"You must not leave now! At the very least… please wait until the schedule adjustnts are finalized!"
An associate from the pri brokerage departnt of Goldman, barely managed to hold back Ha Si-heon, who was trying to leave.
After pleading with Renton to make sure he absolutely could not go out, the associate hurriedly made his way to a separate room.
Since the client had made a strong request, all the scheduled appointnts for today had to be canceled.
‘Why did I have to be the unlucky one caught in this ss…?’
Before coming here, he had only one wish. That nothing catastrophic would happen during this business trip.
Normally, the chances of sothing going wrong at a summit like this were minimal.
But if Ha Si-heon was involved, the story was different.
And yet…
‘How does he end up being the talk of the town in just one day?’
Last night.
While Ha Si-heon attended the VIP party, the associate wandered around, mingling with other attendees.
These summits were a pri opportunity for industry professionals to expand their networks and exchange information.
But no matter where he went—whether it was a cocktail bar, a lounge, or a club—Ha Si-heon's na was constantly being ntioned.
— I heard he went to the welco party…
The Kissinger fireside chat was practically a promotional event for Ha Si-heon…
The rumors surrounding Kissinger were relatively mild.
However…
— It seed like he was about to get into an argunt with Ackman.
— What was he discussing in secret with White Shark? Did they really reconcile?
The mont such rumors started spreading, he felt an ominous premonition.
A fund that hadn't even officially launched was already being ntioned alongside two of Wall Street's biggest nas—an unprecedented situation.
Just when he was anxiously wondering what kind of disaster might unfold, a call ca in that morning.
It was an absurd request to cancel all etings for the day.
‘He's lost his mind!’
Most institutions wouldn’t even consider eting with a newly established fund.
Ha Si-heon should have known that too.
That's why, with Pierce’s help, they had painstakingly arranged these etings…
And now, he was throwing away that opportunity himself.
It was beyond comprehension.
But then again, Ha Si-heon was soone who fundantally defied conventional logic.
And since he was the client, the associate had no choice but to follow his wishes.
For the next 20 minutes, the associate personally contacted each eting counterpart to apologize.
[Understood. We'll reschedule later.]
[I never expected to have such an unpleasant experience with Goldman.]
There was an unmistakable chill in the voices coming through the receiver.
So even openly expressed their distrust of Goldman.
After enduring all of that in silence, he finally stepped outside.
"Can we leave now? It looks like ti is tight."
Ha Si-heon sprang up and checked his watch.
Even from a distance, the watch on his wrist glead with its exquisite craftsmanship—a true luxury item.
More than just a tipiece, it was a symbol of prestige.
And the jacket he was wearing…
‘Brioni, huh.’
A sharp, structured silhouette combined with a subtle fluidity, ticulously tailored lines, and an air of refined luxury in the fabric.
He didn't even need to check the label to recognize the brand.
It was a level of extravagance that soone his age wouldn't typically be able to afford.
Honestly… it made him envious.
Even in a place like Wall Street, filled with legendary figures, reaching this level in just a year was nearly unheard of.
"But more importantly, can you finally explain the situation—"
"I’ll give you a full explanation once we arrive at our destination."
Just what in the world was going on?
He wanted to demand an explanation, but Ha Si-heon had already stord out the door.
The associate hurriedly followed him with Renton.
He hoped to pick up on sothing during the walk, but…
‘Damn, he walks ridiculously fast.’
Even keeping pace with him was a struggle.
Half-walking, half-running, they finally reached their destination.
It was the Capital Introduction section of the summit.
The Context Summit was divided into two distinct zones.
The Session Zone and the Capital Introduction Zone.
The session zone, which Ha Si-heon had visited yesterday, had a calm, academic conference-like atmosphere.
It was lined with lecture halls where renowned speakers gave various presentations.
In contrast, the Capital Introduction Zone…
— Our Sharpe ratio is in the top 10% of the industry…
— This quarter's annualized return is…
— Are you also using the 2-20 fee structure?
Lively conversations buzzed from every direction, filling the air with the energy of a bustling market.
Because, in essence, this place was a market.
A hedge fund marketplace.
