On the sofa in the chairman's office, which overlooked the wide-open East River through a floor-to-ceiling glass wall that filled one side of the room, Seok-won sat in the middle while Landon and Andrew faced each other on either side of him.
"Following the death of the first patient infected with anthrax on the 5th, two additional patients have been confirmed as of yesterday, bringing the total number of infected individuals to three."
Seok-won sat with one leg crossed, set the coffee cup down on the table, and spoke.
"All three worked at the same workplace, correct?"
Landon, who had been given the look, nodded slightly and replied.
"That's correct. They are employees of the tabloid newspaper
Sitting at the end of the sofa, Landon continued in a serious tone.
"The first infected individual who died was a photo editor, and the other two were employees responsible for sorting mail. As you may have already heard through the news, the FBI is estimating that the infections were caused by powdered anthrax delivered through the mail."
"Considering that two employees in charge of mail handling were infected with anthrax, that seems highly likely."
As he clasped his hands together and answered in a subdued voice, Landon's expression hardened as he spoke.
"According to reports, the FBI and public health authorities have begun an investigation into the possibility of an anthrax terror attack. In addition, intelligence has been obtained suggesting that further attacks using the same method could occur either within the United States or overseas, and the highest level of nationwide alert has been issued."
"It's only been a month since the airplane attacks. The shock from that is still vivid, so they can't help but be even more on edge."
With that, he turned his head and looked at Andrew.
"How is the market reacting?"
"As you said, since the impact of the previous terror attack hasn't fully faded, everyone is being cautious and watching how things unfold. The stock market, which had seemed to be coming back to life on expectations of additional interest rate cuts and economic stimulus from the Fed, is now showing overall weakness again."
Leaning back against the sofa, Seok-won nodded.
"If panic selling breaks out once more due to fear, the drop could be quite severe. Either way, it'll be difficult to move rashly."
Andrew then spoke carefully, gauging the mood.
"Fortunately, the attack on Afghanistan passed without having a major impact on the market, but with the unexpected variable of an anthrax terror incident, wouldn't it be better for us to temporarily halt short covering, observe how the situation develops for a bit, and then take action again?"
"I fully understand the boss's view that when everyone is shrinking back, it's an opportunity to buy back short positions cheaply, but the overall atmosphere right now doesn't feel normal."
Landon also cautiously agreed with Andrew's opinion.
However, Seok-won calmly refused to change the existing plan.
"Market volatility will be extreme for the time being due to fear of anthrax. But the greater the instability in the stock market becomes, the more aggressively both the White House and the Fed will step in with additional measures to prevent the market from shaking."
At that, Andrew widened his eyes and said,
"Are you saying that despite already taking two big steps, you expect them to cut the benchmark interest rate again at the November FOMC?"
Landon, clearly taken aback as well, looked at him with a flustered expression.
Meeting the gazes of the two men, Seok-won spoke calmly.
"With the economy already slipping into a downturn after the collapse of the dot-com bubble, and now terrorism on top of that, wouldn't the Fed do everything it can to try to pull the American economy up from its fall?"
After briefly wetting his throat with coffee, Seok-won continued speaking.
"The most certain and fastest card at a time like that would be an interest rate cut."
"That's true, but if things go the way you're saying, that would mean rates are being lowered a staggering ten times just this year. Wouldn't that raise serious concerns about inflation?"
"With negative growth looking unavoidable, not just this quarter but into next year, do you really think they have the luxury to worry about that? Both the Fed and the White House will focus first and foremost on reviving an economy that's sinking into recession. So even if this anthrax incident truly turns out to be a planned terror attack, the shock will likely be short-lived, and there's an even greater chance the stock market will surge soon after."
The two men took a moment to slowly mull over what they had just heard.
Then, as if they found the prediction sufficiently convincing, expressions of understanding crossed their faces, and Seok-won spoke again.
