Golden Spoon Investor

Hannam-dong, Seoul.

Early in the morning, with the weather still cold, Chairman Park Tae-hong stepped out into the garden, wearing a thick cardigan.

Looking up at the clear sky, with not a single cloud in sight after yesterday's snowfall, he clasped his hands behind his back and murmured quietly.

"The weather's nice today."

He then naturally lowered his head and glanced around.

Seeing that the garden was empty, Chairman Park quietly made his way towards the left side of the terrace wooden deck.

After carefully scanning his surroundings once again, he crouched down in front of the deck and pulled something out of his cardigan pocket.

With a rustling sound, Chairman Park unfolded a black plastic bag and pulled out some dried anchovies. He called out softly.

"Hey, Nabi (butterfly)."

At that, a thin, faint meow echoed from beneath the wooden deck, and a tabby cat with a mackerel-coloured coat peeked out.

"Meow."

Seeing the cat, Chairman Park gently waved the anchovies in his hand.

"Ch-ch-ch. Come here and have some."

As the tabby cat raised its tail and came out from under the deck, it was followed by two other calico cats, likely its mother and another kitten.

As if this wasn't the first time it had been fed, the tabby cat boldly approached and quickly grabbed the anchovy from Chairman Park's hand.

Soon, the other cats came forward, meowing and demanding their share.

"Meow."

"Meow."

"Meow."

"Hey, you little guys. I'll give you some without you pestering me. Just wait quietly."

(TL/n – now stop pestering me for more chapters 😅)

Chairman Park Tae-hong spoke as if he were having a conversation with the cats, spreading out the plastic bag filled with dried anchovies and placing it neatly on the grass.

The cats then circled the bag, sticking their heads inside, making chomp-chomp noises as they began eating the anchovies.

"You little rascals."

As he watched them, Chairman Park couldn't help but smile a proud fatherly smile.

At that moment, the mother cat, as if in gratitude, walked over and rubbed her body against his leg. Chairman Park, smiling, stroked her back in return, welcoming the cat's affection.

In fact, Chairman Park had known that his second son had been feeding a stray cat that had become pregnant, but at first, he hadn't paid much attention to it.

He didn't dislike animals, but he wasn't particularly fond of them either, so he simply ignored them.

However, when the stray cat settled under the garden terrace wooden deck and started raising her kittens, his second son, along with his wife and the house staff, began to care for them, showering them with affection.

His wife, in particular, loved the kittens, and while their meowing was sometimes loud, Chairman Park would turn a blind eye and pretend not to notice.

About a month ago, Chairman Park Tae-hong was sitting alone at the garden's parasol table, enjoying a warm cup of coffee, lost in thought.

Out of nowhere, a tabby cat appeared, darting through the flowerbed he had planted. The tabby stared at Chairman Park for a moment before approaching, rubbing its body against his leg and letting out a brief "meow" before quickly disappearing.

That moment marked the beginning of their bond. Whenever the cat came by, he would pet it or toss it some food, and before long, he had completely grown fond of the entire cat family.

He never imagined that one day he would find himself sitting in a corner of the garden, feeding the cats. A wry smile appeared on his face as he thought about it.

"These little rascals think they're living the high life."

Even as he spoke, his hand never stopped petting the mother cat, who was rubbing against him affectionately.

After feeding the cats for a while, he returned inside the house, where Cho Deok-rye, his wife, looked at him curiously and asked,

"Where did you go in this cold?"

"I just sat for a moment at the garden table; the air felt good."

"You should've dressed warmly before going out. What if you catch a cold?"

"When I was younger, I could even do cold water therapy in winter and still be fine. This much is nothing."

"That was when you were young. Things aren't the same now."

"What's this? I'm still young at heart."

Cho Deok-rye shook her head in disbelief, with an expression of exasperation.

"Oh, well. Must be nice to be young. Anyway, breakfast is almost ready, so just wait a little longer."

"Alright."

As she entered the kitchen, Cho Deok-rye noticed Chairman Park following her and asked,

"What is it? Do you need something?"

