[263]Secret Gallery 1
New York Miracle was rolling along with mediocre returns without any major changes. This is also due to manager Rachel Arief’s management philosophy of zero loss rather than high risk, high return.
“James, Howard. “We try to avoid touching derivatives as much as possible.”
“What is the reason? “I guess there’s nowhere else to invest on Wall Street right now other than derivatives, right?”
I asked with a smile, but her stern expression did not ease.
“Do you know how many hedge funds there are now that run with money from high-net-worth investors? There were about 500 10 years ago, but now there are over 10,000. “These guys are all into derivatives.”
She started to get more and more excited.
“Private equity funds are better. This company judges corporate value and buys undervalued companies and resells them. “At least there is an entity called a company.”
“But high returns are derivatives. “You can’t just ignore it because of risk aversion, right?”
Oh Se-hyun spoke a little frustrated, but Rachel stubbornly shook her head.
“If a derivative product is twisted twice, the only person who can clearly depict its true nature is the person who created the product, right? “The rest are moths that pounce on a single dividend.”
“Then Rachel, why don’t you try creating your own derivatives? “It is a product whose true nature is known very precisely.”
He seemed a little taken aback by the unexpected suggestion, so he quickly shook his head.
“Not our Miracle. “If you want to create your own derivatives, you need to get approval from ISDA (International Swaps and Derivatives Association).”
Given Miracle’s scale, approval is not that difficult. However, if you see that they refuse even to the point of making excuses like this, it shows that they are not thinking at all.
“Our priority is to protect our customers’ money by investing in sound companies, quality stocks, and solid bonds.”
When Oh Se-hyun was about to open his mouth to say something, I grabbed his hand.
I trusted her to make the right decision. She doesn’t need to take all kinds of risks anyway. Because another powerful blow is coming.
“Rachel. So, if you trust my judgment, how about this?”
“Tell me, Howard. “I always trust Howard’s judgment.”
Her eyes sparkled.
“Let’s not touch currency, interest rate, or stock derivatives and only purchase credit derivatives, especially collateralized debt obligations (CDOs).”
Rachel’s sparkling eyes instantly turned gray.
It is only natural that she presented the most dangerous product to a woman who puts safety first.
“Products based on mortgage bonds are hot right now. But you also know that products whose underlying assets are bonds are the most risky, right?”
“of course. In my opinion, there is no problem for the next two years. “I’m not confident after two years, so just give it two years.”
I couldn’t go back on what I said about trusting my judgment, so I accepted it.
“What percentage?”
“My prediction is that there will be a return of about 38% over two years. “Please consider Miracle’s overall rate of return when making your decision.”
Although reluctant, Rachel’s expression brightened as she was told the specific rate of return and left in charge of the investment amount.
“okay. I’ll trust Miracle Boy’s judgment once again. But I don’t think you came all this way to point out such trivial things? “You check your investment details by email every day, right?”
“Our Miracle Boy said he’s going to try art this time, so Rachel needs to help. haha.”
“what? art?”
Rachel looked a hundred times more surprised than when she told me to invest in derivatives.
* * *
“Why are you making things so complicated? You can just buy it. Howard, you qualify as a super collector. Just buy a mansion in New York and fill it with paintings. Why go through the trouble of acquiring a gallery?”
When Rachel heard about the painting acquisition process, she looked like she couldn’t understand.
“The places that have the paintings I want to buy will never sell them to me. So, I have to appoint an agent… . Please find a suitable place. Rachel knows a lot of her rich people, right? Of course those rich people would collect art. “It’s not difficult to get introduced to a decent gallery through your connections.”
“Yes, that’s true, but… .”
He still doesn’t let go of his suspicious gaze.
“Now, don’t be too curious and use your strength. Do you know anything? Will the painting Howard purchased skyrocket? Howard’s ability is to turn into gold with just a touch. haha.”
Oh Se-hyeon covered her mouth to prevent her from asking any more questions.
“It’s been a while since we last met, so we should have a great evening tonight. “Let’s have a binge.”
We were led by Oh Se-hyun’s hand and went out to the colorful night streets of New York.
Oh Se-hyeon, who had been drinking the expensive Clos de Griffier cognac non-stop like soju while enjoying dinner, began to doze off in the second bar.
“Now, since the retired middle-aged man is asleep, shall we, the active duty ones, have a proper talk?”
“gallery?”
“no. No matter how you look at it, it seems like your personal matter, so there’s nothing more to say. I’ll find the best gallery for you. The story I want to tell is… .”
“CDO (Collateralized Debt Obligation)?”
“okay. Wall Street is going crazy right now. They are said to be overselling CDO and credit default swap products that all use subprime mortgage loans as the underlying assets. You said you wouldn’t give up for two years, but… ?”
“Why do you think it’s so dangerous?”
“It’s subprime. This means that it is clearly a bad loan. They bundle it all together, turn it into a product, and give it an AAA rating. “This is a scam.”
“A successful scam is not a scam. “When it fails, the fraud is revealed.”
“Based on your guess, it won’t be discovered for two years from now?”
“yes. Balloons do not burst easily unless they are pricked with a needle. “The United States would have to blow up a balloon non-stop for two years to inflate it.”