"Excessive greed always brings trouble. We've already made more than enough profit, and trying to squeeze out a little more could end up wiping out everything we've built so far. There's no point clinging to it—this is the right time to cash out and walk away."
At that, Landon responded with a slight look of regret, but still shrugged his shoulders as he spoke.
"True enough, that makes sense. They say the reason people lose money at the gambling table is ultimately that they can't resist the temptation of 'just one more time,' don't they?"
"It is an opportunity to increase our profits further, but the risks are just as high, so it would be better to wrap things up here."
Andrew also nodded in agreement.
"Then let's continue liquidating our positions as planned."
"Yes."
"We'll do that."
***
Two days later.
On the busy trading floor, as hectic as ever, Dan Baradan, the senior chief investment officer, stood with his arms crossed, watching the flow of the market with the sleeves of his dress shirt rolled up.
The tension was especially thick today, as it was the day when the September retail sales figures and the Producer Price Index—key indicators capable of shifting the market's direction—were set to be released.
Ttiririk! Ttiririk!
"Buy 30,000 shares of GM at the current price!"
"Fourteen thousand shares of Corning, okay. Done!"
"Merck! Buy 5,000—no, make that 6,000 shares!"
"Coca-Cola is down more than 1%!"
"Then buy more and wipe out the entire short position."
The trading floor was extremely noisy, with the incessant ringing of telephones mixing with traders shouting out orders into their receivers.
Amid the ear-piercing noise, Mason clicked the pen in his hand with a nervous expression, staring intently at the Bloomberg terminal as if trying to bore a hole through it.
Just then, Dan turned his head and abruptly asked a question.
"Mason. Aren't the retail sales figures out yet?"
"Yes. It should be time for the release, but the announcement seems to be delayed."
Dan frowned slightly, rubbing his chin as he muttered to himself.
"It's rare for them to be this late… Could the data be worse than expected?"
Just as Mason was starting to feel uneasy as well, a sharp electronic beep rang out from the Bloomberg terminal.
At last, the long-awaited retail sales figures and Producer Price Index were released simultaneously.
[September Retail Sales: Forecast -0.8% / Actual -2.4%]
[Producer Price Index: Forecast 0.1% / Actual 0.4%]
Given that major retailers like Walmart and Home Depot had already warned of poor performance, they had expected the indicators to be bad.
But faced with numbers that far exceeded even their worst expectations, Mason felt as if he'd been struck on the head with a hammer and let out an involuntary groan.
"Ugh."
In the meantime, it seemed the other traders had also checked the data, and a loud stir rippled through the floor.
"What the hell—this is way worse than expected."
"Doesn't this mean the drop is going to get bigger?"
"At this rate, stock prices look like they're going to plunge across the board again. Didn't we move into short covering too early?"
As expected, all three major indices—which had already been wavering ahead of the anthrax terror scare and the data release—turned decisively downward.
"Retail stocks, including Walmart, are plunging on the back of weak September consumer spending!"
"Disney is down more than 1%!"
"JP Morgan, Citigroup, and McDonald's have also turned negative!"
With fears of recession and inflation colliding, the stock market bent sharply downward in an instant, the losses steadily widening.
Watching this unfold, Dan chewed the gum in his mouth with a troubled expression.
When the market fell, it was an opportunity to buy back shorted shares at lower prices—but the problem was that this might not be the bottom. At best, this level could be no more than the market's knees or waist.
Seeing the market mood freeze over as the indicators made the recession signals even clearer, he couldn't help but feel a twinge of regret, wondering if they had started unwinding their positions too early.
Just then, Mason saw a breaking news alert flash on the Bloomberg terminal, sprang to his feet, and shouted at the top of his lungs.
"Reports are coming in of an anthrax infection case in New York!"
At the thunderclap-like news, not only Dan but the entire trading floor—noisy just moments ago—froze solid.
As if time itself had stopped, the noise abruptly cut off, and everyone halted what they were doing and stared at Mason.
"Is that true?"
As Dan quickly uncrossed his arms and asked, Mason replied with a stiff, hardened expression.