"Give me a cold glass of water."

"You were just sitting outside in the cold, and now you're asking for cold water? You can't be helped."

Cho Deok-rye took out a water bottle from the fridge and poured it into a cup before handing it over to him.

She then looked over at Gunsan, the Housekeeper, who had been rummaging around in front of the sink, and said,

"What's going on Gunsan?"

"Well… I was going to make stock for tomorrow's potato dumplings, so I left a bag of dried anchovies here, but they're gone. Did you move them, Madam?"

"No, I haven't even seen them."

"That's strange. Where could they have gone?"

As Chairman Park Tae-hong set his cup down after drinking the water, he suddenly made an uncomfortable expression.

"Are you sure you left them here?"

"Yes, I'm certain. I put them right here, but now they're completely gone."

"They might be hidden somewhere. Look around carefully."

"I swear I left them right here…"

Gunsan tilted her head repeatedly as she opened the cabinet under the sink, searching through it.

It was just the right amount, so Chairman Park Tae-hong quickly grabbed it. But it turns out that Gunsan had set it aside for herself.

Having just given the anchovies to the cats, Chairman Park Tae-hong felt a bit guilty. He subtly made his way to the living room, pretending not to notice.

"Ahem."

Sitting down on the leather sofa, Chairman Park Tae-hong grabbed the neatly arranged newspaper from the table to hide his awkward feeling.

[The recent yen appreciation is likely a temporary phenomenon…

Several private economic research institutes, including Saseong, recently diagnosed the sharp decline in the yen's exchange rate against the dollar as a politically-induced surge, created by the U.S. government to force Japan to open its markets.

Given that, they anticipated that once Japan accepted the U.S. demands and opened its markets, the yen would immediately return to its original value.

Saseong Economic Research Institute predicted that, because Japan's economic structure is not robust enough to directly oppose the pressure of market opening, it would likely give in sooner rather than later.

If that happens, the yen-to-dollar exchange rate is expected to rise to between 110 and 115 yen.

Additionally, they mentioned that the strengthening of the dollar, due to the U.S. economic recovery and rising interest rates, could lead to a further increase in the dollar's value...]

After reading the article, Chairman Park Tae-hong made a slightly disappointed expression.

"Well, it doesn't really concern us, but if the yen stays high for a longer time, it would've been a huge help for exports. Too bad."

Japan was in direct competition with Korea in industries like steel, shipbuilding, and even home appliances. Therefore, if the yen (¥) became more expensive, Korean export companies would become more price-competitive, which would be advantageous.

"Dear, breakfast is ready."

"Oh, okay."

Just then, hearing his wife, Cho Deok-rye's call, Chairman Park Tae-hong set the newspaper down and stood up.

***

As expected by Seok-won, the yen's surge, instigated by the White House, shook Japan and then crossed the vast Pacific, turning into a massive storm that hit Wall Street in New York.

Mundale, who had been leisurely vacationing with his wife at a Mediterranean resort, rushed back in panic. Upon entering the trading floor, which resembled a battlefield, he screamed at the top of his lungs.

"What's going on here?! The prices keep falling!"

In response, Chief Trader Jacob looked back at him with a powerless expression.

"We've placed the sell orders, but we can't sell."

Within a week, the yen had surged more than 7%, causing significant losses for the hedge funds that held short positions in the yen.

Mundale Partners was one of those hedge funds, and within just a few days, they had lost over $700 million.

Due to these massive losses, the investment bank that had lent leverage demanded additional collateral in the form of a margin call.

As a result, the hedge funds were forced to sell off their bonds in large quantities to raise the necessary funds, which in turn triggered a chain reaction in the bond market.

With no buyers in sight and only sell orders flooding in, bond prices plummeted uncontrollably.

Staring at Jacob with bloodshot eyes, Mundale shouted at him in frustration.

"Are we just going to stand here and do nothing? We don't have the luxury to worry about prices right now. Just sell them, no matter what!"

Jacob sighed, looking unsure of himself.

