A Wall Street Genius’s Final Investment Playbook Chapter 120

“I’m doubting Theranos’ technology? ?”

I widened my eyes and stared at Hols.

There was an air of innocent surprise in my voice.

Then, Hols replied firmly.

“You’ve ntioned dozens of tis that blood tests using capillary blood sampling are scientifically impossible.”

“But… isn’t that true? It’s an unsolved problem that no one has cracked—only Theranos has made it possible. I was just expressing my amazent…”

Hols's expression stiffened slightly.

It was true that I had spoken to many people in a way that implied Theranos’ technology was unrealistic, but I had never directly said it was suspicious.

Conveying such subtle nuances is never easy. Yet, Hols was trying to make the situation clear.

“You kept emphasizing that it was ‘impossible,’ so it sounded as if you were suggesting we were making exaggerated claims.”

I responded with a troubled expression.

“So that’s how it ca across. I actually ant to say that the technology is incredible, but I must have caused a misunderstanding. I sincerely apologize.”

First, I offered a polite apology.

Then, I moved on to my real explanation.

“But I swear, that wasn’t my intention at all. A hundred years ago, if soone had ntioned landing on the moon, everyone would have said it was impossible. But now? We’ve turned it into reality through innovation. Saying ‘turning the impossible into possible’ was ant to praise Theranos for achieving sothing on that scale, not to express doubt.”

Hols’s face grew rigid at my words.

Not only did this contradict what I had said during the due diligence process, but it was also different from the tone I had taken in front of others just before the gala’s main event.

By this point, even Hols, being human, must have felt sothing bubbling up inside.

‘Annoyed, aren’t you? Don’t you want to tear off my mask?’

So go ahead, attack more.

“It’s not just the technology. I felt that you didn’t trust us at all. The way you conducted the due diligence was excessively forceful.”

“?”

I put on a surprised expression again.

“I was simply following the manual…”

“Normally, people don’t demand proof for every single piece of data. If there’s even a minimal level of trust, that is.”

Honestly, that was a rather absurd statent.

‘Everyone else just does due diligence as a formality, but you followed the textbook too strictly?’ What kind of logic was that?

It was the kind of attack only possible because she held the ‘granddaughter’ position.

“You even requested the company’s organizational chart and employee turnover rate, and you refused to leave until you had all the docunts. It felt like you thought we were trying to hide sothing…”

That was quite the detailed tattletale.

“That’s why I believed you didn’t trust us at all. To be honest, I even wondered if your real goal was to withdraw the investnt…”

Hols trailed off and lowered her gaze slightly.

She wanted to show that my actions had discouraged her.

As expected, she was a cunning woman.

‘So she refuses to play the villain?’

Instead of attacking a poor orphan, Hols had chosen an entirely different strategy.

She had decided to paint herself as the victim.

Her intention was clear.

She wanted to make the directors believe that this pitiful orphan, Ha Si-heon, had actually harassed her with a completely different attitude during due diligence.

“There seems to be sothing going on.”

At Kissinger’s words, the atmosphere around the table tensed.

The other directors’ eyes sharpened.

It was clear that there was so conflict between and Hols, and they seed intent on getting to the bottom of it.

I responded by bowing slightly toward Hols, showing a regretful expression.

“I’m truly sorry if it felt forceful. To be honest, the docunts were too insufficient, so I had no choice but to keep requesting more. Since that process was repeated, I can see how I might have seed overly persistent.”

I admitted it without hesitation.

The fact that I had been persistent during due diligence.

Denying it in this situation would be the worst choice.

If Hols and I each stuck to our own ‘truths,’ the directors would believe her, the granddaughter.

Anyway.

As soon as I conceded to her words, a victorious smile flickered across Hols’s lips.

But it was only for a mont—soon, she turned her gaze into the distance with a sorrowful expression.

“Honestly, I acknowledge that Theranos is lacking in many ways. It’s a company that started purely out of passion… But I have a desperate reason why I must make this a success.”

Ah.

This was the sa story Hols had told at the investor presentation.

The one where she claid she was determined to detect all diseases early because of her sick uncle.

I swallowed my laughter.

‘You think you can sway with so uncle sob story?’

I was an orphan who had lost both parents.

But outwardly, I maintained a sincere expression.

“Of course, I genuinely support your passion, Ms. Hols. I completely understand that kind of drive.”

