Thinking about the post-2010s era when Google had already conquered the search engine market makes the memory feel fuzzy, but back when I was a kid... so, in the late ’90s to early 2000s, Yahoo was actually quite well-known.

Since the industry had only just begun, all sorts of companies were flooding in, and Yahoo had firmly established itself as a “major” search engine.

“Yahoo...? I think I’ve heard that somewhere. But you don’t mean ‘Yah~ho!’ right?”

Seo Ji-yeon tilted her head while miming cupping her hands to her mouth.

– Pfft.

“Hmm, I guess it’s faster to show you than explain. Here, this is Yahoo. Actually, I’ve had my eye on this company for a while now.”

I turned on the computer myself and pulled up Yahoo. The user interface that appeared was quite clean for something from the 20th century.

I was starting to remember the old days. Back then, I really thought this stuff was amazing....

‘How strange.’

It’s been more than ten years since I last recalled my previous life—and if we’re talking about my childhood, that’s decades ago. As faint memories overlapped in my mind, they flickered before my eyes.

“Ohh, I think I’ve seen this! I thought it flashed and disappeared last year, but it’s still around? The company name is really unique.”

Lost in memories that weren’t even mine for a moment, I turned my head away as Seo Ji-yeon’s eyes sparkled.

Right, I’ve got work to do.

– Tap.

“Hm, so, the dictionary meaning of ‘Yahoo’ comes from Gulliver’s Travels. It’s often omitted in Korean translations, but in the land of the Houyhnhnms, ‘Yahoo’ refers to a barbaric, human-like slave species. The company name was taken from that.”

Since Gulliver’s Travels is so famous, the word eventually came to mean an uncultured person who lacks education... similar to how ‘Laputa’ came to refer more to a flying island than to the original derogatory meaning.

Or, like Ji-yeon said, it can also sound like “Yah-ho.”

Why they chose a name like that... I don’t know, but naming conventions in Silicon Valley tend to be like this anyway.

“But in your footnote, you said you’re investing because the search function is convenient, right? This whole ‘search engine’ thing feels a bit unfamiliar. I mean, if you’re looking for information, can’t you just use an electronic dictionary?”

“...”

For a moment, I felt breathless. The fact that one of the smartest and most open-minded girls at this point in time was saying this...

Just... yeah, okay.

I forced my mouth open and replied.

“You can look up more than just vocabulary. You use PC communication too, don’t you? And while I’m calling it a search engine, Yahoo doesn’t even use a proper one yet. There’s still room for improvement.”

Seo Ji-yeon blinked her round eyes and argued.

“I don’t really use search functions that much, though. Honestly, I think in the future, people will just look at information provided by portal sites instead of going through the trouble of searching. Like how people are starting to watch TV more than read books....”

“Well...”

Once algorithms reach the level of YouTube, it might become similar....

I don’t know what got into her, but the fact that she was laying it all out logically and clearly made my head spin. Because it was a reasonable prediction.

“Ahh, Miss! Why are you looking at me like that?”

In the end, I just shook my head and sighed.

“Mm, just thinking how you’re a Yahoo too, Ji-yeon.”

They say Gulliver developed anthropophobia after visiting the land of the Houyhnhnms and only spoke with horses after that. I think I’m starting to understand why.

***

Corporations are the backbone of the financial market.

They divide ownership into ‘stocks’ and allow companies to be freely traded. That much is pretty well known.

But once you go a little deeper, a surprising number of people don’t understand how it works.

“Alright, our idle little Ji-yeon who’s done nothing so far. Like I said earlier, I’ll give you a quiz.”

Seo Ji-yeon, who had been sulking from being scolded for slacking off, brightened immediately.

“Oh! Does this mean I’m no longer a useless leech?”

Strictly speaking, she still is. A high-functioning response machine, or maybe an emotional support doll... but she’s cute, so it’s fine.

“Yeah, yeah. Look, that guy next door, Mr. Ma, was making money since middle school, not even high school. There’s no way our esteemed secretary-to-be can fall behind.”

“Ahh...”

“Okay, here’s the question. New companies often have trouble raising capital, so they aim to go public.”

“I-I know that one! You mentioned Yahoo earlier because it’s still unlisted, right? If it goes public, it’ll pull in a ton of money!”