"Ugh. Understood."

Watching Jacob relay the orders to the traders, Mundale clenched his lower lip tightly.

"Damn Federal Reserve... Look at the mess they've caused."

Just a few days ago, he had been lying on a sunbed on the beautiful Mediterranean coast, wearing sunglasses, alongside his wife.

They had been discussing whether to buy a wine estate in France with the bonus he'd receive this year, or perhaps embark on a luxurious cruise vacation.

But then, suddenly, everything changed, and he found himself trapped in a nightmare of a situation. It was impossible not to curse.

However, Mundale had not given up hope.

"Do you think I'll crumble from this? Not a chance."

Yes, the losses were significant, but there were still more assets left to work with.

And he had one more thing to rely on.

"I've seen what happens when they play games like this. The Fed won't dare raise interest rates again after this chaos."

If the Federal Reserve, frightened by the market panic, put the brakes on and stopped hiking rates, bond prices would stabilize again.

And it had to happen that way.

That was the only way Mundale and his fund could avoid bankruptcy and have a chance at recovery.

Clenching his fists, he stood there, staring down at the trading terminal as transactions were taking place.

At that moment, Jacob, holding the phone receiver with one hand, approached him with a distressed expression.

"Goldman's demanding additional collateral. What should we do?"

Mundale furrowed his brows and replied through gritted teeth.

"They said they'd give us until the afternoon."

"They're asking for a larger amount than originally requested because the collateral value has dropped since yesterday."

Mundale quickly checked the terminal and saw that the yields on Spanish and Italian government bonds had dropped by over 25 basis points.

"Damn!"

Unable to hold it in, Mundale cursed under his breath and straightened his posture.

He then turned to Jacob, his voice edged with frustration.

"How much more do they want?"

"$4 million."

"How much leverage were we using with Goldman?"

"100x."

The moment he heard the answer, Mundale's face twisted in disbelief.

With 100x leverage, being asked for an additional $4 million meant they'd need to sell $400 million worth of bonds to cover the margin call.

"This is insane!"

It didn't take a genius to realize that selling that much in a market where bond prices were crashing would result in massive losses.

And with no buyers left in the market, it wasn't even certain that they'd be able to sell the bonds at all.

Yet, if he didn't come up with the required collateral in time, the entire position would be liquidated, and they'd lose everything.

"There's no choice. We'll have to sell more bonds."

Even though bond prices were plummeting, and additional sales would only drive prices further down, there was no other option. Jacob hesitated, then reluctantly nodded.

"Understood."

Mundale watched, helpless, as Jacob placed the new sell orders. He forced himself to take a deep breath, trying to suppress the rising panic.

"We just need to hold on a little longer. If we can push through, we'll make it out."

Mundale muttered to himself, repeating the mantra in an attempt to calm his nerves.

But the situation wasn't shifting in the direction that Mundale or the other hedge funds so desperately needed.

***

As the perfect storm in the bond market rocked Wall Street, the only entity that remained unscathed was the Eldorado Fund.

In fact, they had positioned themselves on the opposite side, calmly watching as the yen surged and bond prices plummeted.

Sitting on the sofa in the CEO's office, Landon looked at Seok-won with a mix of admiration and curiosity.

"Just as you said, the yen has surged more than 7%, breaking past 101 yen."

Andrew, seated across from them, added with a broad smile, "The upward momentum is still strong. Not only did it break last August's high of 100.40 yen, but I think it's only a matter of time before we see it spike into the 90s."

Seok-won, dressed in a perfectly tailored suit with one leg crossed, responded calmly, his voice steady.

"I wish that were the case, but I don't think the yen will rise much further."

His unexpected view surprised the two of them, especially since everyone else seemed to be betting on a continued yen rally.

"You think the yen won't rise any further?" Landon asked, raising an eyebrow.

Seok-won nodded thoughtfully and replied, "Yes. People seem to have forgotten, but the yen is one of the most widely traded currencies globally, just after the dollar and pound. It's a quasi-reserve currency."

"..."