“The problem is that if that balloon bursts, the American economy will be in shambles.”
I looked straight at her as she spoke with concern.
“So?”
“what?”
“Rachel. Although you are an American citizen, you are also a representative of our company. Shouldn’t we be more concerned about our company’s rate of return than the U.S. economy? “Leave the U.S. economy to the U.S. Treasury.”
“They’re in the same boat!”
“If you are that worried about America, resign from your position as CEO of Miracle right now and jump into politics. I will provide unlimited campaign funds. “If you don’t want to do that, just think about the company’s profitability.”
She seemed embarrassed, perhaps because of my cold voice.
“S-sorry. I was unprofessional. You are right. “I’m a New Yorker, not a Washingtonian.”
“If you can’t break the flow, go with the flow. “Because money and justice are parallel lines that never meet.”
“good. “Then how can you be sure it’s been two years?”
Actually it was 3 years, but I said 2 years just in case. Since you can’t tell the truth anyway, the easiest thing to do is to ask questions as homework.
“Do the math. “It will come out in two or three years.”
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“It’s a calculation… … .”
“Then would I have asked the crystal ball?”
I held up a glass of whiskey with melted ice.
Do you want to look like a mysterious Asian?
* * *
“This is Elizabeth Porter. Her friends call her Bette. nice to meet you Mr. Jin.”
“Please call me Howard.”
“Is that so?”
She was a tall beauty who seemed to have some black blood, judging by her dark skin and extremely curly hair.
“Howard. Beth is a gifted student who majored in history at Yale and art history at New York University. “He is now the director of the Wentworth Art Gallery.”
Rachel nudged her.
“I’m the director, but I’m on the verge of closing down because I’m not doing my job.”
He said, looking at her smiling bitterly.
“How much do you owe?”
“… … ?”
“The question is, how much does it take to keep the business from closing?”
“Ah, $1.2 million will take your breath away.”
“What is your annual budget?”
“It’s $2.5 million. However, the income coming in through exhibition programs… .”
I raised my hand and covered her mouth.
“We will support $3 million every year, so you can become a good gallery. “Okay?”
“… … !”
Bette Potter just opened her mouth and blinked.
“What did I say? You said today is the day the jackpot hits, right? Ho Ho.”
Rachel laughed out loud and tapped Bet Porter, who had a blank expression on her face.
“Now, wait a minute. What is this now… ?”
After coming to her senses, she hurriedly rummaged through the bag she had brought and took out a bunch of files.
“This is the current state of our gallery. “I think the order would be to review first?”
I took the file she held out and threw it on the seat next to me.
“Do you have to see it?”
“Do you know my gallery or me well?” ?”
“No, I have no idea. In fact, art is no different from being illiterate.”
“But is it strange that I don’t think it’s strange that $3 million is provided annually to the gallery without even reviewing it?”
“Does this mean that you refuse unpaid favors?”
“There is no such thing as a free lunch.”
She is not a down-to-earth woman who is immersed in art. She knows the basics of business.
The fact that a gallery run by such a woman is struggling with losses is clearly a matter of scale. After all, is there any art that does not suffer from deficits?
“Who said it was free? “My promise is only valid if I get what I want.”
I held out a piece of paper with a list of works written on it.
“Let’s take a look.”
Bet Porter snatched up the list and read it hastily.
Her face grew redder and redder and eventually she let out an exclamation.
“Holy shit! Wow!”
“Is it that great?”
“No, you don’t know this? Mark Rothko, Paul Cezanne, Jan van Eyck, Titian… . Plus Damien Hirst. “This is all humanity’s heritage!”
“Do you know what those works have in common?”
“I told you. “It’s an incredible masterpiece.”
She couldn’t contain her excitement. So much so that you can’t even see the name Sunyang Gallery clearly stamped underneath the paper listing the list.
“We buy it all. Of course, I won’t sell everything, but I’ll try to buy as many as possible. Those are my conditions.”
It seems like a huge shock to her. Well, to buy all of those works, it would cost around 300 to 400 billion won.
“Oh, I will pay the full cost of purchasing that work, so you don’t have to worry about money.”
“Well, more than that, who wrote this work…” ?”
She looked at the paper again and her eyes sparkled.
“Soonyang Gallery! “All of these works are in Soonyang Gallery.”
“yes.”
Bette Porter’s face was filled with disappointment after seeing the name.
“Give up. It is famous for the works that go into that gallery never to see the light of day again. “It will sleep in the storage room forever.”
Now, beyond disappointment, there was even anger.
“This is a notorious gallery that never exhibits masterpieces. Even if it is not a permanent exhibition, it should be exhibited at least once a year. “Hidden the work and just storing it is a violation of the gallery’s duty.”
“Even if we don’t exhibit it, we will still sell it. Of course, we won’t sell everything.”
“What does that mean? “Soonyang Gallery is not a dealer.”
“Trust me and proceed. “There’s no loss, right?”
She must still be confused because she only told me unbelievable stories during the short time she met me.
But Bette Porter had the opportunity of a lifetime.
In this way, opportunities appear all at once without warning. There isn’t much time to worry about whether or not to take that opportunity.
Opportunity is a heartless guy who only waits for a very short time.
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fantasy, modern,
