The meeting with Warren Buffett happened sooner than I had expected.
Of course, I had gone directly to Berkshire Hathaway in Omaha, which made it possible to schedule the appointment quickly.
"Boss! This is the Berkshire Hathaway headquarters."
"It's a little different from what I imagined."
The building was smaller than I had expected. For a company belonging to Warren Buffett, the investor hailed as America's greatest, the headquarters was surprisingly modest.
David had been here a few times already.
With his guidance, I was able to meet Warren Buffett in person.
"Nice to meet you. I'm Kim Min-jae."
"Finally, I get to meet the person who plays Wall Street like a game. I've wanted to meet you at least once."
He had a gentle expression.
But his eyes carried the weight of someone who had seen the world.
I stayed tense as we shook hands and took our seats.
"I'm sorry for arranging this meeting on such short notice. If not now, I wasn't sure I'd get another chance."
"I'm the one who should apologize. You've come all this way. More than that, you made a fascinating proposal. I never imagined anyone would suggest that Berkshire Hathaway set up its Asian base in Korea."
It wasn't my proposal.
I had only hoped that financial firms from Wall Street would establish their Asian offices in Korea.
But David and George from Quantum Fund went ahead and did something I hadn't even asked for.
As a result, I was now meeting Warren Buffett in person, which turned out to be fortunate.
"You don't have to establish the base in Korea immediately. Construction hasn't even started, and it will take four years to build the financial building."
"This is a place where you don't even know what will happen tomorrow, yet you're talking about four years from now? Ha ha ha."
"I'm not forcing you. But I can confidently say that Asia's financial hub will move to Korea in the future."
"So, Chairman Kim intends to make that happen. Considering the person who shook up Wall Street, it might actually be possible."
Warren Buffett knew me well.
After all, I had acquired AIG, the largest insurance company in the U.S.—how could he not know?
"Are you interested? If you sign the contract now, I can arrange for you to move into the financial building at a very favorable rate."
"I've had an interest in Korea for some time. Some Korean companies are even part of the investment portfolio I'm building. But I'm not sure it's visionary enough to open a new branch. It's a country with a lot of risk, isn't it?"
As he said, Korea was indeed a risky country.
There were all kinds of regulations, political issues, and an underdeveloped financial system.
But beyond all those factors, the biggest risk was that it was a country technically still at war.
Koreans were so accustomed to it that they didn't notice, but to outsiders, Korea was a nation where the war hadn't truly ended.
Such a risk required a vision capable of overcoming it.
And I already had a vision that would capture Warren Buffett's interest.
"Korea will become a center for advanced technology in the future. I can confidently say it will hold an overwhelming advantage, especially in the environmental sector."
"It's paradoxical for a manufacturing-focused country to become a hub for environmental innovation."
"I understand you have a strong interest in environmental issues, and I share that concern. That's why we're making astronomical investments in electric vehicles."
Warren Buffett was a man deeply concerned with social responsibility.
Two years ago, he donated 85% of his wealth—equivalent to 35 trillion won.
That's why I brought up environmental issues, framing the topic in a way designed to pique his interest.
"Hm. ESG is becoming increasingly important these days. I agree with that, but I oppose the current trend of enforcing ESG in a coercive manner."
"I agree with you on that point as well. But Taewoo Group is investing not because someone demands it, but for the sake of the future."
ESG—environment, social, and governance factors.
It was an element growing in importance, particularly in Europe.
In the environmental sector, measures like the introduction of carbon taxes were already forcing companies to comply.
"If electric vehicles grow to the point of commercialization, Taewoo Group could certainly take another step forward. But I remain skeptical for now. If we're thinking about the environment, developing diesel cars might actually be the better choice."
"Even diesel cars inevitably emit carbon dioxide. But electric vehicles produce none at all."
"That's something only time will tell, isn't it?"
My decisive strike had failed.
Buffett wasn't uninterested in environmental issues, but he wasn't particularly focused on electric cars either.
That meant it was time to present the next vision, and I quickly thought of a topic that would capture his interest.
"Korea is growing into an IT-centered nation. Many IT companies are already emerging there, and Taewoo Group is even building a city to support these IT companies."
"I know very well how impressive Taewoo Group is. I even hold a few of your shares. But what interests me now is not a new industry—it's the future of existing industries."
He brought this up first.
In fact, this was the very reason I had come to meet him today.
Many large companies had been swept into bankruptcy due to the economic crisis.
Naturally, their stock prices had hit rock bottom, creating a situation where those with capital were effectively dividing the spoils among themselves.