The 25 business rooms in this zone functioned as individual "booths," where different hedge funds engaged in intense etings and presentations.
Half of the people moving through the hallways were potential investors, while the other half were hedge funds vying for their attention.
While prospective clients browsed the booths in search of the best investnt opportunities, funds that had failed to secure a booth moved swiftly to promote themselves.
As the associate navigated through this whirlwind of activity, anxiety gnawed at him.
‘Please, don’t let us run into anyone we canceled on…’
He desperately hoped that the six people whose etings had been canceled were attending sessions instead.
Moving as discreetly and quickly as possible, he tried to reach their destination without drawing attention.
But his hopes were in vain.
"Huh? The Orca?"
"Is today your group presentation?"
In an instant, people recognized Ha Si-heon and started approaching.
It was inevitable.
His towering height made him stand out even in a crowd, and his face had already gained widespread notoriety.
He had hoped they could simply exchange brief greetings and move on, but Ha Si-heon stopped to engage in small talk with each person.
The associate’s nerves were fraying.
‘This is not the ti for this…’
Just a little further, and they would reach the business room they had reserved—their designated booth.
If he could just get Ha Si-heon inside, they could avoid running into those whose etings had been canceled.
But cutting him off mid-conversation would be rude, making the situation even more frustrating.
‘Please, please let there be no institutional investors here…’
The associate anxiously studied the attire of the people approaching.
He could roughly gauge their status based on their outfits.
The ones in refined Hermès suits were likely family office representatives or high-net-worth individuals.
"Haha, I was just about to ask about you."
Their warm and sociable deanor made their affiliations even clearer.
Family offices.
But at that mont, an ominous shadow entered his line of sight.
A stern expression.
A solemn black suit.
It was undoubtedly an institutional investor.
And not just any investor…
‘Damn.’
It was the asset allocator for the San Diego City Employees’ Retirent System—the very person Ha Si-heon had an appointnt with at this exact ti.
The man walked straight toward Ha Si-heon.
"So we et here. I’m from SDERS, for the 10 o’clock eting."
His sharp gaze radiated displeasure.
By deliberately ntioning the ti and his affiliation, he was essentially saying, “Did you really have the audacity to cancel on , only to show up here?”
There was also an unmistakable arrogance in his deanor.
In this market, those with capital were considered kings, and among them, institutional investors held unparalleled status.
To put it in retail terms, they were like massive wholesalers—once a relationship was established, they opened doors to entire distribution channels, and the scale of capital inflows was on a different level.
This was why every fund desperately sought to secure at least one institutional investor and why the San Diego pension official in front of him carried himself with such arrogance.
Because of this power dynamic, most erging funds had no choice but to grovel before institutions.
However, Ha Si-heon did not bow.
Even though he understood the intent behind the man’s words, he simply smiled and replied,
"My apologies. A last-minute eting ca up with soone I simply couldn’t refuse."
His tone seed humble at first glance, but in reality, his words were provocative.
He wasn’t just saying that an urgent matter had arisen—he was making it clear that he had rearranged his schedule for soone else.
Even if that were true, it was an outright disrespectful remark.
As expected, the pension official’s eyebrow twitched.
"Soone you couldn’t refuse…? If you canceled our eting to see them, I assu you consider them more important than us?"
His words grew sharper.
Sensing the tension, the associate quickly intervened.
"We sincerely apologize. The timing was extrely tight… We will definitely reach out again soon."
Gripping Ha Si-heon’s arm firmly, he pulled him forward, hurrying him along.
Once they finally managed to get him inside a room and shut the door, the associate imdiately demanded an explanation.
"What the hell is going on? Who could possibly be important enough to cancel everything—"
But just as he was pressing for answers…
Knock, knock.
A sudden knock was followed by the door slightly opening.
Through the gap, a familiar face appeared.
"I arrived earlier than scheduled… Would it be alright if I ca in now?"
The associate froze on the spot.
He recognized the person imdiately.
The man wasn’t a celebrity, but he was well-known in this industry.
These investnt summits were held a dozen tis a year, and the sa buyers tended to attend each one.
Since the associate was a regular attendee, he had morized the faces of those with the deepest pockets.
