At 7:30 in the morning, I once again stepped into the broadcast station studio.
The show I was appearing on today was Good Morning Arica, the most influential morning program in the U.S.
“Mr. Ha Si-heon, don’t be nervous. Just relax and talk comfortably… is what I was going to say, but you’re already used to this, aren’t you?”
The producer spoke with a friendly smile, so I simply nodded and smiled back.
Over the past week, I had appeared on every possible dia outlet—not just major news channels like CNN, FOX News, and MSNBC, but also late-night talk shows and cody programs.
I had accepted every invitation that ca my way.
Reputation and recognition were essential for my future plans.
“We’re going live! 3, 2, 1…”
The red light on the cara turned on, and the host of Good Morning Arica began to speak.
“Today’s guest is one of the most talked-about figures recently, Mr. Ha Si-heon! How did you take such a risk? Even at the cost of facing lawsuits…”
Yes, this was the image the public had of because of the Theranos case.
‘The hero who exposed the corruption of a dangerous dical device company and saved countless lives.’
Wearing the role, I responded with a humble smile and a composed tone.
“I only did what had to be done.”
“That’s not sothing just anyone would do. Theranos is demanding a staggering $4.9 billion in damages, and it was selected as Forbes and Fortune’s Unicorn of the Year. Not to ntion, it had the full backing of nurous high-profile figures.”
“I firmly believed that, in the end, the truth would prevail.”
But then—
One of the three hosts, with a playful expression, subtly shifted the conversation.
“But… it’s kind of unusual to hear soone from Wall Street say that.”
It seed like they were trying to paint as the villain of Wall Street.
That wasn’t an image I wanted, so I replied in a rather firm tone.
“The ruthless image of Wall Street is a thing of the past. The future belongs to ethical managent and social value creation as the core competitive edge for companies. In fact, most investnt funds and corporations are already actively adopting ESG standards.”
In this lifeti, I planned to maintain as clean and ethical a reputation as possible.
I didn’t want to attract the attention of those obsessive Justice Departnt or FBI agents like before.
However, this host seed fixated on the idea of a ‘greedy Wall Street villain with a surprising act of goodwill’ and kept pressing in that direction.
“Well, we’d all love to see more good deeds, but when do you plan on making a profit?”
In other words—could I really make money while acting virtuously?
That was another misconception I couldn’t leave unaddressed.
After all, in hedge funds, profitability is paramount.
I answered again, this ti with conviction.
“The two aren’t necessarily in conflict.”
“But in the Theranos case alone, I heard you invested $60 million… Isn’t that a loss?”
Well, technically, that wasn’t wrong.
The money I had sunk into Theranos was as good as gone.
Investing in a private company is not easy to cut losses from.
Even if a company is clearly on the path to collapse, I can’t just liquidate my shares as I please.
The only way to recover the money invested in Theranos now was through lawsuits.
But that process would take a significant amount of ti.
Even if I won, if Theranos squandered its funds and filed for bankruptcy in the anti, I might not recover a single penny.
From that perspective, my investnt in Theranos was undeniably a loss.
However, I countered with this argunt.
“Investnts should be evaluated as an entire portfolio, not as individual stocks. Looking at Theranos alone, it’s a loss, no doubt. But while conducting due diligence on Theranos, I realized just how critical corporate ethics and transparency are. As a result, I made a large-scale investnt in compliance consulting firms.”
With the Theranos scandal, NDAs had beco a nationwide topic, and interest in corporate transparency was at an all-ti high.
Under mounting public and dia pressure, most companies were rushing to hire external advisory firms to prove their credibility.
Foreseeing this trend, I had made an early investnt in one of the top three firms in the industry.
This sector was bound to see steady stock price growth at least until the next quarter.
“The Theranos case is unfortunate, but I’ve already more than recovered the losses from it.”
As soon as I said that, one of the other hosts jumped in eagerly with a question.
“Have you seen Hols’s recent interview?”
As expected, this topic was coming up.
Over the past week, Theranos had been facing an increasingly complex situation.
The U.S. Attorney’s Office had launched an investigation, and just a few days ago, the Securities and Exchange Commission (SEC) had officially opened a probe into potential securities fraud.
On top of that, the Centers for dicare & dicaid Services (CMS) and the Food and Drug Administration (FDA) had conducted a surprise on-site investigation to check for violations of clinical laboratory regulations.
It would take about a month for solid evidence to surface, and several more months before an indictnt could be issued.
What was surprising was that, despite all this, Hols was still holding onto her CEO position at Theranos.
She was even continuing to seek investors, dreaming of a grand coback.
How was that possible?
Because she had shifted all operational responsibilities to her Chief Operating Officer (COO), Sharma, making him the scapegoat.
Not only that, but Hols was now putting on a rather dramatic ‘victim act.’
Just the other day, she appeared on a television program and delivered a tearful confession that moved viewers.
She claid that her domineering attitude—and the toxic corporate culture at Theranos—stemd from the emotional abuse and gaslighting she had suffered at the hands of Sharma, whom she t when she was twenty.
To make matters worse, everyone who had t Sharma confird his rude and abusive behavior, which only made Hols’s story more convincing.
Public sentint was gradually shifting toward sympathy for her.
People were beginning to say things like,
“She was once a charismatic female leader, but who knew she had such deep wounds and vulnerabilities? I just hope she overcos this hardship and rises again…”
In many ways, her acting skills were truly second to none.
