Chapter 141: Chapter 141
Michael Morris, partner at Sequoia Capital, let out a hollow laugh of disbelief.
“You’re... the partner at Aqua Capital?”
He forced a professional smile and carefully asked again. He tried to hide it, but a trace of doubt still crept into his voice.
Most businesspeople have a habit of trying to size someone up before a meeting. Part of it is to prepare appropriately—“if they’re this type of person, I’ll respond this way”—but more often, it’s just curiosity.
You want to know who you’re about to meet. Whether your guess is right or wrong, it’s its own kind of fun.
But this time... it was truly unexpected.
“Yes, that’s right. Our managing director had another engagement, so I’ve come in their place. I figured you’d be curious about the person who invested in Yahoo—am I wrong?”
The smiling ❖ Nоvеl𝚒ght ❖ (Exclusive on Nоvеl𝚒ght) East Asian woman offered a handshake. Closer to a pretty girl than a mature beauty, but Morris didn’t dwell on that.
‘The name suggested East Asian origin, but...’
He had expected a seasoned middle-aged male investor. He’d wondered if she might be from some famous Japanese or Korean semiconductor firm—maybe even the currently trending Daehwa Electronics—but...
Realizing that he’d been staring, Morris quickly reached out and took her hand.
“My apologies. Michael Morris, Sequoia Capital.”
Seo Ji-yeon, now acting as Aqua Capital’s partner, returned his handshake with a natural smile and introduced herself under a pseudonym.
“It’s an honor to meet such a renowned figure in Silicon Valley. You can call me Eugene Seo.”
It was as if she were reading from a perfectly rehearsed script—she flowed through the conversation with the Silicon Valley heavyweight without a single hiccup.
‘Good thing I got to hear Myrian talk about him beforehand...’
She thought that to herself.
While Sequoia Capital was extremely well-known in Silicon Valley, to Seo Ji-yeon it was just another VC firm she’d barely heard of. If Myrian hadn’t been planning a startup here, she might not have known the name at all.
Though she was tense beneath the surface, she carried the conversation gracefully.
Morris likely went easy on her due to her age and appearance, but even so, her performance was impressive for someone of her age and supposed experience.
“I’m just here to have a casual conversation today, so please feel at ease.”
“Oh, of course. Meeting someone so famous in person is a little nerve-racking.”
Though the meeting hadn’t gone as he’d expected, Morris—having achieved his objective—relaxed into the conversation.
“Haha, I must admit I was quite surprised when I first saw you. I didn’t expect the partner to be such a young woman. You said you’re in your twenties, but honestly, you could pass for a teenager.”
Her business card said she was twenty-four. Ji-yeon gave an awkward smile.
“I get that a lot. And I’ve been equally surprised here. Back home, most businesspeople are much older. But here, college students start their own companies and grow them into giants—it’s really something.”
Morris smiled, pleased by the indirect compliment to America. No one dislikes hearing a foreigner praise their country.
“True, Silicon Valley is definitely led by young people in tech these days. We haven’t seen this much energy in years. Even beyond a VC perspective, I feel optimistic about America’s future. But tell me—why did you decide to invest in Yahoo?”
“Haha... It’s a little embarrassing. Honestly, it was a bit of an accident. Well, maybe not an accident—more like a gamble? It was a spur-of-the-moment decision. I never imagined it’d turn out .”
Morris offered a sincere piece of advice to a fellow investor in the same field.
“That’s how it often goes when someone starts out in VC. Those without beginner’s luck never make it through the door. This world runs heavily on luck, so they say luck is a kind of talent—and they’re not wrong.”
Thinking of her true employer, Yoo Ha-yeon, Seo Ji-yeon nodded in deep agreement.
“...Yes, I think so too. If I hadn’t been born into certain circumstances, I’d never be sitting here talking with you.”
Morris, who had assumed “Miss Seo” was of noble East Asian lineage, didn’t find this statement odd in the slightest.
“I’m glad you already understand that. I wouldn’t be surprised if we meet again here in Silicon Valley in the future.”
“Thank you for the compliment. I actually had something I wanted to ask you... Mr. Morris, what do you think of the recent IT craze? Maybe it’s just me, but it feels like people and capital are flocking to this sector more than usual.”
Still smiling his business smile, he answered the innocent-looking woman without hesitation.
“There certainly seems to be a lot of liquidity in the market lately. As long as you have a good team and technology, it’s not hard to attract investment.”
That was Morris’s own confidence talking. Top-tier VCs like Sequoia tend to shine the brightest in these kinds of times.
When startups stop being desperate for money, a VC’s credibility and name recognition become even more valuable.
