London, June
1998. (3)
I pressed the power of the computer
and started Word.
For a long time, I watched the cursor
of the word blank screen blink, and it seemed to take a long time to look at
it.
It was a matter of course.
I turned on the computer power switch,
but it was unbelievable to go into hell.
As a matter of fact, my thoughts could
be full of fuss.
Many of those who majored in business
economics around the world would like to join the Bulge bracket investment
bank, which means the foremost investment bank, such as JP Morgan, Goldman
Sachs and Morgan Stanley.
At the London School of Economics,
where I will graduate, either JP Morgan or Goldman Sachs was particularly
popular.
The reason why Morgan Stanley fell out
of the so-called Morgan Empire descent is that Morgan Stanley was the center of
the United States.
Goldman Sachs and JP Morgan's London
office, on the other hand, boasted considerable independence and large size.
The reason why I do not like it is
that JP Morgan's life is literally hell.
I have to work a hundred hours a week
and spend a lot more time to get better results.
It was a life that I wanted to avoid
even if I gave a lot of money to me which is a goal of a leisurely life.
Last summer before the financial
crisis, I hesitated whether I would go to an MBA degree or go to an investment
bank like other people.
I have a reason to have a full-fledged
JP Morgan internship since I was in my senior year, but I wanted to avoid doing
things I could not do.
It was January this year that I
decided firmly to go to graduate school.
From the end of October to the
December 24th, until all the dollars are converted into Korean won, it was.
The dollar I had at the time was not
my property, but all have my family.
It was the time when the exchange rate
changed a few hundred won per day.
Even the Korean currency market, which
trades the most in Korean won, was 9 hours faster than the UK.
It was a time when we had to endure
the murderous work by shaking the night while watching the Korean foreign
exchange market while raising the night.
I sold it near 2,000 won, so it was
worthwhile.
it was a special experience.
The problem was that in the case of JP
Morgan, it was a routine, not a special experience.
Finally, I sent all the Korean won,
which was exchanged on December 24, to my father.
On December 25th, I thought about
taking a rest at home at Christmas.
I want to live a life like this for a
lifetime ... It was not a conclusion.
So I was dediced to go to graduate
school.
Fortunately, I was able to get
admission to Oxford economics and doctoral integration courses.
It was the result of a good evaluation
of my thesis on my experiences with the Asian economic crisis.
I did not think it would be easy to
pursue a degree course.
There was no easy way to get a degree
from the economics department at Oxford University, which is proud to be a
major economist. Life has been waiting for us to compete with geniuses
gathering around the world.
However, the fact that I can get in
school means at least I think it's possible.
Now that my father does not send
money, there was only a foolish plan.
I rubbed the back of my hand for a
moment and shook my head to the left and right.
It was time to turn to reality rather
than dreams that could not be achieved.
I focused on the report that will give
me a chance to give me a chance to stay in London.
they asked me to write a report on the
forecast for next week's European economic trend.
It was a very broad topic.
When the topic was too broad, it was
important to know who the recipient was.
The person receiving the report should
look at the report and think that I am the person you need.
The problem is that Michael Platt was
not a regular person since last year, who gave me a chance.
Michael is currently the chief
executive officer of JP Morgan Europe, responsible for swap transactions across
the European Union.
A swap transaction literally means
exchanging several currencies or deposits or assets denominated in that
currency.
The risk of each currency, interest
rates on bonds, foreign exchange rates,
This complexity was responsible for
more than a couple of dollars of market investment, even if only transactions
within the European Union.
It was an incredibly fast promotion
considering the age of 30.
It is said that it started to develop
swap trading products right after the Maastricht Treaty was signed in 1993 to
make the European Union.
So can i write about the swap deal in
the report?
It was never.
How can I try writing a swap deal to
help one of the leading European experts swap deal?
Michael, I was just a puppy.
I think need to be necessary to do the
opposite idea.
I used to write about the overall
economic trends of Europe as Michael asked, but I was going to write about the
stock price rather than the exchange rate or interest rate.
Michael Flat, who is in charge of swap
transactions, is involved in currency and bond transactions. However, it is not
involved in the stock trading of JP Morgan Europe.
Anyway, the capital market is linked
to stocks, bonds, and exchange rates.
That is my judgment if I write a
report about the area that you do not expect will show that I am the person you
need
Once we had made the decision, the
next was relatively easy.
As of the end of June 1998, the global
economy was generally on the rise.
The Asian economic crisis last year
has lowered commodity prices and low oil prices have helped the economy in the
US and Europe.
Here, the devastated Asian industry
will try to pursue the US or Europe, and the competitiveness of the company
increased.
In this situation, the Asian economic
crisis conspiracy story becomes the talk of US and European financial circles.
In any case, the whole of the European
economy to be analyzed was booming, But there are countries that benefit more.
Although share prices have risen to
similar levels in Europe, When we return to the real economy, we see Europe's
largest current account surplus in Belgium, Netherlands and Switzerland.
Although the stock price is
psychological, after a certain period of time, there was a limit to the rise
unless the real economy was backed up.
When I wrote a report focusing on
these two countries, I felt sorry for something.
Belgium or the Netherlands It is not a
country that takes great advantage with swap transactions.
In the both there were no companies
that could be called large conglomerates and the size of the foreign exchange
market was small.
'Will this be enough?'
I wrote the report that the starting
point is expected from the end of June to the beginning of July when the second
quarter ends and the third quarter begins.
