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CH281 | Heir
🕑 Added 2025-09-21 05:36:52 +0000 UTCThe next day.
I went to Captain Kang’s traditional Korean restaurant for lunch with Warren Buffett.
“I hope traditional Korean dishes suit your taste.”
“It’s a bit too much food for just two people. A hamburger or a piece of steak would have been enough, but you’ve prepared far too much.”
“It’s a free lunch with you, so we thought it best to prepare this much.”
Lunch with Warren Buffett was no simple matter.
Every year, Buffett selected his lunch companions through an auction, and some people had paid over 20 billion won just to secure a spot.
So in a sense, we were saving 20 billion won—certainly worth setting a generous table.
“This is a fine restaurant. The food is very flavorful—subtle yet perfectly seasoned, and goes down smoothly.”
“If anything is lacking, please don’t hesitate to tell me.”
“The food is fine, but there’s no cola.”
“Ah! I’ll order it immediately.”
Buffett was famously a cola enthusiast.
He drank over five cans a day and even owned stock in a cola company because of his fondness.
Through an employee, a can of red cola was handed to Buffett.
He downed it in one gulp. Perhaps the food was too greasy, because he emptied the can in a single swallow.
“Korean cola tastes really good too. Did you know that cola tastes slightly different in each country?”
“I’m well aware. Taewoo Group also holds the distribution rights for cola in Korea. Since I love cola myself, I purchased the distribution rights personally.”
“Ha ha ha, we really have a lot in common. Everyone keeps telling me to give up cola for my health, but if life has no small pleasures like that, what’s the point?”
The cola conversation quickly closed the gap between us.
Perhaps that’s why Warren Buffett suddenly became much more talkative.
“Bill also wanted to come to Korea, but the situation in the U.S. was too chaotic, so he couldn’t make it.”
“Surely there will be another opportunity. When the time comes, I’ll visit the U.S.”
“That would be convenient for us. Long-distance flights get exhausting as you get older,” he said, playfully tapping his knee.
That gesture reminded me of my grandfather.
“Our next meeting will definitely be in the U.S.”
“Ha ha, by the way, the Lehman Brothers situation is worsening. There will be more bankruptcies than just a couple of companies.”
“Companies that have managed recklessly won’t survive. It’s the same worldwide, not just in the U.S.”
“For investors like us, it’s also a great opportunity. So, which companies are you targeting?”
Buffett’s question came suddenly, as if he already knew I was planning to acquire a few companies.
“I’m not particularly focused on any company right now. Just acquiring AIZ has already been a big undertaking.”
“You’re not good at lying. It shows clearly on your face.”
“Really? I’m just waiting for the right moment. I do plan to acquire a few companies related to Taewoo Group.”
“Then it would be in IT or manufacturing, I suppose. If it’s manufacturing, the most likely candidate would probably be an automobile company.”
Could he have the same ability as I do?
Warren Buffett seemed to be reading my mind.
“I’m not saying I’m not considering acquiring an American automaker.”
“The auto industry is in a tough spot. Even with government support, some companies could still go bankrupt.”
“They’re holding up for now, but they expanded so rapidly that they’ve been hit hard by this crisis.”
GM alone had thirteen brands under its belt.
Some were developed in-house, but most were acquired through mergers and acquisitions.
Because they invested so much money in acquiring these brands, they were naturally vulnerable to an economic crisis.
“You know your stuff. It’s as if you’ve done your homework for an acquisition.”
“I’ve been researching not just the auto industry, but various industries.”
“I’d prefer we not speak in circles among people who know everything. You once mentioned electric cars to me, right? But with just Taewoo Motors’ capabilities, it wouldn’t be enough to lead the electric vehicle market.”
Goosebumps ran down my arms.
Warren Buffett knew my grand plan with terrifying accuracy.
He was so precise that, for a moment, I wondered if David or Mr. Han had been spying.
“So you think I’m going to acquire an American automaker?”
“Do you not? If not, I apologize. But if I’m correct, be honest. I might be able to offer some help.”
“I do plan to acquire one. I’m considering either GM or Ford.”
I no longer hid my thoughts.
Since Warren Buffett had even offered to help, it would have been rude to keep pretending I didn’t know.
Truthfully, I was more curious about what kind of help he might offer than concerned with manners.
“If Taewoo Group acquires an American automaker, I’ll purchase a portion of the shares.”
“A portion? How much are you thinking?”
“I can’t invest too much, since I’ll also need to buy stakes in financial firms. Around five billion dollars seems reasonable.”
Five billion dollars was an enormous sum—over six trillion Korean won.
Yet considering the debts of the American automaker, it wasn’t actually that much.
But it couldn’t be measured by money alone.
Not all money is equal.
Money coming from Warren Buffett’s company carried at least five times its face value.
