A Wall Street Genius's Final Investment Playbook-Chapter 160

What I wanted to gain from this fight was clear.

Money?

Sure, that would come as a byproduct, but the true value of this battle lay beyond that.

What I truly desired was fame.

What I needed was the image of toppling Ackman and taking his place.

‘It won’t be an easy path.’

Ackman was a giant in the activist fund world, a man with fame, recognition, and overwhelming influence.

Meanwhile, my reputation—built through things like Epicura, Theranos, and the Ebola prediction—still didn’t quite measure up to his.

‘The race issue is a hurdle too.’

A showdown between a white titan and a black-haired newcomer.

If this fight devolved into a popularity contest among shareholders, I’d clearly be at a disadvantage with a voter base that was predominantly white.

And on top of that…

‘I can’t ignore my lack of experience either.’

There were many disadvantages stacked against me…

But even so, I had one secret weapon that could give me overwhelming superiority.

That was future knowledge.

I already had full insight into all of Ackman’s strategies.

‘No point in saving something this good.’

From the beginning, I had no intention of facing off fairly against an opponent in a different weight class.

My basic strategy was to fully utilize my future knowledge, relentlessly targeting only the opponent’s weaknesses to seize victory.

‘Let’s start by tackling this one step at a time.’

Ackman’s strategy was composed of three stages.

The first of which was the Trojan Horse operation.

Disabling that would be the starting point.

First off, the key to the Trojan Horse was surprise.

So what would be needed to neutralize it?

“Speed is crucial. For a preemptive strike to be effective, we must act faster than the enemy. Within the next three days, we’ll secure 5% of Allergan’s shares and make a public filing.”

Once a 5% stake is exceeded, it must be reported to the SEC—commonly known as a 13D filing.

In the activist world, this was no different from a declaration of war.

Therefore, I had effectively announced our entry into the war within three days.

But upon hearing the deadline I had set, Laurent’s face stiffened in shock.

“Three days? Isn’t that far too fast?”

“Gray has already been working on it for the past two weeks.”

“Even so… You don’t actually believe the opponent has already started making moves, do you?”

Yes, Ackman was already in motion.

But I couldn’t exactly say “I saw it in the future,” so I turned my gaze to Gray instead.

“It’s clear that someone is making a move. Over the past few months, the implied volatility of the VIX has been abnormally rising…”

Gray laid out several indicators, logically presenting clues that someone was secretly accumulating shares.

If compared to the Trojan War, it was like saying, “Lately, carpenters have been oddly busy, and timber is moving actively.”

“Particularly, large-scale trades are occurring beneath the surface. It’s highly likely this is due to a stealth accumulation strategy…”

That meant black market activity was flourishing.

Then, with a serious face, Gray continued.

“However, ever since we intervened, the market’s rhythm has become irregular.”

Previously, I had instructed Gray to focus on quietly acquiring shares through options and derivatives.

In other words, I had ordered him to procure timber en masse in the black market.

This was the same strategy Ackman was using, and after executing it for a few weeks, noticeable changes began to emerge.

“The opponent has likely sensed our movements. Even if they haven’t identified us, they’ve probably realized that someone is collecting shares.”

In the black market, we couldn’t be identified.

However, when merchants suddenly raise prices under the excuse of shortages, it becomes obvious a competitor has appeared.

Of course, that was my intention.

‘Because I need to time this right.’

I didn’t know the exact date Ackman would declare war.

That event was nearly nine years ago in my previous life—how could I remember the specifics?

Thus, I didn’t know the exact moment the Trojan Horse would appear.

But there was one crucial piece of information I did know.

That was the timing of Ackman’s first move.

‘Ackman begins operations when his stake is just under 10%.’

In other words, I knew how much stake he needed to complete the Trojan Horse.

That’s why I deliberately instructed Gray to make his actions noticeable.

If a competitor appears chasing the same resources in the black market, Ackman’s behavior would shift too.

And in the end, that judgment proved correct.

Because of our actions, Ackman had also started moving more hastily.

He began buying with much more stake and capital than usual.

That was evidence that the Trojan Horse wasn’t complete yet.

If it were nearly complete, he would’ve acted more leisurely.

‘Probably sitting around 7–8% now.’

