episode_0045

-thud!

Theodora roughly places a bunch of papers on my desk.

“Huh?”

I say this while looking at Theodora, who seems to be in a really bad mood unlike usual.

“What’s going on?”

I get goosebumps when I see her smiling strangely with murderous eyes at my words.

“No? Nothing’s going on?”

“That… really? Then I’m glad.”

He speaks while looking at the documents, avoiding the murderous red eyes.

“The yield is not good.”

I grumble as I look at the mana stones being used to make fertilizer.

“The unit price is too high. First of all, next time you meet with professors, ask them to resolve this issue first. There is no point in making fertilizer if it costs as much as silver of the same weight.”

“Yes.”

And there is silence for a moment.

“Are you… angry at me?”

I asked her carefully as she looked strange…

He smiles brightly and shakes his head.

“No? There is nothing at all?”

I don’t know why I get goosebumps on my forearms looking at such a beautiful smile.

“Well… then I’m glad.”

And when there is silence again, he brings up the market manipulation plan.

There is less than a month left until the war begins.

Finally, check to see if there are any problems.

“What is that?”

“This is…”

Can I tell this to Theodora?

I look at her who has just finished learning the basics of administration.

I guess we have to teach these dirty things little by little.

I want to teach you how to rule the empire cleanly, but I don’t know any such method.

“Now, I’ll tell you something new today.”

I say that and stand up.

“Would you like to sit on the sofa?”

Seeing her obediently following my words, I hand her the market manipulation plan and say:

“Read it once.”

He takes my plan and says it with trembling eyes.

“This?”

“Read it all the way.”

As soon as she turned the first page, Theodora’s complexion became pale.

“Da… Are you going to start a war with the deserted anti-imperial nobles?”

I nod my head at those words.

“Why… Why are you doing this?”

I tell her as she looks at me in disbelief.

“It’s so that we don’t collapse.”

Saying that, I sit down opposite her and continue.

“Theodora, what do you think of the current situation in the empire?”

“What does this have to do with the current war?”

I say this while looking at Theodora, who is glaring at me with gritted teeth at my words.

“It’s related. Soon the empire is engulfed in civil war.”

The peace I signed with Ioannes was the result of negotiations aimed at gaining political benefits without causing harm to either party.

In order to achieve this result, Ioanes was given wings called Epirus and Ezip.

“You… how do you know that?”

I say to her who looks at me in a calm tone.

“Emperor faction, anti-emperor faction. Do you think the fight between these two factions is over? No… this is the real start.”

He speaks with a calmer expression than I expected.

“Didn’t you make a peace treaty with Ioanes?”

I nod my head and say that.

“That’s right. But why do you think he, who is in an advantageous position and has the support of all the nobles except Roman, made peace with me?”

Was it an unexpected question?

“I’m not sure about that either.”

-Pisik.

“That’s simple. Ioanes wants to make this empire his own.”

“…”

Were my words shocking?

Theodora looks at me with an expressionless face, then she trembles slightly and bites her lip.

“Are you very surprised?”

He shakes his head and says that he disagrees with what I said.

“No. When you forced me to marry you. I did think that one day he might try to take me off the throne.”

I nod my head at those words.

“That’s right.”

“Then are you trying to unite the anti-emperor faction again to win the war?”

-Clap clap!

Is it because he grew up in the imperial family?

I applaud her sharper words than I expected.

“That’s right.”

“But what is this market manipulation plan?”

I answer that question.

“It’s no big deal. I plan to earn the money I need to make fertilizer.”

He nods slightly at my words and turns to the next page.

-Sureuk.

She asks with a curious expression as she flips through a few more pages.

“Can you really make money with a put option even if the Grand Duchy or the breakaway anti-emperor faction loses?”

“Yes, it’s true.”

Options are a famous derivative product that has existed on Earth since before BC.

An option refers to the right to buy or sell 100 specific products in the future at the current price.

A simple and easy contract method in which a contract is concluded by paying the price of one product out of 100 as a down payment.

Among them, a call refers to the right to purchase at the current price in the future, and a put refers to the right to sell at the current price in the future.

The original method of using options is mainly as a means of hedging to reduce risk in trading companies or banks.

Knowing that it was here too, I decided to put this plan into action.

The reason I issue bonds is to secure the funds needed for the war.

Probably the same goes for your opponent.

Currently, the military power of the anti-emperor faction I belong to and the military power of the anti-emperor faction that broke away are on par.

