39 A Very Productive Day
After a marathon of meetings across the financial district, Michael had strategically positioned himself against the crypto market, securing Credit Default Swaps from a multitude of banks. His final stop was the BDO Corporate Center in Ortigas, a landmark recognized for its towering presence and distinctive blue glass facade.
And just like every stop in the bank earlier, he was able to secure a CDS deal, but there was no contract signing yet as they are still being prepared.
Stepping out of the lobby, Michael saw that the sun was setting down, casting an orange glow across the city skyline. The day had been long and exhaustive, yet productive. His phone in his pocket vibrated, indicating that there was a call coming.
Pulling it out, Michael glanced at the screen and saw Bridget's name flash up. He quickly answered.
"Bridget, good evening."
"Michael, I hope I'm not catching you at a bad time," Bridget's voice came through, clear and composed.
"No, not at all. I was just wrapping up for the day. What's up?"
"I just wanted to check in with you. How did the meetings go? Were you able to secure the CDS contracts?"
Michael couldn't help but smile, buoyed by the progress he had made. "Yes, I've been to several banks today, including BDO just now. It's been a marathon, but it looks promising. They're all in the process of drafting the contracts."
"So how much in total would be your monthly premiums?" Bridget asked.
Michael visited ten banks. JPMorgan, Citibank, BDO Unibank, Philippine National Bank, Development Bank of the Philippines, China Banking Corporation, Land Bank, Metrobank, Security Bank, Unionbank, BPI. Five of them offered two million dollars in monthly premiums, the rest were 1.5 million dollars. So in total, there'd be.
"Twenty-seven million and five hundred thousand dollars in monthly premiums, in ten banks," Michael answered. "And how much would be the total coverage of it, assuming when the crypto market crashed?" Bridget followed with another question. Michael grinned as he calculated the coverage in his head. "The total coverage would be around 1.5 billion dollars if the market crashes as I predict," he explained
Bridget let out a low whistle. "That's a lot, but with your money, you can only pay three months of monthly premium...how are you going to deal with that?" "Yeah..." Michael clicked his tongue, he was already aware of the situation. "That's actually why I'm going to offer you another proposal... I've been crunching the numbers, and while we're positioned to make a significant impact, the reality is that to sustain this strategy, I'll need additional funds to cover the monthly premiums beyond the initial three months."
"Just curious," Michael shrugged, trying to appear nonchalant. "I mean, if you could have any house, what would it be like?"
Myra's eyes lit up, a sign that she had indeed thought about this before. "Well, I've always dreamed of a spacious house in the countryside. Somewhere quiet, where the air is fresh and you can actually see the stars at night. A big kitchen for baking and cooking, a garden where I can grow vegetables and flowers, and yes, a swimming pool for the grandchildren to play in."
She chuckled softly, adding, "And a cozy reading nook by a large window overlooking the garden. Just a peaceful place where the family can gather and make memories."
Michael listened intently, the image of such a house painting itself in his mind. "That sounds really nice, Mom."
"It's just a dream," Myra said with a soft smile, turning back to her task. "But it's nice to think about."
Michael watched her for a moment, the wheels in his head turning. "Well, who knows? Maybe one day, right?"
Myra laughed, shaking her head. "Maybe, Michael. For now, I'm happy with our home here with you."
The conversation stayed with Michael as he finally sat down to eat something. The idea of providing his mother with her dream house motivated him even more to ensure his business venture was successful. The risk he was taking with the Credit Default Swaps was huge, but the potential reward could change their lives forever.
After his meal, Michael retreated to his room. And just then, the notification on his system popped up.
[New Mission: Win the PSME competition without the System's help.]
[Rewards: 20,000 System Points]
Now that the system has brought it up, tomorrow is the competition for the PSME. It slipped out of his thoughts.
"Well, time to review some notes."