They start with building connections in college, team up with a few people in a garage, get a bunch of investments from their network or venture capitalists, grow the company, and then go public as a corporation.

That’s the classic Silicon Valley route. Most of the famous IT companies leading the 21st century started like that—and because of that, many people get the wrong idea, but...

“In reality, if you have enough money, there’s no real need to go public.”

“Hm... yeah, that makes sense. Just look at Cargill. It’s huge.”

“Oh, so you do know that?”

Cargill, a grain distribution company, is without a doubt the world’s most valuable privately held company. Excluding state-owned enterprises, it boasts the highest revenue—over 40 billion dollars this year.

As a family-owned business where the family holds 100% of the shares, as long as there’s no internal strife, the company is basically theirs.

“...If you read all those long reports with you every day, you kind of have to learn this stuff.”

“Right, then here’s the next question. What do you think I’m going to do next?”

“...?”

“What, I gave you the question.”

“T-That’s a question? That doesn’t count!”

“Come on. Essay questions are everywhere in school, right? You think I crafted the school curriculum like that for no reason? It wasn’t made just to torment kids.”

“It wasn’t made for that?! But you were totally setting up a different kind of question just now—did you change it because I knew too much?”

Busted.

– Whack.

I lightly tapped Ji-yeon’s head with a wooden stick.

“Alright then, now answer again. What «N.o.v.e.l.i.g.h.t» do you think I’ll do next?”

With an awkward smile, Ji-yeon poked her cheek with her index fingers and winked.

“Um... you’re going to shower me with affection?”

– Whack.

“Wrong. And you know I’m not looking for that kind of answer. Don’t puff out your cheeks.”

“Oww... that hurt.”

Ji-yeon teared up a little, then sat quietly for a moment before speaking.

“You’re going to let Yahoo go public, right...? Taking a company public is hard for a hedge fund to handle directly. Hmm, why would you bother with an unlisted company now... unless you’re planning to buy it early and leave it unlisted? But that feels weird too.”

“Don’t mutter to yourself—give a proper answer. You think I’ll give you a hint just because you’re thinking out loud?”

Obviously. She’ll try to guess based on my reaction to the things she says. Ji-yeon’s got a sixth sense for reading the room.

“Fine, fine. Hmph. Let’s go with what you said. My guess is, you’ll wait until Yahoo goes public and then buy a ton of shares at a low point. Leaving it unlisted wouldn’t match current IT trends. Hmm... and you’ll probably do some other stuff too, right?”

I nodded.

“Yeah, that’s right. I don’t plan on leaving Yahoo unlisted. But I also don’t plan on getting involved with the IPO.”

That’s something for the investment banks. I could introduce someone from Ha Yeong-il’s Wall Street network, but I wouldn’t handle it myself.

“Hm... then do you have an estimate for how much the price will jump after listing? When you’re this noncommittal, it usually means there are too many wild variables involved.”

Sharp.

“Exactly. It’s going to skyrocket. I’m going to start by placing a ton of options.”

“Oooh, and then? What other beastly tricks are you going to show me?”

...Beastly tricks? Not inaccurate, but harsh.

“I’m not telling. Hah. Did you just call me a beast? Then maybe I should just go live with animals.”

To that, Seo Ji-yeon innocently pointed at herself with a smile.

“Mmm, I’m your loyal hound too, so I guess that makes me a beast. If you don’t believe me, I can bark for you.”

“Grow a tail and wag it, and I might believe you.”

“...Ugh. Miss Beast.”

What is she even saying.

***

Some people might say this:

Yahoo ended up a loser of a bygone era. Wouldn’t it make more sense to buy Google instead?

...Something like that.

But in this moment, even that “bygone era” hasn’t arrived yet. So there’s really no pressing reason to bet on Yahoo—unless you’re someone like me, deep in finance.

[Portal Site ‘Yahoo!’ Goes Public... From $13 to $44 in a Frenzy]

[IPO Financial Network: “A runaway train on short tracks.” Some criticize the $30 billion valuation—800 times projected revenue—as excessive.]

[Yahoo Hits Intraday High of $44, Closes at $33. Volume 15 Million Shares... Far Surpassing Expectations]

Honestly, even if you weren’t a finance shark, you wouldn’t be able to resist this.

How could you?

This incredible company—this company that’s about to ignite the dot-com bubble...

The fact that I can hold it in the palm of my hand.