Now, it was my turn to put on a wistful expression.

“The truth is… my father also passed away due to a disease that was discovered too late. The seed of his illness was likely planted a long ti ago… Perhaps even during the war.”

The countless chemical agents sprayed during the Vietnam War.

There was no way those hadn’t affected my father’s health.

“The disease eventually developed into a rare cancer. He deteriorated rapidly without proper treatnt and passed away. That’s why… I’ve also dedicated myself to the cause of treating rare diseases.”

“…?”

A flicker of doubt crossed Hols’s eyes.

She must have been wondering why I suddenly brought up ‘rare diseases.’

Of course, I had my reasons.

“The company I represent, RP Solutions, is a profit-restricted enterprise established by a rare disease foundation. It was founded to develop treatnts for Castleman disease, an extrely rare illness that affects only 5,000 patients annually.”

I looked straight at Hols and continued speaking clearly.

“My client wants to introduce the Newton device into clinical trials imdiately. That’s why I had no choice but to conduct the due diligence so rigorously.”

With this, I not only acknowledged my strict due diligence but also made it clear that there was a valid reason behind it.

All of it was for the noble goal of ‘treating rare diseases.’

“You want to implent it in the field?”

At Kissinger’s question, I turned my gaze and elaborated.

“Yes. From the start, my client invested with the intention of using Newton in real-world applications. They plan to conduct clinical trials within this year and want to utilize Theranos’ product for that. Since we’re considering a partnership beyond just investnt, our standards are much higher than other teams. That’s why I may have unintentionally made you uncomfortable.”

A spark of interest lit up in Kissinger’s eyes.

I seized the opportunity and continued speaking.

“That’s also why I asked for more details on Theranos’ past clinical trial results. I heard that you’ve partnered with several pharmaceutical companies in the past, and since we’re considering real-world implentation, it’s only natural for us to be curious about how those trials progressed.”

I intended to use this mont to verify a few key facts.

Such as the results of their clinical trials.

Theranos had repeatedly ntioned collaborations with nurous pharmaceutical companies, yet they had never disclosed any concrete results.

‘Because they all fell through.’

I wondered—were the board mbers aware of this inconvenient truth?

“Haha, that’s because all the trials were canceled.”

Surprisingly, they already knew.

“May I ask why?”

I quickly asked.

Then, as if hesitating, I retracted my words.

“Oh, am I prying too much again? It’s just that this is directly related to field implentation…”

Seeing my deanor, Kissinger smiled in satisfaction.

“So this is what caused the misunderstanding.”

With this, the so-called ‘persistent due diligence’ that Hols had ntioned was now frad as nothing more than repeated requests for information like this.

“Did you say field implentation was premature?”

Kissinger’s gaze locked onto Hols.

His question carried a silent pressure demanding an answer.

Hols’s face showed a hint of discomfort.

“That’s sothing we can’t disclose to outsiders…”

As always, Hols attempted to insist that she couldn’t reveal the information, but Kissinger made a completely different judgnt.

“They’re not outsiders, they’re investors. They’ve already signed an NDA, so they should at least be inford of the progress.”

“But…”

“Haha, maintaining competitiveness is important, but so is leveraging partnerships at the right ti. It’s fine—go ahead and share.”

Then, Kissinger looked at with a pleased expression.

“Besides, aren’t both of you ultimately working toward the sa goal?”

It seed that my emotional counterplay had worked perfectly.

Well, of course, it did.

How could Kissinger refuse to help an orphan who lost his father due to a war he was involved in, overca hardships, and is now dedicated to rare disease treatnt?

Hols’s gaze turned toward .

Her eyes were slightly cold.

After all, in that mont, Kissinger had essentially taken my side instead of hers.

I smiled brightly and spoke.

“I only wish for Theranos’ technology to be adopted more widely and more quickly.”

Hols’s eyebrow twitched slightly.

But at this point, refusing to answer was not an option.

Putting up a wall now would an openly challenging Kissinger’s judgnt.

“The past clinical trials failed because the error rate was too high. Newton was installed in patients’ hos and used by the patients themselves, but it was difficult for ordinary people to properly operate the device. Many failed to use sterile equipnt correctly, leading to blood contamination, or mishandled the needles, causing frequent hemolysis. These improper usages caused significant errors, leading to the termination of partnerships. As a result, we shifted to a system that employs professional phlebotomists instead of relying on general consurs.”