Anyway.
The hosts’ eyes glead with curiosity.
“You’ve t both Hols and Sharma in person. Do you think Hols’s claims are true?”
I took a mont to choose my words carefully before responding.
"To be honest, I have my doubts. While I did sense a kind deanor from Hols and a rough edge from Sharma, the two of them seed more like a perfectly synchronized good cop, bad cop duo."
"So, from the beginning, they were in it together?"
"It's difficult to make a hasty judgnt."
I held back my words and remained cautious.
If I outright denied Hols's testimony, I could be accused of ‘victim-blaming.’
But I also couldn’t let her narrative stand unchallenged.
"In my view, Hols is by no ans a weak person. While she may have been influenced by those around her, I don’t believe she is inherently fragile. Her charisma was stronger than anyone I’ve ever t. Her judgnt and intelligence were just as remarkable. To be honest… personally, I found her to be even more formidable than Dex Slater, the so-called White Shark."
"More formidable than the White Shark?"
The host’s voice carried a tone of surprise.
"Yes. The strategic prowess she displayed in conversation was exceptional. I understood then why people call her a genius."
I deliberately emphasized that Hols was stronger than the White Shark.
It was to dismantle the credibility of her narrative.
From the perspective of the Orca, Hols was no victim.
"Then what exactly is the truth behind all this?"
"We’ll have to watch how things unfold. Now that Sharma has been ousted, Hols alone will be fully responsible for managing the company. Next week, she ntioned that Theranos will be undergoing a technological verification at a conference. If their response remains the sa as before or if it has changed, that should give us so clues about the truth."
In my estimation, Theranos would resort to lies and exaggerated claims once again.
They would present flimsy evidence and try to buy ti with words.
But this ti, there would be no one left to take the bla.
Well, the interview was almost over anyway, so I decided to steer the topic elsewhere.
"Theranos is no longer my concern. I'm focusing on what I need to do next."
"Oh, right! You’ve recently established a new fund, haven’t you? What’s it called?"
"Pareto Innovation Capital. It represents an investnt strategy where 80% is allocated to secure success, and 20% is dedicated to innovative challenges."
The na of the fund succinctly encapsulated my investnt philosophy.
The 80% success rate was derived from the Pareto principle, while the remaining 20% symbolized the bold pursuit of future innovation, even if it took ti.
"I heard it’s an activist fund. Is that correct?"
"Yes. It’s a multi-strategy fund, but we place a particular emphasis on activist investing."
"Activist investing… That sounds quite complex for the general public."
"It’s not that complicated. Just think of it as representing shareholders to ensure companies are being properly managed, closely monitoring them, and demanding improvents—like in the Theranos case."
***
"Activist investing… quite an ambitious move."
A aningful remark slipped from Pierce’s lips.
It had been a week since we last t.
His appearance had changed dramatically.
Not long ago, he had looked utterly exhausted, evoking sympathy.
But now, a confident smile brightened his face.
It was as if a withering plant had been revived with fresh water.
His renewed vigor was undoubtedly due to Goldman successfully rebranding itself as the ‘righteous investnt bank that exposed the Theranos fraud.’
Pierce himself was also gaining attention as a perceptive investor who had identified the Orca’s potential early on, making frequent appearances on various broadcasts.
As a result, his credibility—and stock—were on the rise.
No wonder he looked so pleased.
"But to choose activist investing for your very first fund… what exactly are you up to?"
Yet, there was a hint of suspicion in Pierce’s voice as he addressed .
While things were going well for him thanks to , his wariness had not entirely faded.
Of course, I had a clear reason for choosing an activist fund.
There were at least three critical factors behind my decision.
But instead of explaining each one in detail, I redirected the conversation toward his true intent.
"I’m well aware that it won’t be easy."
"Forget easy or difficult—have you even considered the chances of success?"
Pierce's remark hit the nail on the head.
For a newly launched fund to enter activist investing was nearly impossible.
Activist funds, by nature, operate by acquiring shares and directly intervening in corporate managent.
A pri example would be Shark Capital, led by the White Shark.
Their strategy was straightforward.
They would quietly accumulate shares while making demands, and if the company resisted, they would suddenly acquire a 5% stake and wage a proxy battle at the shareholders' eting.
However, there were two essential elents to running an activist fund.
The first was reputation.
No matter how much stock an unknown investor accumulates, companies won’t take them seriously.
And naturally, a newly established hedge fund has no reputation to speak of.
That’s why choosing activist investing for a first fund was nearly unheard of.
But—
I smiled confidently.
"If I do it, isn’t there a chance? I do have so recognition, after all."
Pierce’s sharp gaze bore into , as if trying to read my thoughts.
His expression gradually hardened.
"Don’t tell …"
His eyes seed to ask whether everything I had done so far had been leading up to this very mont.
I simply shrugged.
Because, of course, it had.
The victory against the White Shark.
The direct takedown of the fraudulent Theranos.
Everything I had done while at Goldman was also a calculated effort to solidify my own position.
And it had worked.
I had already gained an advantage over existing funds by appearing twice on national television.
However, to truly establish an activist fund, reputation alone wouldn’t be enough.
There was one more crucial elent needed.
And that was precisely why I had sought out Pierce at this mont.
"More importantly, can I ask you for a favor?"
But then—
"A favor?"
At my words, Pierce’s face instantly turned cold.
The warmth that had been in his eyes just monts ago vanished without a trace.
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