A Wall Street Genius's Final Investment Playbook-Chapter 162

4:00 PM sharp.

I arrived in front of a towering modern skyscraper on 7th Avenue in New York.

This was the building where Ackman’s hedge fund office was located.

‘What will it be like…?’

A sense of anticipation welled up inside me.

After all, Ackman was a giant in the industry, someone I was encountering for the first time.

Of course, strictly speaking, I had also faced White Shark before, but—

‘That doesn’t really count.’

Dealing with him as a low-ranking member of Goldman and standing before him now as the leader of my own fund were entirely different matters.

Anyway.

My objective today was clear.

‘Gathering information and provoking him.’

First, I needed to extract as much information as possible, and in the process, I had to get under Ackman’s skin.

After reviewing my goal once more, I stepped into the building. freёwebnoѵel.com

My eyes immediately landed on the floor directory in the lobby.

<Maverick Investment, 40F>

That was the name of Ackman’s fund.

“Maverick” referred to a free spirit who blazes their own trail, unbound by convention.

It gave insight into how Ackman viewed himself.

Ding!

When the elevator doors opened on the 40th floor, a spacious lobby unfolded before me.

Beyond the massive glass windows that stretched from floor to ceiling, New York’s majestic skyline lay in full view, and the entrance featured a grand artwork that subtly enhanced the space’s prestige without being overwhelming.

At that moment, a woman approached me.

She seemed to be Ackman’s secretary.

“Mr. Ha Si-heon?”

“Yes, that’s me.”

“Please wait here for a moment.”

Leaving those words behind, the secretary disappeared.

Left alone in the lobby, I let out a small chuckle.

‘Interesting.’

They clearly knew I was coming, yet they deliberately left me standing here alone.

This was an intentional move.

A way to make me feel uncomfortable and awkward.

It wasn’t long before the secretary returned.

“I’ll escort you now.”

The place she led me to was none other than the CEO’s office.

‘This is interesting, too.’

Normally, meetings like this would take place in a conference room.

But he had specifically called me to his personal office.

And that wasn’t all.

The CEO’s office was designed with transparent glass walls, making everything inside completely visible.

Inside, Ackman was conversing with his subordinates.

I was starting to get a sense of his personality.

‘This is staged, too.’

He had already been informed of my arrival, yet he didn’t dismiss his subordinates.

He was likely aiming for one of two things.

Either he was simply pretending to be busy— or he deliberately wanted me to see his subordinates.

It seemed clear that it was the latter.

“Sir, Mr. Ha Si-heon has arrived.”

The moment the door opened, Ackman’s gaze didn’t turn to me.

Instead, his eyes remained fixed on his subordinates.

As if he were reading their expressions.

‘He’s checking for internal leaks.’

Well, that made sense.

At the previous summit, I had subtly hinted that I knew some of Ackman’s secrets.

Naturally, he would now suspect that someone within his organization was leaking information.

So he had orchestrated this encounter to observe their reactions.

‘But it’s a wasted effort.’

Anyway.

Once all the subordinates had left, Ackman finally spoke.

“It’s been a while. Please, have a seat.”

He gestured toward a sofa in one corner of his office.

Unlike a conference table, where only the upper body is visible, this setting allowed us to observe each other’s full body language.

As soon as I sat down, my eyes naturally drifted to the side table next to me.

On it was a framed certificate with the words “Giving Pledge” prominently displayed.

The Giving Pledge.

A campaign led by Buffett and Gates, in which billionaires pledged to donate more than half of their wealth.

It was somewhat surprising that Ackman had joined this cause.

“You’ve taken part in this too.”

At my words, Ackman smiled with satisfaction.

“It’s nothing. It’s not like I could spend all my wealth before I die anyway, so I might as well give it away.”

‘Is it hypocrisy or sincerity?’

It was hard to tell.

But one thing was certain.

He had placed that certificate where visitors’ eyes would immediately land on it.

Clearly, he wanted to project the image of a noble, virtuous figure.

‘Does he want to appear clean?’

I decided to poke at that a little.

“Honestly, I don’t quite get it. If you’re just going to donate the money anyway, why run a hedge fund with such relentless intensity? Personally, I find it a bit curious.”

A hedge fund manager was, by nature, someone obsessed with money.

Ackman was no exception.

So my question was a small jab—why work so ruthlessly to amass money you’re only going to give away?

Hearing that, Ackman’s smile stiffened slightly as he replied.

