Meet Julius Chun
Julius was a derivatives trader working for large prop trading desks in South Korea, (Kiwoom Securities and KTB Securities, to name a few). He spent years of studying the market until he became successful in trading making profit for almost every month. He started paying taxes he never imagined he would even earn.
One thing he noticed was that more than 95% of junior traders did not make it to a successful trading career no matter how smart they were. He further realized that more than 95% of the individual customers’ stock investment accounts were at a loss at any given moment (This increases to 99.9% in derivatives accounts). He concluded that a normal individual has very little chance of profiting in investment no matter how smart she is. The more disturbing part was that ordinary people would also have very little chance of meeting a skilled investment coach or advisor. The very few skilled traders work for rich people with a large capital base. The danger lies in that most of the financial experts who advise on money for ordinary people do not know how to reduce risk and invest profitably.
Meet Jisoo Park and Seungkyu Lee
In December 2014, Jisoo was a Jazz bassist turned software engineer with a patent attorney license who just quit his second CTO job in a startup. He meets with Julius whom he knew for ten years. They discuss the idea of starting a startup. He listens to the plea Julius is making on how technology and financial experts could come up with a different approach to solving people's problems. Jisoo finds himself on a rooftop office with Julius, trying to see what fin-tech really means. He thinks that maybe fin-tech could be a field he could explore, remembering he has won a lawsuit after being sued for making a fishing site mocking and cautioning the security dangers of a government made financial app.
Around that time, Seungkyu was finishing his master's degree paper on statistics. He meets Julius for a mentoring session on how he could explore his statistical approach to trading. He had a broad and deep understanding of mathematics and statistical models, and a determined mindset to integrate his studies to the real market. Julius finds Seungkyu enormously smart and proposes he sits with him in the rooftop office for a couple of months for more discussions.
The three of them find the combination of their talents very promising. They explore different approaches to wealth management. Some ideas were burnt down quickly, and some ideas became the backbone of later projects. Noticing the possibility of what a convergence of different fields of expertise provides, they name their company Doomoolmori, after the name of a beautiful land where two rivers meet and become the great Han river.
Meet Rak Hyeon Song
In the midst of a highly successful financial marketer career, CFA Rak Hyeon was working for Alliance Bernstein Korea, selling the now legendary AB Global High Yield fund. One of the things he realized was that no matter how great a financial product, the crowd always buys it in the wrong timing, and gets burned. Marketing was almost always concentrated on the worst of timings to compound this tragedy - When the specific market was soaring like crazy. This was not optimal, but nobody in the eco system really seemed to care. In fact, he realized, the ecosystem was not built for the mass investors at all, so nobody really cares for them at any given time. This seemed to be a clear conflict of interest, according to his CFA code of ethics. Rak Hyeon discusses the needs for a better alternative for the mass investors with many people, among them Julius. Julius and Rak Hyeon agrees on the need of creative solutions for solving these issues. They agree that whenever great needs accumulate, an industry is completely changed, and whoever is ready for the change leads the revolution. The Korean investment market was seemingly being challenged by the very diverse change of needs, and no one seemed to notice. The most notable one was the rapid expansion of pension plans, and the absence of strategies to efficiently manage this multi hundred billion dollar asset sitting that should help provide a happy retirement for ordinary people. Currently, he is a CEO of the Doomoolmori Investment Advisors, the subsidiary of the Doomoolmori.