In other words, it is a method of market manipulation based on the fact that if I issue bonds, there is a high possibility that they will also issue them.

What would happen to the bond market if I could decide whether we win or lose?

In fact, the war plan that Agrippa and I came up with was to intentionally give up important bases and attack the territory of the Grand Duchy in order to catch the anti-emperor faction off guard.

Because it is a way to easily defeat enemies as quickly and easily as possible when they are caught off guard.

It may be risky if I think about it alone, but since it was created based on the method suggested by the master craftsman Agrippa, I think it is probably a sure way to win.

In other words, the moment when I intentionally induce defeat.

The trading company under my name is planning to sell put options on the Grand Duchy’s bonds in large quantities.

Those who already own the Grand Duchy’s bonds will sell like hot cakes out of fear that the Grand Duchy may lose the war and suffer losses.

At the same time, call options on bonds from the anti-emperor group that broke away will sell like hot cakes, even if sold in large quantities.

Considering the anti-emperor faction that stands to gain enormous profits from the Grand Duchy of France, it is bound to be appealing to investors.

When they see me, I will look like a bigot who got a lot of money from somewhere.

There is no time to be suspicious.

Because I see so much benefit right in front of me. From the perspective of those who buy put options, it is literally a right, so if you buy it, all you have to do is throw away your money.

In other words, if you don’t buy it right now, it will be considered a loss.

In this way, with the money raised by selling 300,000 tons of gold bonds and options with all the credit and assets available to the Chamber of Commerce, a large amount of call options on the Grand Duchy bonds will be purchased.

If you purchase a large amount of call options on bonds that are rumored to be losing money, I think many trading companies will think you are crazy and sell a lot.

Because the possibility of the Grand Duchy losing is very high.

If I can’t buy as much as I want within the empire, I’m thinking of proposing to buy call options at an investment company in the United Kingdom.

And all the investment companies will think I’m a fool.

You may be able to buy more options than the bonds available on the market.

Normally, that wouldn’t happen, but if you just sell the Grand Duchy call option, you’ll feel like you’re getting tens of thousands of gold with empty money, so I’m not sure if you can bear it.

Maybe more call option contracts will be released than the bonds I sold.

Then something really interesting will happen.

Anyway, they are the moment when the Grand Duchy loses.

Those who sell call options will expect to sit on a huge cushion of money.

But in the end, if I win, all of this will turn out to be the opposite.

You can buy Grand Duchy bonds, whose prices have risen significantly, at a bargain price.

The defective anti-imperialist bonds, now reduced to pieces of paper, can be sold at exorbitant prices.

In other words, with one defective anti-emperor put option, you can buy anti-emperor bonds worth less than 1 bronze and sell them for more than 1 million gold.

The minimum trading unit for bond options is 1 million gold.

It is difficult to predict how much it will cost if you buy as many bonds as possible on the market.

This alone is a huge benefit.

There is another benefit here.

Bonds originally had an obligation to pay interest and share in the profits gained when the war was won.

However, if I buy the bonds I issued at a low price, there is a clear difference between the issued price and the repurchase price.

Moreover, the interest to be paid actually disappears.

Because I can buy my own bonds and burn them.

In other words, I explained it at length, but in the end, if I just cut my conscience, I would cover all the money needed for the intelligence department and fertilizer production and have a lot left over.

However, Theodora reads everything and sighs as if she does not understand.

“Whoa… Honestly, this is so complicated that I don’t know what it is.”

I nod my head and say that.

“Of course, it’s difficult to know. Unless you are in commerce or finance, it is normal for you to not understand what this means.”

“Then… with this? Can you make all that money?”

I nod slightly at those words.

“Yes. That’s right.”

At my words, Theodora looks at me with blank eyes and sighs.

“Whoa…, you… are a real genius. I probably won’t be as good as you.”

I say that with a puzzled expression.

“Huh? Why?”

“That’s it… I’ve never heard of anything written here called a call option or a put option.”

I nod my head and say that.

“It’s okay. You can learn from now. I’m glad I took care of the bonds.”

Saying that, I search through my desk drawer, take out a piece of paper, erase the word “bond” written on it with a fountain pen, and hand it to Theodora.

Take “ characters.”

He takes the paper I hand him and asks again.

“What is this again?”

“I’ve organized things you might not know. Memorize all of this, and starting today, I will give you an hour of finance and commerce class before you go to bed. Learn hard.”

Theodora, whose face becomes pale at my words, shouts.

“You… that’s too much!”