Abe Kim:

Well, thank you very much for joining us Dow, it’s a pleasure to have you. Thanks for coming and joining the Korean American Perspective podcast.

 

Dow Kim:

Thank you for the opportunity to share my life stories with you and your audience.

 

Abe Kim:

So Dow, let’s start from the beginning. I understand you were born in Korea and you spent your childhood in Korea, but you also had an opportunity to move because of your parents moving to Singapore, or at least Southeast Asia that you had this transition from Korea to Southeast Asia. Can you share with us that experience as a child and what you remember of that experience? 

 

Dow Kim:

Yeah, sure. So I was born in Korea, like you said, and I spent the first 12 years of my life there and after graduating from primary school, my father moved the entire family to Singapore for a couple of reasons. First, being that it was closer to his mining company that he was running in Malaysia. 

 

And the second reason was that he wanted to educate his children, my siblings and me in Singapore, and then ultimately, in the States for higher education. And because of my father’s work in Malaysia, he commuted back and forth between Malaysia and Korea and then eventually Malaysia and Singapore. And he would come home maybe once a month and you know, my siblings and I were really excited every time that he was about to come home because he always brought us toys and presents. So there was moments that I can still remember. And we would always go out to this seafood restaurant while we were living in Singapore or a steamboat restaurant, which were our favorites whenever my father was in town. So those are the moments that I still remember although it was a long time ago.

 

Abe Kim:

What was your relationship with your parents? Did you have a good relationship? Was your father very strict with you? I recall from a previous interview that it sounded like your parents runned a very strict household, I guess.

 

Dow Kim:

Yes. So my father was fairly strict with me, especially, because I was the eldest son and he had high expectations and hopes for me. And he basically made sure that, you know, I developed a sense of right and wrong and also a sense of responsibility, that I always studied hard and worked hard with a good work ethic. And he also taught me and my sister and brother to be humble and generous to our friends and other people in general. And my mother oftentimes acted as a counterbalance to my father. She showed more affection and love to us. Although we knew that, you know, father was really loving in his own way and it’s hard to be honest. And my mother would often tell my father to back off when she thought that he was going overboard in terms of trying to teach us a lesson or tell us in terms of things to do. 

 

Abe Kim:

Did you ever feel any pressure from your parents to perhaps take a particular career pathway? Or were you feeling like you’re being groomed for something similar as your father? 

 

Dow Kim:

Yeah, so again, being the oldest son, he had real high hopes for me. And over time he wanted me to get into areas of finance, although he didn’t know exactly which areas of finance because he learned that from his friends and colleagues, that being in the finance industry in the U S was, I guess, not a guarantee to success, but a reputable thing or a career to have. So he was pushing me in that direction. And fortunately, because my interest also lay in that area that eventually our goals and expectations were aligned, if you will. 

 

Abe Kim:

But was this instilled in you from a young age or was this something that like you said, you eventually grew to love or is this something that you just felt like your father was pointing you in that direction? 

 

Dow Kim:

No. I mean, I myself, having learned about my strengths and weaknesses and my own interests developed a desire to get into finance at an early age, perhaps as early as in high school. And then over time in college, I, after doing more research, after speaking with other people in the business, I developed a keen sense and desire to get into the trading part of the finance industry. 

 

Abe Kim:

Yeah. So you went to Singapore, then you decided to go to boarding school at Andover. Tell me about how that decision transpired. Is that something that you wanted to do or did your parents say, Dow it’s time to go to the United States for your education? 

 

Dow Kim:

Good question. It was largely my father’s decision at the time. What happened was that he met with the US ambassador to Singapore at the time, and he obtained a list of all of those supposedly, you know, best high schools in the U.S. And he kind of, you know, asked me to apply to these schools because that was his path for me at the time, if you will. So that’s how I ended up applying to boarding schools after learning English for about a little more than a year from Singapore. And unfortunately, I didn’t get in the first time. I got into one of the schools, but I didn’t get into any of the supposedly good schools that were on the list. So we decided to wait another year and I reapplied and luckily I got into Andover for 10th grade position. 

 

Abe Kim:

So tell me about that experience at Andover at boarding school. Obviously, it’s in New England and Massachusetts, I’m sure you were one of few Asian students there at the time. Were there other Korean students there as well, or were you the only Korean student?

 

Dow Kim:

There were two other Korean students at the time. One in my class and actually that person’s brother, older brother, in the upper-class. So there were three Koreans at the time when I was there, there were very few Asians to be perfectly …

 

Abe Kim:

How was that experience? I’m sure you came in with a thick accent because English was new to you. Tell me about that experience. 

