Korean media poured out articles about Warren Buffett’s visit to the Blue House, which was not even confirmed, yet they hardly covered the fact of my meeting with him.
In the process of reporting my meeting with Chairman Im Jin-yong, they briefly mentioned that there might be a meeting with OTK Company but moved on quickly.
In contrast, foreign media focused heavily on this fact. CNN suggested that Warren Buffett’s visit to Korea might be to meet me.
“Sounds plausible. Is he really coming to Korea just to meet you?”
“Hmm.”
Is that really the case?
Requests for interviews from foreign media regarding OTK Company kept coming in. Reporters asked what the purpose of the meeting with Warren Buffett was and what topics we would discuss. Since I had no idea, I turned down all the interview requests.
It seems that having lunch with Warren Buffett is a big deal.
Once a specific date was set, the mood at the company was lively.
Senior Sang-yeob emphasized our connection from club days and urged me to take him along, while Michael Lee came up to the CEO’s office and lightly mentioned, “I heard you’ll be having a meal with Warren Buffett. I’ve liked him since I was a child. He was like a superhero to me.”
“So?”
“Just saying.”
“…….”
If you want to go, just say you want to go!
That wasn’t the end of it.
“I thought it might be needed, so I surveyed the staff to see if anyone wanted to attend the lunch with Warren Buffett.”
“Oh, really?”
Do you really have to? I hadn’t even asked for it!
Senior Gi-hong smiled brightly and said, “Everyone, including me, has expressed a desire to attend.”
After receiving the survey, it included whether participants would attend and their reasons for wanting to join. Everyone put effort into writing their reasons.
“….”
Honestly, it felt like a pointless survey.
If all these people attend, won’t it just turn into a company dinner instead of lunch with Warren Buffett?
What should I do about this?
I called Berkshire Hathaway.
“I have a message for Chairman Warren Buffett.”
[Just tell me, I am Warren Buffett.]
I was taken aback by that response.
“Really?”
Come to think of it, his voice did sound similar.
[Haha, I’ve asked OTK Company to connect calls to me directly. Nice to meet you, CEO Kang Jin-hoo.]
“Oh, yes. Nice to meet you too.”
I couldn’t believe I was talking to Warren Buffett. Surely, he wasn’t joking?
I calmed my excitement and explained the situation.
When I mentioned how the employees were eager to meet him, he thought for a moment and replied.
[How about this? After the meal, I’ll stop by OTK Company to spend some time with the employees.]
“I appreciate that, but will you be okay with it?”
[Of course. I’ve wanted to visit OTK Company for a while, so it works out perfectly.]
“The employees will be thrilled.”
[Then I’ll see you in a few days.]
After the call ended, I informed the employees about the news. They cheered and raised their arms in excitement.
Warren Buffett’s popularity in the financial industry is at this level.
***
Our team members are me, Taekgyu, Ellie, Hyunjoo Noona, and Henry.
The reason for including Henry is his personal connections with James C. Goldman and Warren Buffett.
So, Henry has met Warren Buffett a few times.
On the day of the appointment, we decided not to go to work and to gather at home.
Since Warren Buffett is such a famous person and it’s been a long time since his visit, he will attract attention wherever he goes, and the press will follow him.
Therefore, we decided to invite him home and serve a meal. An outdoor table and barbecue grill were set up in the garden, and the chef was invited from Ceylon Hotel.
He said any menu would be fine, but there was one specific request: to prepare Coca-Cola.
“Is Pepsi not okay?”
“No, it’s not.”
Because Berkshire Hathaway is the major shareholder of Coca-Cola. For reference, Coca-Cola’s headquarters is in Atlanta, close to Edens.
Warren Buffett’s love for Coca-Cola is well-known.
Jokingly, he claims his secret to health is due to Coca-Cola, and during shareholder meetings, he proudly holds a Coca-Cola can.
This could be because he genuinely likes it, but there’s likely a purpose to promote his subsidiary as well.
“How about we play a FaceIt video at the shareholder meeting as a statement?”
“……”
Then both of us would probably be arrested for distributing pornography.
FaceIt is a pornographic site and has been designated as a harmful site in Korea, with access blocked.
Surprisingly, however, 8% of paid subscribers are Korean! (It seems they somehow manage to bypass the restrictions.)
“But anyway, there are only three shareholders.”
It’s just me, Taekgyu, and Hyunjoo Noona. It might increase if we include subsidiaries, but they are all non-listed companies as well.
“Do many people attend the Berkshire Hathaway shareholder meeting?”
“It’s almost like a local festival.”
Every year, tens of thousands of people flock to Eden to see Warren Buffett in person.
At the annual meeting, not only Berkshire Hathaway executives but also subsidiary management actively share their management performance and vision with shareholders.
This is a stark contrast to major corporations in our country that treat minority shareholders like invisible entities. They plead for help when their management is threatened.
“Do you know how much one share of Berkshire Hathaway costs?”
“How much?”
“As of yesterday, Class A shares were just under $300,000.”
The price of one share exceeds 300 million won. Thankfully, Class B shares are somewhat cheaper at one-tenth the price, but they’re still expensive.
“What makes it so expensive?”
“Because the company has experienced explosive growth.”
Currently, it’s ranked sixth in U.S. market capitalization. For reference, the companies above it are all IT firms like Apple or Google.
“What on earth did they do to make that money?”
“They’re quite similar to us.”
Since I followed their lead, it’s only natural that we should be alike.
Warren Buffett’s investment strategy is extremely simple and can be followed by anyone: buy good stocks at a low price and hold them for a long time.
The problem is that it’s not as easy as it sounds…
“Do they not deal with derivatives?”
“While they’re not completely against short selling or futures options, it’s more about hedging than investing.”
Taekgyu thought deeply and then remarked.
