I can see a return of at least $2 billion.”

“Hehehe, are you reading my mind? You’re saying exactly what I’m thinking.”

“You cannot make that much profit just by investing. Instead of investing, you have to receive some kind of warranty to increase the rate of return.”

Warranty is a kind of promise or guarantee.

This meant that instead of investing at a low price, you could receive a certain amount of compensation after the company stabilized.

“We are already discussing a warranty contract with Goldman Sachs. Did you plant a spy?”

“I would never do anything that would put me in jail. And I worked hard to create the image I have today, so there is no reason to do something that would ruin it in an instant.”

“That’s right. It takes 20 years to build a reputation, but it takes less than 5 minutes to destroy it.”

Warren Buffett stares at me for a moment.

I smiled and looked into his eyes.

“Good! We will open an Asian branch of Berkshire Hathaway in Korea. Instead, we should include a clause that the Taewo Group’s reputation must be maintained as it is now for four years.”

“Will the contract still be maintained even if my reputation becomes higher than my current reputation?”

“Hehehe, you are very confident. You have the ability to show off your confidence, so you can’t say you are arrogant. Next time you have time, how about having a meal with my old friend?”

Warren Buffett’s old friend?

There was one name that crossed my mind.

“Are you by any chance referring to CEO Bill Gates?”

“Did you read my mind again? Hehehe, I really want to introduce you to that friend.”

“You are welcome at any time. If an appointment is made, I will fly over to you right away, even if I am in Korea.”

“There is no need for that. I will visit Korea with that friend soon. Let’s have a meal together then.”

It was an offer that there was absolutely no reason to refuse.

He said he would come to Korea in person and I was welcomed with open arms.

“I’m just waiting for that day. If you let me know your schedule in advance, Taewo Group will definitely prepare it.”

“There is no need to do it in a grand way. I plan to come quietly and leave quietly. Then, I will see you in Korea for our next meeting.”

The American itinerary ended with a handshake with Warren Buffett.

It was a business trip to the United States that resulted in a completely unexpected contract with Berkshire Hathaway.

* * *

Returned to Korea.

As soon as I arrived at the company, I called a CEO and presented him with over 10 contracts.

“At this level, the Korean government will also grant permission to build a high-rise building on the KEPCO site.”

“Contracted with so many companies in such a short period of time… Berkshire? Did you also sign a contract with Warren Buffett’s company!”

“It just so happened to be like that.”

“If it is worthy of Warren Buffett’s name, the Korean government will unconditionally accept it.”

“Please proceed with discussions with the Blue House as quickly as possible. There is not enough time to complete the building before the end of this administration.”

“I’ll contact you right away.”

A boss smiled and moved around busily.

Up until this point, we thought the construction permit would be granted without any problems.

However, contrary to our expectations, something happened that held us back.