The Overly Competent Junior Employee

As Dokyung sat preparing for the live broadcast, he observed the man sitting across from him. He was someone that anyone investing in stocks or real estate in Korea would undoubtedly recognize.

“Professor Jo Hyun-seok: ‘Stock market bubble rampant, some will burst soon.'”

“‘Dr. Doom’ Professor Jo Hyun-seok: ‘A greater depression than 1929 is coming.'”

“Not just stocks, but real estate to crash… Professor Jo Hyun-seok’s warning.”

“Who is Professor Jo Hyun-seok, who warned of this inflation a year ago?”

The words ‘crash’ and ‘depression’ always followed his name in news articles. Of course, there were scholars in the United States who viewed the market similarly pessimistically.

At first glance, Jo Hyun-seok could be considered one of those pessimists, but market participants didn’t view him favorably.

-When will Jo Hyun-seok ever tell us to buy? He’s been crying doom for 20 years.

-If I kept shouting about a bear market and depression coming all year round, I’d be right eventually too.

-Jo Hyun-seok said May would be the bottom, but it’s August now and still not the bottom lol

Of course, these assessments came from investors deeply involved in the market, and there were many investors who took his depression theory seriously.

Based on such support, when he wrote books, they became bestsellers in the economics category, and in times of market crashes like now, he gained even more supporters as people said his words had been right.

Leveraging this support and recognition, he appeared on various broadcasts, securing an even larger following.

-I’ve secured cash based on Professor Jo Hyun-seok’s words. But when should I buy?

-I’ve liquidated all my positions according to Professor Jo’s advice~

└I also cut my losses today. -20%… But since he says it’ll fall further, I just liquidated.

This was the power held by influencers.

Stocks were high-risk investment products. When an influential person like Jo Hyun-seok sent out signals of a ‘crash’, conservative investors couldn’t help but feel anxious.

There were even investors who sold stocks they didn’t need to sell at a loss because of the ‘depression’ talk that Jo Hyun-seok had been spouting all year.

Of course, investors bore some responsibility for not studying the companies they invested in and lacking confidence, but what if the stock they sold at a loss rose the next day?

‘Isn’t he being too irresponsible with his words…?’

This was why Dokyung disliked people like Jo Hyun-seok. The type who made investors bear all the responsibility for their influence while they reaped the benefits of wielding that influence.

And when a big crash finally came after shouting about a decline all year, they would say, “I warned you,” and, “It’s your fault for not listening.”

“Sigh…”

Dokyung sighed and checked the materials he had prepared for today’s broadcast.

“Our PB friend must be having a tough time these days.”

Just then, Jo Hyun-seok, sitting across from him, spoke to Dokyung.

“Pardon?”

“The market’s been bad lately, so clients must be giving PBs a hard time, right? Well, I suppose for a PB, it doesn’t really matter whether the market is good or bad since you’re only interested in commissions anyway.”

Dokyung couldn’t understand why people like this always tried to judge everything from their own perspective and treat others rudely.

‘Is there a factory somewhere that only produces such characters…?’

It seemed that Lee Chang-jae, whom he met at the mock investment competition, looked down on him just because he was a branch teller, and Jo Hyun-seok sitting across from him was doing the same because he was a junior PB.

“I mean, I go around on YouTube telling people not to get into PB services or fund products, and yet our investors…”

“I’m doing fine.”

When Dokyung cut off his words, Jo Hyun-seok looked at him as if to say, “What do you mean?”

“I’m seeing some profits. And even if things fall, I’ve built trust with my clients, so…”

“Trust? Is there trust between a PB and a client when it comes to money?”

Jo Hyun-seok laughed heartily at Dokyung’s words, as if finding them amusing. Dokyung smiled and bowed his head, as if there was no need to respond further, and prepared for the live broadcast.

“Are you two ready?”

When he heard a voice while deeply immersed in reviewing his materials, Dokyung looked up to see the two hosts taking their seats.

“I don’t need to prepare.”

As Jo Hyun-seok spoke confidently, Park Sung-jin looked at Dokyung.

“How about you, Dokyung-ssi?”

“Yes, I’m ready.”

“We’re going live in 5 minutes. Dr. Jo, please go easy on him.”

Park Sung-jin spoke as if worried about Jo Hyun-seok’s attitude.

“Ho ho ho, Pro Park, you make it sound like I’m going to eat Yoon Dokyung alive.”

“It’s not that, but viewers might find it unpleasant… Please lower your tone a bit. You tend to speak too aggressively every time you appear.”