“How many shares are left to acquire?”

“About 1%… But with our current approach, it’ll be difficult to secure them all within three days.”

“That’s fine. From now on, don’t just focus on derivatives—mobilize every available market to collect shares. The most important thing is to meet the deadline.”

“What?”

There was no need to move in secret anymore.

Hearing my order to accumulate shares in every market, Gray’s eyes widened.

“If we do that, it will significantly affect the stock price. We need to collect at least 3 million shares. Even at 1 million per day, that’s 30% of ADTV… If such a buy trend appears, the market will notice and prices may spike…”

Gray’s role was to handle things quietly, without affecting stock prices.

He feared that carrying out my command as is would cause price turbulence, but I smiled and said:

“It’s fine. Like I said, right now the most important thing is speed.”

Even if there were some financial losses, it was more important to stick to the timeline.

Besides, if the price fluctuated, that was actually better.

‘Ackman’s the one who’ll suffer.’

His goal must be to quickly complete the Trojan Horse, but I was intentionally driving up timber prices.

But at my words, the conference room split in response.

“Hmm… So the deadline is the most important, huh.”

Dobby summarized the key point I had made with a half-resigned expression.

Beside him, Gonzalez muttered with a satisfied look.

“Giving up flesh to gain bone… huh.”

Meanwhile, PM Laurent cautiously spoke up, glancing around nervously.

“I’m curious why you’re rushing even at the cost of losses. Wouldn’t it be better to approach this more carefully?”

“As I said, the most important thing in a preemptive strike is speed above all.”

“But to push forward even while taking losses…”

Hmm, I guess that needs a bit more explanation.

I looked Laurent straight in the eye and said:

“What do you think is the most important thing in this fight?”

“Well… I’d say victory and spoils, wouldn’t it?”

“If it were the place you used to work at, then yes.”

Laurent had previously worked at a large-scale fund.

A place so well-known that even the slightest movement would draw attention.

“But we’re a new organization. And this is our first campaign. In situations like this, there’s another important factor to consider.”

I looked him straight in the eyes and continued.

“That is presence.”

“Presence?”

“This is a battle between giant whales. Compared to them, we’re just extras who happened to enter the scene.”

Allergan, Valeant, and Ackman.

They were all massive whales.

Compared to them, my recognition, size, and credibility were severely lacking.

For now.

“Even though I’m getting some attention because of Theranos, I’m still just an orca. Even if we're all called ‘whales,' the difference in size is like a truck versus a motorcycle. If I insist only on being cautious in this situation, I won’t leave any trace behind.”

An orca jumping into a battlefield of whales?

People would just see me as a bystander, or at most, a minor player in the fight.

But that wasn’t the picture I wanted to paint.

“We don’t have any ‘record' yet. This battle will be our first official record, so we must make the market believe that our involvement led to victory.”

This victory had to be credited to the orca.

Only then could I defeat Ackman and take his place.

“To make our presence known despite the clear size difference, we need to seize the most critical turning point. And in any battle, the most crucial turning point is the first signal.”

The first gunshot that marks the start of war.

If we, the orca, fire that shot first?

It won’t look like we’re simply tagging along—it’ll look like we’re leading the war.

So even if it costs us a bit, it’s definitely worth it to seize that narrative.

To my surprise, Laurent nodded with a relieved expression after hearing my explanation.

“I understand now. You’re prioritizing visibility over profits.”

“That doesn’t mean I’m saying we should suffer losses.”

“Yes, I understand.”

Not bad comprehension.

Explaining all that was worth it.

At this level, I could leave things to him for a few days…

I smiled and glanced at my wrist.

“I’ll be away for the next two days. If anything unusual happens, report it to me immediately.”

“During this critical time…?”

“There’s something important I need to take care of.”

***

My destination was Philadelphia.

Specifically, the headquarters of RP Solutions, where David was.

With the fund investment incoming, there were several clinical trial matters that needed handling.

To save time, I endured another dreadful first-class flight, then got into a pre-arranged town car.

David offered to come pick me up, but I firmly declined.

There’s no way I’m experiencing that horror again.

There was no way I’d risk my life twice in that ancient car that barely seemed to run.

So, after about twenty minutes in a comfortable sedan from the airport, the vehicle pulled up in front of a rather clean building.

