March 18, 1997 – Westchester County, New York
Dressed comfortably in chinos and a long-sleeved cardigan, George Soros followed his usual morning routine: after breakfast with his wife, he headed to his study.
There, he scanned overnight market activity on his computer and Bloomberg terminal, then moved on to the morning papers and faxed reports sent over from the office.
Afternoons were usually reserved for reading or working on his papers, which aimed to organize and articulate his personal investment theories.
Just like any other day, as he settled in at his spacious wooden desk, his wife Ayla brought over a cup of hot tea and gently placed it in front of him.
"How's the writing going these days?" she asked.
Without turning from his seat, George replied,
"There's a big event unfolding in Asia right now, so I haven't had much time to work on it."
"There's no set deadline anyway," she said, giving his shoulders a supportive squeeze. "Just take it easy."
With that, Ayla quietly left the study.
George took a sip of the tea she had brought, set the cup down, and turned to his computer to check the latest movements in Asian currencies. His brow furrowed as something caught his eye.
[PHP: 28.32 (1.92)]
Just yesterday, the exchange rate had been sitting at 26.40 pesos to the dollar. Overnight, the peso had depreciated by nearly 2 pesos.
It wasn't surprising that the peso had weakened, given the impact of the baht's devaluation. Still, for the exchange rate to shift this sharply overnight clearly meant something had happened.
He was already watching the Philippine peso closely, expecting it to follow in Thailand's footsteps. He couldn't just let this slide.
Tapping his fingers lightly on the desk in thought, George finally reached for the phone receiver and dialed Rodney, who would likely be at the Manhattan office by now.
Leaning back into his plush chair, he waited for the line to connect. It didn't take long for Rodney to answer.
"It's me. Have you seen the peso exchange rate?"
George asked bluntly, eyes still locked on the chart displayed on his monitor.
As expected, Rodney had already sensed something was off—he answered without missing a beat.
[I was just about to call you about that.]
"Did something happen overnight in the Philippines that I'm not aware of?"
[It's not that—Eldorado Fund made the first move.]
Understanding instantly, George Soros's frown deepened.
"So Park's already made his move."
[Yes. They're heavily shorting the peso in the London FX market. The sell-off has already exceeded two billion dollars.]
"Huh."
George let out a dry chuckle, impressed despite himself by Seok-won's quick action—almost as if the man had read his mind and beat him to the punch.
"If they've sold that much, then the drop actually seems small."
[As soon as the attack started, BSP immediately began defending the peso by releasing their dollar reserves.]
BSP stood for the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
"If they hadn't, the drop would've been much steeper."
[Once the peso began to show signs of instability, other hedge funds caught wind and joined the selling. I think we'll need to move up our schedule.]
Originally, their plan was to begin shorting the peso in Tokyo once the Asian FX markets opened that day. But Eldorado Fund had beaten them by a day.
Just like during the Thai baht attack—riding the waves at the perfect moment, shifting positions to scoop up the biggest profits—Seok-won had again acted first in this peso offensive. George couldn't help but be impressed.
"He really isn't someone to take lightly."
George clicked his tongue and shook his head, chewing on the thought.
He was a man of immense confidence, always believing there was no one better than himself. But even he had to admit Seok-won's brilliance. He was starting to regret, more and more, not being able to bring Park into Quantum Fund.
Had that happened, George would've had no hesitation naming him as successor, even if it meant sidelining Rodney, who'd been managing the fund with flawless competence.
That's how much Seok-won had proven himself—continually showing brilliance and magnetic capability.
But Seok-won now owned and operated a hedge fund as formidable as Quantum. There was no chance he'd ever settle for becoming someone else's successor.
"No… Park was never someone who would be satisfied with being anyone's successor to begin with."
George no longer saw Seok-won as just a talented junior. He regarded him as an equal—a rival, a titan in the world of Wall Street.
Clearing away those thoughts, George gripped the phone receiver a little tighter.
"It's a bit disappointing that we're entering after Eldorado Fund, instead of leading the charge. But if we wait any longer, there won't be much left to take. Go ahead and proceed."
Rodney, perhaps taking George's disappointment as criticism, stiffened his voice slightly.
[We'll make sure this doesn't happen again.]
"Don't forget—those who think ahead and act one step earlier than everyone else are the ones who take home the biggest profits."
[Understood, sir.]
After giving a few more instructions and ending the call, George Soros saw that the exchange rate had already fallen past 29 pesos per dollar. He smacked his lips again, imagining the sizeable profits Seok-won must already be raking in.
***
The next day.
Seok-won sat alone on the sofa in the penthouse living room, where warm sunlight streamed through the large glass windows. He was reading an article in the Wall Street Journal.
[Philippine Government Abandons Fixed Exchange Rate System]
Yesterday, the Philippine central bank held an emergency press conference and announced that, due to the ongoing peso collapse, it would no longer maintain the existing exchange rate band and would immediately lift the restrictions.
This essentially means the country is abandoning its de facto fixed exchange rate against the dollar, becoming the second nation to do so after Thailand.