“Well, I have to warn investors, that’s why. Alright, alright. I’ll go easy.”

“I’m counting on you. Dokyung-ssi, please do well like last time.”

“Yes, I understand.”

Dokyung nodded in response and adjusted his clothes.

Bzzt- Bzzt-

Five minutes before going live, a vibrating sound drew everyone’s attention to Dokyung.

“Dokyung-ssi, please put your phone on silent.”

“I’m sorry.”

Dokyung bowed apologetically to everyone and checked his phone.

“Is something wrong?”

When Park Sung-jin asked, seeing Dokyung looking at his phone with a serious expression, Dokyung shook his head.

“Ah, my expression is just…”

Trailing off, Dokyung looked at his phone again.

‘It’s welcome, but…’

An unfriendly message was displayed on the screen, once again at an unpredictable timing.

⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱⊰⋆⋅⭑⋅⋆⊱

“So now is the time to cut back. I told you to reduce your stock positions before the crash caused by COVID-19. What happened? An enormous crash came.”

“Our stock market index has already fallen by more than 30%, but you think it’s still not the bottom?”

“That’s right. The bottom will come in another month or two.”

The live broadcast had begun, and Jo Hyun-seok, with his extensive broadcasting experience, was smoothly exchanging questions and answers with the hosts.

“Then I’d like to ask the same question to our PB Yoon Dokyung… As a stock newbie like myself, I really don’t know. How should we position ourselves now?”

Park Sung-jin asked with a frustrated expression, as if representing the viewers’ emotions.

“I…”

After a moment’s hesitation, Dokyung looked at Jo Hyun-seok and began to speak.

“I acknowledge that the market is currently not good. However, I believe we cannot predict the bottom.”

Jo Hyun-seok’s eyebrow twitched at Dokyung’s words.

“Cannot predict?”

“Yes, I’m also sensitive to macro issues and invest in the stock market based on such information. But dare I say that I can predict the bottom?”

Dokyung exchanged words with the host as if denying Jo Hyun-seok’s bottom prediction.

“Whether interest rates rise by 0.25%, 0.50%, or even 0.75%, there’s nothing we can do in response when the market is anxious at times like these.”

“No, our PB Yoon is speaking quite irresponsibly. Aren’t you managing clients’ money?”

Jo Hyun-seok cut in, as if irritated by Dokyung’s words.

“From the position of someone who should be checking these issues and managing clients’ stocks, saying there’s nothing you can do might make clients feel a bit disappointed if they hear it.”

“No. What I meant is that we can’t predict whether soaring inflation will be curbed, how much interest rates will rise, or where the stock market bottom will be.”

Jo Hyun-seok couldn’t hide his inner surprise at Dokyung’s words.

Before the broadcast, the junior PB had been so nervous his hands were drenched in sweat, smiling brightly at him. But as soon as the broadcast started, his expression and tone had changed 180 degrees.

“Some people too easily tell others to sell stocks. They say to get out of the market now. We shouldn’t easily say such things to investors who have already taken positions and are suffering losses of over 20%.”

Dokyung spoke as if taking aim at Jo Hyun-seok sitting across from him, and the two hosts looked at Dokyung with surprised expressions.

They had wanted this kind of confrontation when they invited him, but honestly, they had expected Jo Hyun-seok to overwhelm Dokyung one-sidedly.

“Why should we respond like economic experts?”

Dokyung said what he had most wanted to say, looking at the camera.

“We shouldn’t be mistaken. We’re investing in stocks to grow our assets, not to discuss economics by investing our money in the stock market.”

Of course, Dokyung also primarily looks at macroeconomic factors like inflation and interest rate hikes when investing. But these are only supplementary indicators.

“Inflation is causing stock prices to fall globally. Then why did inflation occur?”

“There are various reasons.”

Park Sung-jin answered Dokyung’s question.

“Raw material price increases due to war… Labor cost increases due to liquidity released during the pandemic…”

“Yes, that’s right. We gather these micro factors and view them from a macroeconomic perspective. But I think that’s the job of economic experts and scholars.”

“Then what should we do differently?”

“We are investors. To put it simply, raw material prices have risen due to war. Most notably, oil prices have risen absurdly. Naturally, this increases refining margins for oil companies.”

The two hosts smiled at Dokyung’s words. These were things they had been indirectly saying throughout their broadcasts.

But Dokyung was speaking without hesitation.

“So we study the corporate value of refineries. How far will refining margins go? How much demand will there be for oil at current prices? And if we’re confident, we buy refinery stocks.”