Just the fact that he invested would instantly increase the company’s perceived value.
“I assume you know better than anyone how troubled the American automaker is. But may I ask why you still want to purchase a stake?”
“It’s the same reason I buy shares in financial firms. This is the lowest point right now, and it’s a company worth investing in—so there’s no reason not to.”
“Is that really the only reason?”
This time, Warren Buffett was hiding his thoughts.
So I asked more firmly.
“Of course, that’s not the full reason. If anyone else were acquiring an American automaker, I wouldn’t care. But Chairman Kim has a clear vision, which makes the investment worthwhile.”
“I thought you might not be convinced by the vision I have.”
“I’m still not fully certain about electric vehicles. But just having a clear vision is enough. And I’m confident that with your ability, you’ll find a way to restore any company you acquire.”
In short, he was telling me he would invest.
No matter which automaker I acquired, Warren Buffett was willing to pour in a staggering five billion dollars.
“Thank you so much for your trust. Having Warren Buffett’s investment would make acquiring an automaker a far easier task.”
“Ha ha, you’re complaining to the person with the most cash in all of Wall Street. From SAVE’s perspective, five billion dollars isn’t that much.”
“This is an era where a company’s value is measured by potential, not money. I’m truly grateful that you’re giving me trust that money alone couldn’t buy.”
“What can I say? Ha ha ha.”
Normally, stock prices are determined by a company’s revenue and operating profit.
But as times changed, growth potential became a more important factor than current revenue.
That’s why some companies have stock prices 50 or 100 times their revenue. And when Warren Buffett’s name is attached, a company’s value can multiply even further.
“I haven’t decided which company to acquire yet, but I’ll contact you first thing once I do.”
“I’ll be waiting for your call. Now, our meal is finished, so shall we get going? If we linger, you might miss your flight.”
“I’ll see you to the airport.”
“No need. I wouldn’t want to waste your time. Let’s meet next time in the U.S. instead.”
It had been an extraordinarily successful lunch meeting.
Wasn’t the cost of a lunch with Warren Buffett 20 billion won?
If I could, I would have paid not just 20 billion, but even 100 billion won—the returns were that extraordinary.
The financial hub project was officially underway.
The planning director and Mr. Han came to the chairman’s office to provide an update on the progress.
“The government and the National Assembly have given their approvals. The opposition tried to block it under the pretext of environmental protection, but thanks to the active support of the People’s Economic Party, it passed without major issues.”
“The government and Seoul City have already granted construction permits, and Taewoo Construction began groundwork today.”
It was a result that made all the effort worthwhile.
How much effort had gone into building a supertall skyscraper on the KEPCO site?
At first, the KEPCO land was acquired with the help of a Russian energy company, but construction still couldn’t begin. It was only after adding the financial hub project that construction finally started.
“The construction will proceed without any issues, right?”
“Yes. The buildings are designed as twin towers: Building 1 will house energy companies, and Building 2 will host financial firms, maximizing the unique characteristics of each industry.”
A financial hub and an energy center in one.
It was like catching two rabbits with one shot, and it would become a skyscraper that would bring enormous profits to Taewoo Group.
“Don’t worry about construction costs. Make it as sturdy as possible while completing it quickly. If completion is delayed, who knows what excuses this government might make.”
“We’ve planned it so it can be finished before the president’s term ends, and the faster it’s completed, the greater the incentives promised.”
“Well done. The benefits gained from completing even a single day earlier far outweigh the money spent on incentives. But do not cut corners. Make sure the building is completed exactly according to the design.”
“Don’t worry. Everyone in the industry knows Taewoo Construction is meticulous.”
Flexibility was a key trait in the construction industry.
Even with blueprints in hand, plans could be adjusted on the spot, and minor compromises were often made through mutual agreement.
Taewoo Construction, however, was different.
The number of auditors on-site was at least twice that of a typical construction site.
Any illegal financial activity that was discovered was met with strict punishment.
“Finally, we can put down a heavy burden.”
“Chairman, another problem has come up. Hoo…”
Mr. Han let out a deep sigh as he spoke.
Though he frowned, there was a mischievous glint in his eyes.
“What kind of problem is this?”
“We’ve received reports that the financial firms held a meeting. It seems they gathered with the intent to regulate Cocoa Bank, which is closely linked to Taewoo Group.”
From the perspective of the financial companies, Cocoa Bank must have been like a thorn in their side.
Unlike traditional banks, it offered simple financial services online and through an app, with no physical branches—enough to frustrate its competitors.
“Mr. Han, meet with the heads of the financial firms and talk things through. If they need help regarding internet banking services, provide assistance.”
“I’ll do my best. And I’ll also make sure to push support regarding KIKO insurance products.”
Though he called it “assistance,” it was basically a veiled threat, using KIKO insurance as leverage.