“Still, based on recent performance, aren’t you doing better?”
I nodded.
“You might have a point when looking only at returns over the past few years.”
But…
Many people achieve significant success in the market in a short time. However, only Warren Buffett has consistently generated steady profits over decades.
It’s common for once-successful investors to later face declines.
Even notorious hedge fund mogul George Soros, who had great success during attacks on the British foreign exchange market and the Thai foreign exchange market, suffered astronomical losses during the Russian moratorium and the dot-com bubble collapse.
In contrast, Warren Buffett has steadily achieved around a 20% return for decades with few major failures.
Considering that there have been numerous significant financial crises during this time, such as the oil shock, the dot-com bubble, and the subprime mortgage crisis, this is nothing short of miraculous.
Perhaps we won’t see another investor like him in history?
“But you have more wealth than he does.”
“Maybe it’s similar.”
OTK Company is privately held, and most of the companies I own shares in are also private. Therefore, accurately assessing their value is challenging.
However, even at a low estimate, it exceeds $100 billion. Just the value of CarOS alone is evaluated at $80 billion.
If that’s the case, my wealth is roughly $80 trillion. At this level, I would easily rank within the top five of the world’s richest.
Taekgyu patted me on the shoulder and said, “Forget Warren Buffett; to me, you’re the best investor.”
“Do you really believe that?”
“Of course, I’m only saying that because I don’t know any better.”
“…”
A moment later, Henry arrived home first, with his hair neatly styled and looking quite sharp. I’m not sure if it’s because of Hyun-joo noona or Warren Buffett.
When I asked how long it had been since we last met, Henry replied, “I first met you during junior high school, and I’ve seen you a few times since then. The last meeting was about three years ago.”
Soon, Hyun-joo and Ellie arrived.
“We’re here!”
“Welcome!”
Hyun-joo was dressed neatly in a white blouse and black high-waisted skirt, just like when she was working.
In contrast, Ellie wore a pleated skirt with a sky-blue blouse and sandals, looking fresh as if she had come for a picnic.
Her hair had grown quite a bit, nearly touching her shoulders.
Hyun-joo asked, “When will they arrive?”
“We left the airport earlier, so it should take about an hour.”
Warren Buffett’s visit to Korea was a big issue by itself.
Countless reporters and cheering crowds gathered at the airport. The scene of Warren Buffett arriving, greeting people, and getting into a car was broadcast live.
The car he was in was heading straight to our house.
Hyun-joo looked a bit nervous. In contrast, Taek-gyu seemed very relaxed.
“Relax, sister.”
“Shut up.”
Ellie said with a smile, “I never thought I’d get to meet Warren Buffett in my lifetime.”
I nodded. “Honestly, I feel the same way.”
***
During my school days, I used to fantasize about this.
After getting a job and saving money, I would buy Berkshire Hathaway stocks. Since Class A shares were too expensive, I’d start with Class B. Then, I’d receive my shareholder meeting attendance certificate, go to Eden, and confidently ask Warren Buffett questions.
But now, that’s no longer necessary.
In front of me stood the greatest investor alive.
He had white hair combed back to reveal his forehead and wore black-rimmed glasses. Just by appearance, he looked like a kind old white gentleman.
When Taek-gyu muttered that he resembled the grandfather in front of the chicken shop, Hyun-joo, standing next to him, poked him in the side to shush him.
Warren Buffett greeted me warmly, extending his hand.
“Nice to meet you, I’m Warren Buffett.”
“Pleased to meet you, I’m Jinhoo Kang.”
Warren, holding my hand, smiled and said, “I’ve wanted to meet you for a long time, Mr. Kang.”
“I’ve always wanted to meet you as well.”
I couldn’t believe the situation.
Warren Buffett was standing in my backyard! Is this how fans feel when they meet their favorite celebrities?
He was born in the 1930s and is currently 86 years old. He looked remarkably healthy for his age.
Anyone who has invested in stocks knows the stress that financial investors endure is beyond imagination.
Of course, since they value the intrinsic worth of companies and invest for the long term, they don’t get overly excited or depressed by short-term stock fluctuations… but it’s easy to say. How many can maintain composure when stock prices fluctuate right in front of them?
It’s only fitting that he is respected for staying healthy and active in the field until now.
Taek-gyu greeted him cheerfully.
“You must have had a tough time coming all the way to Korea.”
Warren jokingly replied, “It looked like the pilot flying the plane had a much tougher time than I did.”
Next, he greeted Henry.
“It’s been a while since we last met.”
Warren happily embraced him.
“Oh, Henry! How long has it been? You seem to have grown taller. You should be done growing now. Are you doing well in Korea?”
“Yes, I am. I hope you’ve been well as well?”
“Haha, I’ve always been well. I’m delighted to see you in Korea.”
Next, he shook hands with Hyunjoo, my sister.
“Nice to meet you. I’m Jessica Oh, the head of the Golden Gate Korea branch.”
Surprisingly, Warren already knew about Hyunjoo.
“I’ve heard a lot about Director Oh. Are you aware that many investment firms on Wall Street are eager to scout you? If you aren’t happy with Golden Gate, you can always come to Berkshire Hathaway. We will always have a place for you.”
“Thank you for your kind words.”
Trying not to show it, Hyunjoo’s face clearly showed her delight. Seeing that, Taekyu looked eager to tease her.
Lastly, Ellie introduced herself.
“Hello. I’m Ellie Kim from the legal team at the Golden Gate Korea branch. I’ve only seen you on TV, and seeing you in person makes you even more impressive.”
Warren burst into laughter.
“Haha, thank you. It’s been a while since I received compliments about my appearance instead of my investments.”
After the introductions, we sat down.
The lunch with Warren Buffet, which someone said costs 4 billion won, began.