Seo Ji-yeon met his gaze for a moment, then nodded slightly in agreement. Then, as if a thought had just struck her, she continued naturally.
“That’s true. Especially with so much foreign capital pouring into the U.S. lately... money’s going to keep concentrating here, I think. The banks must be scrambling to secure funds, right?”
“Haha, it’s kind of fascinating. A bit surprising, too...”
He blinked, looking at her with a strange expression, as if wondering why she was asking something like that.
Even Morris, with all his renowned foresight and investment instincts, didn’t know what this trend would lead to.
In truth, most people didn’t.
The consequences of sudden capital inflows... were unknown to the economic theories of the 20th century.
It had simply never happened before. No theories. No preparations.
After finishing the long, boring meeting, Seo Ji-yeon got to work investing.
Though calling it “investing” might’ve been a stretch.
All she did was barge into any IT-related startup and start throwing money around. That’s why I left the investing to her instead of doing it myself.
It’s the curse of knowledge—I know too much for my own good.
– “You want me to invest in something that ridiculous?”
With that kind of rational hesitation, it’s easy to freeze up. Even if you’re not a value investor, knowingly walking into a burning pit is hard.
That’s why I delegated it to Ji-yeon. What’s needed now isn’t reason or logic—but madness. Madness that rides the bubble and whips it into a frenzy.
“This... is starting to make me feel guilty.”
After completing her twentieth investment, Ji-yeon slumped into my arms and sighed.
She fidgeted, playing with the ends of her hair.
“I mean... you gave me so much advice, and I’m just blowing money left and right.”
“Ha! Are you really worried about that? Look—this is the brilliant result of your efforts.”
I smiled and handed her a scrapbook of newspaper clippings.
[Internet Heralds a New Industrial Revolution]
[Yahoo Surpasses $400 Million Market Cap in Just 3 Months!]
[Investment Floods into Silicon Valley, Golden Age of Venture Capital. Newcomer Aqua Capital Manages $500 Million... “Silicon Valley’s Angel” Sightings Spread]
“You’re pretty talented, huh, Ji-yeon?”
“Heheh. I’m nothing compared to you, Miss.”
Laughing together, we continued hurling capital at NASDAQ and Silicon Valley in equal measure.
[Dotcom IPO Rush... A New Wave Hits NASDAQ]
[Dotcom Founders Becoming Billionaires in Their 20s]
[Survival Now Requires an Internet Strategy—IT Stocks Soar While Traditional Tech Stocks Stagnate]
It was a gamble—and yet not a gamble. I wasn’t just a patron of the casino—I owned the casino and played in it, too.
All I needed was patience and chips. And I had plenty of both.
Time passed. January 1996.
Far away, in the East—a place that had nothing to do with the U.S.—a strange event occurred. Something so small that no one in America paid it any mind.
A general finance company in South Korea.
President Park, once involved in black-market money on Myeong-dong before leaving after the implementation of real-name financial transactions, was in a foul mood early that New Year’s morning.
“...We’ve received a debt repayment demand.”
His voice was short and heavy. The employee trembled slightly and bowed deeply.
“JP Morgan and Deutsche Bank. But... BBB hasn’t requested repayment yet...”
“Did we piss off those foreign bastards or something? No, right?”
Park had a decent idea. This wasn’t the fault of some individual—or even himself.
It’s just that... the banks had found a better place to invest.
With a growl, the president gave his orders.
“Pull out every dollar the company has. Try to negotiate with the bank reps for an extension.”
A general finance company profits by borrowing short-term foreign debt at low interest and lending it long-term at higher rates domestically.
In short, they borrow dollars at low rates abroad and lend won at high rates in Korea.
But... the loans from the banks are “short-term,” while the funds loaned to domestic businesses are “long-term.”
This means they’re asset-rich but cash-poor. And since the loans were in dollars but the assets in won, they’d need to convert currency again to repay the debt.
“Foreign debt... Ugh. Are there any dollar loans we haven’t yet converted into won?”
“Ah, yes. We canceled a conversion deal last time due to the strong dollar, so we still have some left.”
Park sighed in relief. Among general finance companies, he was known for keeping a close eye on international trends—thanks to that, he avoided the worst outcome.
“We’re not the only ones. All the others are in the same boat. To foreigners, all general finance firms look the same... Some will be under even more pressure than us. So hurry—secure those dollars and grab a bigger slice of the pie. Got it?”
But a few days later—
The same employee returned, pale-faced, to confess his failure.
“Um... President. We’re going to need more time.”
“There’s no more... dollars to borrow.”
The market had run out of dollars.
Institutions and individuals alike had already swept them up—and poured them all into dotcom companies.