"That means, if necessary, Japan could flood the market with yen at any time to bring the exchange rate down," Seok-won said calmly.

Andrew leaned forward, challenging Seok-won's point. "That may be true, but do you think the U.S. would just stand by and let the Japanese government artificially manipulate the currency?"

Landon nodded in agreement, adding his own input. "Exactly. On top of that, this yen rally was intentionally triggered by the White House to pressure Japan, so they'll certainly intervene if it goes too far."

Seok-won paused for a moment, as if considering their points, but then offered a counterargument.

"The White House indeed encouraged the yen's rise, but that was more about applying pressure than trying to crush Japan's economy."

He continued, pointing out what he felt they were overlooking.

"The Japanese economy, already struggling from its lost decade, can't afford another collapse. If Japan falls, it will affect the U.S. too. It's the second-largest economy in the world."

Seok-won took a sip of his coffee, setting the cup down with a deliberate calmness as he continued.

"Just look at the massive losses hedge funds are facing from this yen surge—it's clear that this is causing ripple effects. Japan, still haunted by the nightmare of the bubble burst, won't just let this yen appreciation slide without a fight. Even the Japanese government, which is typically so responsive to the U.S., won't sit back and let a yen surge reminiscent of the Plaza Accord go unchecked."

Andrew, thoughtfully considering Seok-won's words, nodded slowly, as if understanding the nuances of the situation more clearly.

"After hearing your point, I can see how that could make sense," Landon admitted, nodding thoughtfully.

"Right. Given that the economy is on the verge of collapse, they won't just sit idly by," Seok-won added, his tone calm but firm.

Landon agreed, continuing, "If the White House turns a blind eye, the yen might continue strengthening, but it won't break the 100 yen mark and surge much further."

"So, you're saying this is the peak?" Andrew asked, looking at Seok-won with a raised eyebrow.

"That's right," Seok-won replied, his gaze shifting toward Andrew.

"We should start slowly unwinding our yen positions now," Seok-won instructed, his voice steady.

"Understood," Andrew responded immediately, his earlier concerns replaced by the quiet confidence that comes from a substantial profit. The yen had already risen enough to net them over $600 million, so he didn't hesitate to accept the directive.

Landon, still processing the situation, asked, "What about the bonds? Are you planning to hold them for longer?"

Andrew, who had a much larger position in bonds, mirrored Landon's curiosity.

"There's still some potential left in the bonds, so I'll leave them for now," Seok-won replied without hesitation.

Landon raised an eyebrow. "But they've already dropped quite a bit. You think they'll keep falling?"

Seok-won nodded. "Next week's inflation report could push them even lower. If the numbers come in worse than expected, the market might take another major dive."

Realization dawned on Andrew as he caught Seok-won's drift. "You're betting that inflation fears will trigger another round of rate hikes from the Fed."

"Exactly," Seok-won said, his lips curling into a slight smile.

Landon, visibly impressed, shook his head. "If inflation fears really spike, and with the market already in a panic, the bond market will be in chaos—like a massacre."

As the bond market spiralled downward, the Eldorado Fund's profits soared. Seok-won's smile grew even wider, knowing his predictions were playing out exactly as planned.

TL/n - 

The Consumer Price Index (CPI) is a measure that examines the average change over time in the prices paid by consumers for a basket of goods and services. These goods and services typically include food, clothing, shelter, fuels, transportation fares, and medical services, among others.

In India, the CPI is primarily calculated and published by the National Statistical Office (NSO), which operates under the Ministry of Statistics and Programme Implementation (MoSPI). The data is published on a monthly basis and provides critical insights into inflationary trends, which are essential for making informed economic policies.

Consumer Price Index (CPI): The annual inflation rate has eased to 5.48% in November 2024 from 6.21% in October 2024. This is partly due to a decline in food inflation, which dropped to 9.04% from 10.87%.

Food Price Index: Food inflation remains significant, contributing to overall inflation concerns. Though the latest data shows a decline, it's still high, and volatility in food prices continues to be a key issue.