As a result, the peso, already in decline, plunged further to over 31 pesos per dollar. The Thai baht also weakened in response...
Once Eldorado Fund began the attack, other hedge funds followed. The Philippine government tried to defend the peso by depleting its already limited foreign reserves.
But just like in his past life, they couldn't hold out long under the tsunami of sell-offs. Eventually, they dropped the exchange rate band and effectively raised the white flag.
"At this rate, they'll be turning to the IMF soon."
Though the government's response seemed weak, Seok-won figured it might have been wiser to surrender early rather than waste their hard-earned reserves only to be raided by hedge funds.
"I'd better give the order to unwind our positions and pull out of the Philippines."
Just then, his assistant manager Han Ji-sung approached him and said:
"Chief Choi has arrived."
Seok-won lowered the newspaper he'd been reading and turned his head.
Dressed in a gray suit, Choi Ho-geun stood behind Ji-sung. Seok-won gestured toward the empty seat on the sofa.
"Come on over. Have a seat."
"Thank you."
Choi bowed slightly and then carefully took a seat on the sofa to Seok-won's left.
"Are you all packed for your return?"
"I just need to repack the suitcase I unpacked—nothing major."
"Still, since you've come all the way to the U.S., you should bring back some gifts for your family."
"I do have a few things. They asked me to pick up some stuff, so I've grabbed a couple items."
"That's good."
Suddenly recalling something, Seok-won turned his head to Han Ji-sung.
"Ji-sung, do we still have the sample pieces Jacob sent from the new season collection?"
"Yes, we do."
"Let the Asset Management Division team and the private jet crew each pick something they like from the samples. You too, Ji-sung — take one."
At that, Choi Ho-geun quickly waved his hand in polite refusal.
"Oh, that's really not necessary."
"It's fine. Jacob always sends way more samples than I need, and there are women's items in there too. I can't possibly use them all. So don't feel pressured — just take one."
Seok-won playfully winked at him.
"You've been away from home for a while now, haven't you? Might be good to score a few points with your wife with something like this."
Choi, who could already sense the growing irritation in his wife's voice during their recent calls, cautiously lowered his hands.
"Well, in that case… thank you. I'll accept it gratefully."
"Haha."
Seok-won let out a light chuckle, then crossed one leg over the other and asked:
"The training period ended up being a lot longer than expected. Do you feel like you gained anything?"
Choi's eyes lit up.
"Yes. I've learned a tremendous amount. More than anything, I realized how narrow-minded and limited my trading view had been — like a frog in a well. That alone was worth the trip. Now I understand why you brought us here."
Pleased to see that Choi seemed to have shed a layer of his old self during his time in the U.S., just as intended, Seok-won smiled contentedly.
"I'm glad to hear it was worthwhile."
Then, looking Choi straight in the eye, Seok-won continued:
"Actually, the reason I called you over today is because there's something I want you to do as soon as you return home."
"What is it?"
Sensing that something serious was coming, Choi straightened up in his seat.
"You're already aware that the currencies of Southeast Asian countries are being heavily shaken, starting with Thailand."
"Of course."
"If my predictions are right, this currency crisis isn't going to settle down anytime soon — instead, it's going to spread gradually to neighboring countries. Or rather, it would be more accurate to say that the hedge funds, having had a taste of success in Thailand, will make sure it spreads."
Choi, who had vividly witnessed the attack on Thailand, had felt firsthand the terrifying power of Wall Street hedge funds — so he didn't doubt a word of what Seok-won said.
"Eldorado Fund is going to ride this wave and keep betting as long as there's an opportunity."
In Choi's eyes, it wasn't just that they were participating — they seemed to be subtly steering the situation themselves and taking the biggest slice of the profits. But he chose not to say it aloud.
"When you get back, I plan to have our Asset Management Division join the game in coordination with Eldorado Fund. Do you think you can handle that?"
"Excuse me?"
Choi's eyes widened at the unexpected statement.
"You mean… us?"
"That's right."
Seok-won nodded slightly, a sly grin spreading across his face.
"It's the perfect time to put what you've learned here into practice. And chances like this — to get involved in a game this big — don't come often."
The mere idea of it was enough to make Choi Ho-geun's heart race. He leaned forward on the sofa, his face lit with determination.
"I'll do it. No — please give me the chance to make it happen."
Watching the Eldorado Fund's traders square off against rival hedge funds, then suddenly flip their positions to strike the Thai government, all while making brilliant, sweeping moves — it had left Choi with a spine-tingling sense of catharsis.
There had even been a twinge of envy, so the offer to finally get in on the game had him fired up.
"Good. Once you're back home, there won't be time to rest — you'll dive straight into trading. Let your team know and get them mentally prepared."
"Understood. And… thank you. Truly, for giving me this opportunity."
Choi, still seated on the sofa, bowed his head deeply.
Seeing his sincere gratitude, Seok-won smiled again, inwardly wondering just how much success Choi and his team would be able to achieve.