“It’s not about how you earn money, but how you use it. If I just hoarded it, my heirs would likely waste it on something meaningless after I’m gone. Instead, I choose to use it while I’m still alive to shape the world in the way I see fit. But to do that, I need a significant amount of money.”

It was a surprisingly candid answer.

Not just for goodwill, but to shape the world as he desires

“So, let’s move past the small talk.”

Ackman clasped his hands together and got straight to the point.

“Is it you?”

It was a contextless question.

But I understood.

He was asking whether I was the one quietly accumulating shares and then suddenly driving up the stock price.

‘As expected, he’s blunt.’

I responded casually.

“It would help if your question was a bit more specific.”

“So, are you saying it’s not you?”

A faint trace of contempt flickered across Ackman’s face.

From his demeanor so far, it seemed he had disdain for any attempt to obscure the truth.

I shrugged.

“I’m not exactly denying it. I just think questions should be precise for answers to be clear.”

After studying his expression briefly, I continued.

“If you’re referring to the Allergan case, then yes. I am the one accumulating shares.”

There was no reason to hide it.

After all, I had come here to confront Ackman head-on.

Hearing my answer, Ackman twisted his lips into a smirk.

“You’re the same person who pointed out at the summit that ‘secretly acquiring shares through options violates shareholders’ rights’… Quite ironic, don’t you think?”

“I was simply convinced by your own argument. Didn’t you say, ‘If it’s for a greater cause, one can resort to methods in the gray area’?”

When I threw his own words back at him, his smirk stiffened.

He had tried to expose my hypocrisy, only to be caught in his own words.

After a pause, he asked, “At the summit, you mentioned an unusual alliance. ‘A Trojan horse where hedge funds and corporations collaborate.’ May I ask where that idea came from?”

It was essentially a question asking how I knew about the “Trojan Horse operation.”

Another direct question.

I answered with complete honesty.

“I came from ten years in the future. I simply remember what you did in the past.”

When he looked at me as if I were insane, I shrugged.

“…I’ll take that as a refusal to answer.”

People are always like this.

Even when you tell them the truth, they don’t believe it.

Not that I expected him to believe me, of course.

So, I went with the lie I had prepared in advance.

“Actually, I have a unique algorithm.”

“Are you saying that algorithm predicted the Trojan horse strategy?”

“To be precise, it indicated that the time was right for such a unique alliance to emerge. I only speculated that you would be the one leading it.”

“And why, out of everyone, did you point to me? I’d love to hear your reasoning.”

“It was a logical deduction. A bold and audacious move like this could only be pulled off by a maverick like you. Of course, I only became certain after observing your actions.”

For a moment, excitement flickered in Ackman’s eyes.

He seemed quite pleased to have his ‘maverick nature’ acknowledged.

‘He’s easy to read.’

People in his position usually keep a poker face and hide their true thoughts skillfully…

But Ackman was different.

He prided himself on being candid and preferred direct speech.

And despite his actions, he held a strong belief in his own ethical integrity.

“As you predicted, I am working with a company to pursue the acquisition of Allergan.”

That was an unexpected admission.

Although he didn’t reveal that his partner was Valeant, he openly acknowledged everything else.

Then, Ackman suddenly made an unexpected proposal.

“Would you be interested in joining us?”

That, too, was unexpected.

He was offering me a place in the alliance.

‘Well, it does make sense, doesn’t it?’

Anyone holding a significant number of shares would be useful to him.

Still, it was surprising that he would extend an offer despite my constant jabs at him.

I wasn’t even at a level where I could stand shoulder to shoulder with him yet.

“It wouldn’t be a loss for you either. We’ll secure you a seat at the strategy table during the acquisition process. For a first campaign, this would be quite the opportunity for you.”

He was offering me a significant voice in the process.

For a newly established fund, this was an incredibly generous offer.

“Moreover, I’m sure you understand what it would mean for you to be publicly associated with me. It’s worth more than just money.”

A heavyweight in activist investing teaming up with a fresh fund?

That would undoubtedly boost my reputation.

‘So he’s starting with the carrot first, huh?’

It had to be one of two things.

Either he was naturally inclined to take this approach, or he was currently in no position to use the stick.

The latter seemed far more likely.

The Herbalife case wasn’t going smoothly, so he probably wanted to minimize the cost of acquiring Allergan.

In other words, Ackman was under pressure.