This woman was quick-witted.

In other words, she had shifted the bla for the failed trials from their technology to the patients themselves.

Of course, that was a distortion of the truth.

Theranos never had that ‘great technology’ in the first place.

But it was a distortion that was impossible to prove.

After all, as Hols said, there was a possibility that user errors contributed to the failures.

“Oh, I see how there could be such variables in field implentation. I never considered that.”

Instead of objecting, I nodded understandingly.

Then, I imdiately asked my second question.

“If you don’t mind, may I also ask about FDA approval?”

I turned back to Kissinger and added further explanation.

“In fact, since we were considering field implentation, I inquired separately and found that only one test category had been submitted for approval.”

Newton hadn’t even received FDA approval.

I wondered if the board mbers knew about this…

“There’s a reason for that.”

Surprisingly, they were already aware.

Kissinger once again looked at Hols.

Hols flinched slightly, but unable to defy his gaze, she eventually answered.

“We are still waiting for FDA approval. The bureaucratic process has caused excessive delays. In the anti, we have been conducting blood tests exclusively in laboratories under LDT regulations.”

First, she blad the patients.

Now, she was blaming the FDA.

But this ti, I pushed a little harder.

“If you don’t mind, may I ask when the FDA application was submitted?”

Hols’s gaze sharpened slightly.

Her eyes seed to say, ‘Are you doubting again?’

Sensing it, I quickly raised both hands in a defensive gesture.

“Oh, this isn’t doubt. It’s just that this is sowhat of a specialized field for … I wanted to estimate the expected approval tiline.”

Right.

I shouldn’t forget my algorithm.

I can predict FDA approval timing.

Then, I looked at Kissinger and clarified my reasoning.

“I just want to be helpful. If I have even a rough estimate of the submission year, I can compare it with similar approvals from other companies and provide a more precise tiline. That way, Theranos can plan accordingly.”

Yes.

This diligent orphan only wants to use his skills to help her.

“Haha, that should be fine to disclose.”

Once again, Kissinger urged for an answer.

Once again, Hols found it difficult to refuse under the circumstances.

“The most recent application was last year. Since the tests keep getting upgraded, we have to reapply each ti.”

“Then, when was the earliest application?”

Hols hesitated for a mont.

Theranos had only ever submitted a single test for FDA approval.

aning, there was no such thing as an ‘earliest application.’

That left Hols with only two choices.

Either put up another wall and refuse to answer…

Or lie.

“It was in 2010.”

Hols chose to lie.

Of course, if she had answered previous questions but suddenly refused to answer this one, it would have seed inconsistent and suspicious.

“I see.”

I gave Hols a small, victorious smile.

The lie she had just told was a serious one.

Because FDA application records are not ‘confidential information.’

By simply inquiring with the relevant agency, I could verify exactly when and how many tests had been submitted.

In other words, I now had imdiate proof to refute her lie.

I could expose her right here and now…

But only amateurs would do that.

For now, the board mbers still had strong trust in Hols.

They had allowed the poor orphan to access information, but their goodwill would extend no further.

If I exposed her as a liar in front of them now, they would unquestionably take her side.

There was a better ti to use this evidence.

“Then, I will review the docunts and provide an estimated date soon.”

I gave a pleasant smile and turned to Kissinger.

“I feel like I’ve taken up too much of your valuable ti. I should take my leave now. Ah, I’ll schedule a separate al appointnt through your secretary.”

With that, I bid a clean farewell and walked away without hesitation.

As if I had already obtained everything I needed.

As I returned to my seat, I reflected on my achievents.

‘I couldn’t turn her into a villain right away.’

But that didn’t matter.

Hols had just given a critical weakness.

Not just any weakness—she had lied about the FDA application period in front of the board mbers.

And soon, I had a private al planned with one of them.

With this disadvantage looming over her, how would Hols react?

‘She won’t just sit still.’

She was already prone to paranoia and delusions of grandeur.

She would likely lash out, badmouthing to the directors in an almost hysterical manner.

And when that happened, my task would be simple.

I just had to help her self-destruct.

That wouldn’t be difficult at all.

A couple of etings with journalists, a few chats with forr employees—she’d lose control in no ti.