As I got out of the car, I saw David beaming brightly.

“Sean! You’re here! I could’ve come to pick you up…”

“No, really, this is better. Truly.”

I was being completely sincere, but David didn’t seem to catch on no matter how many times I repeated it.

Anyway, after warning him several more times to never come pick me up again, I entered the building.

A modern structure with sleek glass windows.

This was the new office shared by the Castleman Foundation and RP Solutions.

Compared to the old warehouse-like room that seemed to spit out furniture, it was a night-and-day difference.

“Since this is your first visit, I should probably give you a tour—but let’s meet the team first.”

“No one’s gone home yet? It’s nearly 8 PM…”

“They all wanted to meet you, so they stayed behind…”

RP Solutions had a total of 8 employees.

Apparently, the orca had gained enough fame that they postponed their commute just to see me.

“Sorry to ask, but… could we get a photo together? Maybe a group picture…”

“I watched the Theranos court case live as it happened!”

While taking a picture as a fan service and casually chatting, a woman came rushing noisily into the office, slightly late.

“Sorry I’m late! There was traffic…!”

“Ah, allow me to introduce you. This is our clinical trial design lead.”

Previously, I’d told David we wanted to design the trial ourselves, and asked him to recruit someone from a pharmaceutical company.

Even if it meant offering a salary multiple times higher.

Surprisingly, it didn’t take that much money.

Apparently, she agreed right away for just double her previous salary.

I’d heard a bit about her, but this was our first meeting.

The woman seemed to be in her 30s, with a slightly scattered vibe.

“Sorry I’m late. I always insist on having dinner at home, so I had to go back… Nice to meet you. I’m Amelia Lockhart.”

I flinched for a moment without realizing it.

‘Amelia.’

Of all names, hers was the same as our first Russian roulette patient.

‘Well… it’s not that uncommon of a name, is it…?'

As if he’d read my expression, David gave a wry smile and continued the introduction.

“As I mentioned, she’s a former employee of Pharmacycle.”

Pharmacycle was a small bio company that had managed to secure accelerated approval for a drug in just three years.

Amelia was in charge of clinical trials there, so her skills were guaranteed.

“Sorry to call you in after hours. But we don’t have much time, so let’s get straight to the point.”

There was a reason I had come all the way to the office at this hour.

I wanted to review the design of the clinical trial and check the schedule.

“We’ll start with 30 participants, focusing on dosage safety. Since accelerated approval benefits from adaptability, it’s best to confirm initial safety and then make additional inputs when signs appear…”

I had already sent $400 million to RP Solutions.

This allowed us to immediately begin Phase 1, and Amelia was overseeing the entire trial.

After discussing various details, I asked the most important question.

“Assuming everything goes smoothly, how long do you estimate until Phase 1 is complete?”

“In my experience, nothing ever goes perfectly smoothly… but I’d say roughly 6 to 8 months.”

“In that case, do you think we can proceed directly into Phase 2 the moment Phase 1 ends?”

“Pardon? Immediately after? It’s possible to run them concurrently, but the cost…”

“How much would that roughly be?”

“About $1.5 billion…”

Exactly.

Phase 1 was just the beginning.

If all went smoothly, another $1.5 billion would have to be injected in eight months.

‘I do have the amount itself…'

Currently, my fund’s AUM slightly exceeds expectations, sitting at around $12 billion.

So while I had the cash, there was an annoying restriction.

I wasn’t allowed to invest more than 15% into a single stock.

‘To inject another $1.5 billion…'

There were only two ways.

Either I increased my AUM further, or I raised my credibility enough to get that restriction lifted.

In either case, it was a problem that would be resolved once I beat Ackman.

Once word spread that I had taken down that titan, investors would surely come running with their money.

Even if they didn’t, existing investors might loosen the leash around my neck in their euphoria.

Just as I was crunching numbers and turning over scenarios in my head—

Bzzz!

Suddenly, my iPhone buzzed.

The caller was my secretary.

A call at this hour could only mean something was up.

And the matter turned out to be a little unexpected.

[Sean, we’ve received a rather surprising request.]

“A surprising one?”

[Ackman’s side wants to know if you’re available for a meeting.]