"Yes. A breaking news alert just came up on the Bloomberg terminal saying that an employee at NBC in New York has been infected with anthrax."
"Shit! NBC is at Rockefeller Center."
"That's not far from here at all."
"This is insane!"
"Uh—there's another breaking report saying a suspicious white powder believed to be anthrax has been delivered to the New York Times headquarters as well."
"Don't tell me this is really a full-blown bioterror attack?"
Shock and fear spread among the traders like a contagion.
Rockefeller Center, where the additional anthrax infection had occurred, sat in the very heart of Manhattan—home not only to the Eldorado Fund, but also to the New York Stock Exchange and countless securities firms.
Unlike when the incident had broken out in Florida, the fear now was that they themselves were exposed to the risk of anthrax infection at any moment, and it made their entire bodies tense and shrink back.
Above all, with the terror of the horrific 9/11 attacks still vividly etched into their minds, the anxiety only continued to grow.
Dan, too, felt his heart drop the instant he heard the news, but he couldn't afford to show any sign of wavering in front of his subordinates.
To prevent panic from spreading among them, he straightened his posture, put strength into his waist, and raised his voice, forcing a composed expression onto his face.
"Everyone, get a grip. Until the market closes, don't let your minds wander—focus only on trading!"
Only then, as if snapping back to their senses, did the traders begin to resume their work.
Though unease still lingered on their faces, perhaps thanks to Dan holding the line, they looked noticeably calmer than before.
Just as Dan, having gotten over one hurdle, let out a small sigh, Mason stepped closer and asked him a question.
"Chief. The indicators came out far worse than expected, and with the added fear from further anthrax cases, panic selling is pouring in. Are we still continuing with position liquidation?"
"Hmm."
Dan let out a low hum, his face clouded with concern.
Just as he hesitated over what to say, the phone on the desk suddenly began to ring.
"Hello?"
As Dan reached out and picked up the receiver, Seok-won's calm, lowered voice came through the line.
[It's me.]
"Boss. I was just about to get in touch with you."
[This is because of the news about the fourth anthrax infection, isn't it.]
"That's part of it, and on top of that, the September retail sales figures and the Producer Price Index came in worse than expected, so panic selling is flooding the market."
Dan glanced sideways at the monitor, watching all three major indices plunge downward, each forming long tails.
"My thinking is—"
Just as he was about to speak, Seok-won cut him off.
[That's perfect. Then, while the market is shaking with fear, dump all the remaining orders and buy everything at once.]
Faced with instructions that ran counter to his expectations, Dan widened his eyes, still holding the receiver.
"You mean instead of stopping purchases and waiting, you want us to buy everything in one go?"
[Yes.]
Seok-won answered immediately, without the slightest hesitation.
A flicker of confusion crossed Dan's face, but in the face of Seok-won's firm resolve, he found himself unable to argue back.
"...Understood."
As soon as he nodded and set the receiver down, Mason, who had been standing beside him, asked urgently.
"Was that the boss?"
"Yeah."
"He didn't seriously tell us to keep buying in this situation, did he?"
Dan let out a sigh.
"You heard him perfectly well, so why are you asking?"
Mason reacted as if it made no sense.
"Seriously? The indices are in free fall—if we just sit tight, our profits will grow even more. And we're giving that up and liquidating the positions just like that?"
"That's right. It's the boss's order, so get back to your seat and hurry up and buy the shares you're responsible for."
Mason looked like he wanted to say more, but when Dan waved him off as if annoyed, he finally shook his head and returned to his seat.
Watching him go, Dan tugged at his tie knot with one hand, loosening it.
"I don't know if this is really the right call, but if the boss made this decision, then there must be a reason I don't know."
Dan let out a short breath—whoosh—then steadied himself and put the headset microphone hanging around his neck back on.
He urged the traders on and focused on rapidly liquidating positions, scooping up the flood of shares pouring in from the panic sell-off.