And the man who had just entered was the allocator for KIF.
In other words, he controlled the funding pipeline for the Saudi Arabian Sovereign Wealth Fund.
One of the most powerful buyers in the hedge fund market—ranked second in purchasing power—had just walked into the room.
‘He secured a eting with this guy?!’
The associate’s mind went blank for a mont.
Institutional investors of this caliber only considered etings with funds that had already reached a significant scale.
But the surprises weren’t over yet.
Knock, knock!
"Excuse . Would it be alright if we…?"
More people entered—representatives from Abu Dhabi Investnt Authority, Singapore Investnt Corporation, and the Israel Sovereign Wealth Fund.
They were all among the top 20 sovereign wealth funds in the world.
It was nearly impossible to arrange even a single one-on-one eting with these entities.
Yet here they were, gathered together.
At Ha Si-heon’s booth.
anwhile, through the slightly open door, so figures could be seen watching the scene unfold.
It was the institutional investors from earlier.
Clearly, they had co to find out just who had been important enough to replace them.
And the mont they saw the answer, they looked completely shocked.
At the sa ti, a hint of reluctant acknowledgnt flickered in their eyes.
Seeing the caliber of investors present, they had no choice but to admit that rescheduling previous etings made sense.
Still, a trace of bewildernt lingered on their faces.
Even mid-sized funds expected deference from newer funds.
And yet, true royalty had just arrived in this room.
At last, the associate understood the true aning behind the “heat” Ha Si-heon had ntioned.
If a new fund could attract this level of institutional investors…
Of course, the entire market would be shaken.
But then—
‘Wait a second…’
The associate suddenly felt a strange sense of déjà vu.
Ha Si-heon had gathered the top figures in one place.
And now, others were watching them intently.
‘This is just like…’
It was exactly like what he had done at Goldman, when he recruited unofficial fund investors.
The way he had drawn in the Mozley family and MD, sparking a survival competition among the associates.
‘No way…’
Was he about to orchestrate another survival match?
An auction, perhaps?
A chilling premonition crawled up the associate’s spine.
And then—his fears beca reality.
"Our fund will close once we reach $11.3 billion in commitnts."
Ha Si-heon had just declared a first-co, first-served cap.
***
Hedge funds don’t accept unlimited capital.
There are limits to how much money can be allocated to a single position.
If a position is too large compared to a stock’s liquidity and trading volu, the investor essentially becos the market—causing price distortions that lead to losses instead of profits.
That’s why hedge funds analyze market depth to determine the optimal position size before accepting capital.
In that context, I had set the fundraising cap at $11.3 billion.
"Given our investnt strategy, that is the maximum limit."
I looked calmly at the thirteen institutional investors seated before .
But before I could continue, one of them interrupted.
"We have not committed to investing just yet."
The speaker was an Arab man who held his chin high.
He had introduced himself earlier as an allocator for the Saudi Sovereign Wealth Fund.
There was an unmistakable air of arrogance in his voice.
"Algorithm-based healthcare investnts have been proposed to us nurous tis.
We are already invested in three such funds, and we are not considering further expansion in that sector."
Custors don’t buy the sa product multiple tis.
They might purchase variations, but even that has its limits.
They compare similar offerings and select only the best.
His implication was clear.
"There are already too many algorithm-based healthcare funds, and we have no intention of adding another one."
"The true asure of accuracy can only be assessed after real-world results are observed."
His tone suggested that my 80% accuracy rate was not yet a strong enough selling point.
But then, with a faint smile, he continued.
"That being said, I heard sothing quite intriguing, which is why I ca here.
Shall we move on to that topic?"
He was proposing we cut to the chase.
In other words, he wanted to verify the bait I had dangled.
"Is it true that your algorithm can predict Black Swan events?"
A Black Swan.
A term coined by economist Nassim Taleb, referring to unpredictable events that have massive economic and societal impact.
Like the 2008 financial crisis.
This was the bait I had planted through Kissinger—
The hidden secret behind my algorithm.
I nodded and answered.
"Yes. The 80% accuracy rate I disclosed publicly… It implies a 20% failure rate. And that 20% is precisely where the Black Swan prediction algorithm cos into play."
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