Dokyung continued, looking at the camera.

“One more thing, we can sense something even from the price increase of the hamburgers we often eat. The supply of lettuce used in hamburgers is unstable. So we should pay attention to smart farms that can provide a stable supply of lettuce. Of course, fast food companies will contract with stable suppliers.”

Dokyung hoped that investors would invest more sincerely in value.

“At times like these, we should analyze corporate value. Macro issues are just reference indicators. If I think a company’s value is 100, but its stock price has fallen to 60 due to economic problems, we should see this as an even better opportunity.”

“But it’s an uncertain time, isn’t it?”

“Then hold cash. Set a principle that if you invest 50% in stocks, you’ll hold 50% in cash.”

It was a cliché statement, but perhaps one that pierced to the essence.

‘We are investors investing in stocks, don’t act like economic experts.’

Park Sung-jin found himself genuinely intrigued by this person called Yoon Dokyung.

“Still anxious even after setting principles? Then buy insurance. When our stock prices fall, the dollar exchange rate rises. Because foreign money is leaving our market. If you’re holding 50% in stocks, keep the 50% cash we just talked about in principle in US dollars.”

Dokyung had explained various methods, but it all boiled down to one thing.

“Everyone, we are people who deal in stocks. We shouldn’t leave the market. We shouldn’t be shaken by external variables either.”

This was perhaps the most difficult thing for investors gripped by anxiety.

“When I said we can’t respond, I meant to global economic issues. And what we need to do is find companies whose stock prices have fallen compared to their corporate value.”

“He’s right.”

Yang Dae-sun, who had been listening, nodded.

“Folks, as I’ve told you before, real stock players take positions during times like this and then read webtoons, web novels, or play games.”

“The chat is asking how that’s possible.”

As Park Sung-jin spoke, Yang Dae-sun smiled and opened his mouth.

“Why wouldn’t it be possible? It’s because they have faith that the price will rise to their target after diligently analyzing corporate value, just as Yoon Dokyung-ssi said.”

“Come on, we’ve brought these two here for a debate, but our Pro Yang is taking Yoon Dokyung-ssi’s side too much.”

Park Sung-jin summarized this way and looked at Jo Hyun-seok. Jo Hyun-seok was clearly smiling, but unlike his usual overflowing smile, this one was different.

“Oh my, Dr. Jo. I’m sorry. It’s because I’m from a securities background.”

“Hahaha, it’s fine. Our Pro Yang does this every time I come on, and it’s not the first time. I came on a stock program after all. Well then, I have something I’d like to ask Yoon Dokyung-ssi.”

Jo Hyun-seok looked at Dokyung.

“As an economic expert, which Yoon Dokyung-ssi told us not to act like, I believe the stock market will continue to fall. As an investment expert, what does Yoon Dokyung-ssi think?”

Jo Hyun-seok asked, seemingly irritated by Dokyung’s words about not acting like an economic expert.

“As I said, there are solid companies. Even if the market atmosphere isn’t good…”

“Are the solid companies Yoon Dokyung-ssi mentioned oil refineries?”

“Yes. I think they’re suitable investments in the current situation.”

“Well, with talks of the war ending soon and whatnot, I think oil prices will find their place again. A fall in oil prices means a fall in refining margins, so won’t oil refinery stocks fall too?”

Jo Hyun-seok spoke to Dokyung as if setting a trap.

Dokyung was not unfamiliar with this aspect of Jo Hyun-seok. It was one of the methods that had brought him to his current position.

He would demand definitive answers from his opponents, and when the results of those answers weren’t favorable, he would go around boasting that he had beaten them.

“You seem unable to answer…”

“No, I believe the future of the oil refining industry will be bright until next year.”

As Jo Hyun-seok thought Dokyung had fallen into his trap, he curled up the corners of his mouth.

“I see… So oil refinery stocks will rise until early next year…”

“I have a question I’d like to ask as well.”

At Dokyung’s words, the two hosts looked at him with unexpected expressions. They had thought Dokyung was caught up in Jo Hyun-seok’s pace.

“Dr. Jo, how do you view the stock market outlook going forward?”

He decided to play along with the games of people like Jo Hyun-seok.

“Oh my, why even ask? As I said earlier, I think we’re far from seeing the bottom of the market.”

After answering like this, Jo Hyun-seok looked at Dokyung, but something felt off.

It was because Dokyung was smiling at his answer.

“I see. So the stock market will fall further…”

Dokyung curled up the corners of his mouth and muttered quietly enough for the microphone to pick up.