"When you speak of the future of existing industries, are you planning to buy shares in current companies?"
"Not on the scale of Taewoo Group acquiring AIZ, but now is precisely the right time to invest. The best time to buy stocks is when people are gripped by fear."
Buy in fear, sell in desire.
It was Warren Buffett's emphasized investment principle, and it was also the guiding strategy at SAVE Investment Company.
"In which sectors are you interested?"
"I plan to invest $13 billion in bank stocks. People have called me crazy for it. But the U.S. financial sector is bound to recover eventually, so there's no reason not to invest."
"I see it the same way. That's why we acquired AIZ. Most people buy stocks when others are interested, and ignore them when they truly should pay attention."
"Ha ha ha! That's why SAVE Investment Company can play the Wall Street game so well. It's been a long time since I met someone whose investment philosophy aligns with mine."
Warren Buffett gave me a satisfied smile.
It was partly because I had borrowed one of his famous sayings, and partly because I had actually demonstrated the behavior behind it.
"I think investing in the financial sector right now is very wise. But Taewoo Group has decided not to make any further investments in finance."
"I'd like to know why."
"Reviving the financial sector is important, but shouldn't we also help other industries?"
"I don't believe that Wall Street people invest out of goodwill. Bankers, entrepreneurs—they're all after profit."
I wasn't trying to be pretentious.
Investing to save other industries? It wasn't out of goodwill; it was simply to dominate that sector.
"I've never invested out of goodwill. If I wanted to be charitable, I'd donate instead."
"That's an answer I like. May I ask one more question? If you were to invest in an American financial company right now, which would you choose?"
I already knew the answer.
I remembered which banks Warren Buffett had invested in during the subprime mortgage crisis.
"I would split it between Goldman Sachs and Bank of America. A $5 billion investment would yield at least $2 billion in profit."
"Ha ha ha, you're not reading my mind, are you? You're stating exactly what I was thinking."
"Just investing isn't enough to guarantee that level of profit. To increase returns, you need a sort of warranty."
A warranty was a type of promise or guarantee.
It meant that in exchange for investing at a low price, you would receive a certain compensation once the company stabilized.
"You're already negotiating a warranty contract with Goldman Sachs. Have you planted a spy, perhaps?"
"I would never do anything that would land me in jail. And having worked hard to build my current image, I have no reason to do anything to ruin it in an instant."
"Exactly. Building a reputation takes 20 years, but it only takes five minutes to destroy it."
Warren Buffett looked at me intently for a moment.
I met his gaze with a smile, acknowledging his eyes.
"All right! We'll establish Berkshire Hathaway's Asian branch in Korea. But we need to include a clause stating that Taewoo Group's reputation must remain as it is for the next four years."
"Would the contract still hold if our reputation grows even higher than it is now?"
"Ha ha ha, your confidence is remarkable. You have the ability to back it up, so it's hard to call it arrogance. When you have time, how about having a meal with one of my old friends?"
One of Warren Buffett's old friends?
A name flashed through my mind.
"Are you referring to Bill Gates?"
"You read my mind again? Ha ha ha. I'd really like to introduce you to him."
"I'd be delighted anytime. If a meeting is arranged, I'll fly over immediately, even if I'm in Korea."
"No need for that. Soon, I'll be visiting Korea with him. We'll have a meal together then."
It was an offer I couldn't refuse.
He was coming to Korea in person—I could only welcome it with open arms.
"I'll be looking forward to that day. If you give us the schedule in advance, Taewoo Group will make all the necessary arrangements."
"No need for anything elaborate. We'll come quietly and leave quietly. Then let's meet next time in Korea."
With the handshake with Warren Buffett, my U.S. schedule came to an end.
It had been a U.S. trip that yielded an unexpected and major achievement—a contract with Berkshire Hathaway.
I returned to Korea.
As soon as I arrived at the company, I called President Han and handed him more than ten contracts.
"With this, the Korean government will surely grant permission to build a super-tall building on the KEPCO site."
"Signing contracts with so many companies in such a short time… Berkshire? Did you really sign a deal with Warren Buffett's company?"
"It just happened that way."
"With Warren Buffett's name attached, the Korean government will accept it without question."
"Proceed with consultations with the Blue House as quickly as possible. There won't be enough time to complete the building before this administration ends."
"I'll contact them immediately."
President Han smiled and moved busily to make the arrangements.
Up to that point, we assumed there would be no problem in obtaining the construction permit.
But, contrary to our expectations, something came up that threatened to hold us back.