Desperate enough to offer an alliance to someone as insolent as me.

“Why are you giving me such an opportunity?”

“It’s better to consolidate power than to split votes. And I prefer making friends over enemies.”

“That’s surprising to hear. You seem to have… quite a few enemies.”

I was alluding to his ongoing feud with the industry giant, Icahn.

Ackman was currently at the center of one of the most infamous disputes on Wall Street.

At the mention of Icahn, his gaze turned cold.

“It was never my intention to become his enemy.”

His voice carried a noticeable stiffness.

So, Icahn was his sore spot.

“I heard you were the one who filed the lawsuit first.”

A reference to the incident ten years ago that sparked the conflict between Ackman and Icahn.

Even though I pointed it out, he remained firm in his stance.

“That was to protect the interests of my investors. The contract clearly outlined the terms, and I simply demanded they be honored.”

“That contract was… somewhat unusual, wasn’t it?”

“I only followed what was written. Even after three rounds of legal review, they raised an issue only after the fact.”

That was new information.

Icahn had thoroughly reviewed the contract multiple times, yet he still lost in court.

It meant that despite its ambiguous wording, he had overlooked its potential for broad interpretation.

This proved just how shrewd Ackman was when it came to legal matters.

But… had he planned this from the beginning?

Hard to say.

"Seeing how you keep talking like that, I take it you have no intention of accepting my proposal."

Ackman’s gaze had turned noticeably hostile.

‘So, Icahn gets the biggest reaction, huh?’

Out of everything I had prodded, this had provoked the strongest response.

That was valuable information.

Crossing his legs, he continued.

“These days, activist hedge funds are popping up like mushrooms, but true success stories are rare. This industry is incredibly demanding.”

He wasn’t wrong.

Activist investing had become a hot trend.

Unlike other areas that had become oversaturated, the potential for high returns kept drawing attention.

But his words carried a warning.

“You have significant media influence, so I understand the temptation. However… recognition and trust are two different things. Just because people know your name doesn’t mean they’ll entrust you with their money. And let’s not forget, your target audience isn’t the general public—it’s the shareholders.”

It was a valid point.

“Moreover, the hidden costs in this field aren’t small. Proxy battles require astronomical sums. PR firms, advisory services, legal teams—the expenses never stop piling up.”

“I see.”

“For your first campaign, taking the safest route would be the smartest move.”

Of course, he wasn’t saying this out of concern for my well-being.

I grinned.

“That almost sounds like a subtle threat.”

“A threat? No, just a piece of advice to make a rational choice.”

“Rational, huh…”

I met his eyes head-on.

“The most rational choice would be to back the winning side.”

“Are you saying I’m going to lose?”

“Yes.”

Ackman would ultimately lose the Allergan battle.

Of course, even though he lost, he had still managed to make a massive profit, which made headlines at the time…

But that wasn’t what mattered right now.

There was one last thing I needed to confirm.

“Do you truly believe that the acquisition you’re pushing will benefit Allergan?”

“Of course. Maximizing shareholder value has always been my top priority.”

The joy radiating from his face—

It was the same look he had when discussing philanthropy and his ‘maverick’ identity earlier.

‘He’s being sincere.’

Ackman genuinely believed that merging with Valeant would be in Allergan’s best interest.

‘He doesn’t know yet.’

In reality, the company he had partnered with—Valeant—would collapse in a few years due to fraud and scandal.

I had wondered whether he was acting with full knowledge of that or if he was completely unaware.

His reaction just now made it clear.

He had no idea.

“So, what’s your decision?”

He asked again, confirming whether I would join him.

‘Hmm, I’ve learned everything I needed to, right?’

I had gathered enough intel and pinpointed his trigger points.

Now, all that was left was to give him one final jab before leaving.

I met his gaze calmly and spoke.

“I refuse.”

“What’s your reason?”

“I don’t want to board a sinking ship.”

Even after I likened his operation to a doomed vessel, Ackman didn’t drop his smile.

Though it had stiffened slightly.

“Opportunities like this don’t come often. I suggest you go home, think it over carefully, and reconsider.”

“Understood. I’ll take my time to reflect and get back to you.”

I nodded without hesitation.

It would be more effective to decline in a different way than outright rejecting him on the spot.

And that night—

I made my final stance clear in my own way.

A breaking news alert flashed across the evening news.

<Ha Si-heon files 13D disclosure on Pareto Innovation…>

That was my declaration of war.