 

Dow Kim:

Well, you know, I had the best educational and social and life experience at the boarding school while I was there for the three-year period. It was purely incredible, you know. I played in varsity soccer and varsity squash for all three years. I was a house procter during my senior year. I also founded the International Cuisine Club. So I was very busy during those three years, but I felt that I was embraced by the community, by my teammates, schoolmates, you know, classmates, housemates, teachers, and so forth. I didn’t feel any sense of discrimination or anything like that. So I had a wonderful time and I learned quite a bit, during those three years. It was a seminal moment in my life, actually. One of the things that I learned was to really, how to manage my time, how to prioritize and to multitask. And that experience has really helped me to advance in my career as well as in my personal life. And I had lots of pressure and stress, not only from, you know, my father, I guess, but also from myself. I put a lot of pressure on myself and I learned how to deal with those pressures and stress on a daily basis, which had been, you know, very helpful in terms of how I dealt with the similar types of circumstances, pressures and stress later in my life. 

 

Abe Kim:

So it sounds like one of the key, I guess, wisdoms or capabilities that you took away from your experiences as a boarding school student was, like as you mentioned, time management, the ability to handle multiple priorities, how to make priorities, but also how to … sounds like boarding school experience was an opportunity for you to flourish and you were supported in ways that you probably never would have imagined you were, would be supported in a high school setting like that. 

 

Dow Kim:

That’s exactly right, because although it was my father who decided that I had to leave home to go to boarding school. I actually wanted to leave home because I wanted some breathing room, but at the same time when I was 15, my mother was quite sick and she was in hospital when I was actually leaving for boarding school. So I had mixed feelings to attend Andover at the time, but in hindsight, I think that was the best decision that my father made on my behalf. And for some reason, I managed to handle the pressure competing against some of the best students from all over the world and developed as a person during that period. 

 

Abe Kim:

So from Andover, you applied to college and you initially went to Wesleyan and then moved to UPenn afterwards. In another interview, I read that you felt that in some ways you were disadvantaged. And so which resulted in perhaps you not being able to go to some of your choice schools. Could you share with us your thoughts on that? 

 

Dow Kim:

I think you are referring to a .. it was more of a rhetorical question that the writer of the book when he was interviewing me, rather than me thinking that I felt biased, that discriminated against, in hindsight, I think what happened was, although I felt strongly at the time that I was a complete student, meaning that, you know, I graduated cum laude from boarding school. Like I said, I played varsity sports. I was a house procter. So I thought I did all the things required to become a good candidate to get into one of those Ivy league schools or a school of my choice, but it wasn’t meant to be so, you know, in their eyes, I was not a, the I guess, complete student for their schools, which I accepted. So I did manage to attend Wesleyan university for the freshman year. And then in order to pursue my goal of getting into finance, I transferred to the Wharton undergraduate school at UPenn. 

 

Abe Kim:

And how was that experience at UPenn? Did you, was it what you had hoped it to be in terms of college experience.

 

Dow Kim:

Yeah, so, you know, Wharton undergrad is basically a business school. So I took a lot of the business-related courses such as accounting, finance, statistics, marketing, and so forth. So that kind of provided me the tools to have the skillset to join a bank if you will. So from that perspective, that was very helpful. But really the foundation for my life was really established studying back at boarding school. And basically that experience was reinforced at college. 

 

Abe Kim:

Yeah, because I read in your bio that, really your love for finance started as a junior in high school. and that’s how you were introduced. So what about finance really grabbed you as you’re kind of like that first love for this field? Was there a particular aspect of finance that really drew you to that? 

 

Dow Kim:

Well, as you mentioned earlier, my first interest in finance … when I was in high school, but I would describe that experience as being more superficial because many of my classmates’ parents were in finance and they seemed to be very successful and, you know, making lots of money and doing quite well. So kind of felt like glamorous if you will. And so that’s what I guess interested me in finance initially, but then as I delved into the industry, I mean, there are so many different sub sectors within finance and after assessing my own strength and weaknesses, I felt strongly this was on during the college years that the best area for me to get into and do well would be in trading because I was good at numbers, dealing with numbers with math. I felt that I had a .. strong analytical skills, you know, I had good written communication skills, but maybe not so much in spoken language or communication. I kind of felt that I would not do well in investment banking or consulting or marketing and so forth because my strength was not in, you know, spoken languages to be perfectly honest. So I tried to align my strength with where my interests were to begin with. And, you know, it kind of worked out in the end. 

 

Abe Kim:

After you finished at Wharton, you joined a couple of banks. You went to Manufacturers Hanover Trust where you worked as a credit analyst in commercial banking and option trader. Then you moved to Chemical Bank in Tokyo, Japan, and I understand Japan was actually a very special place for you in terms of your own growth as a professional, share with me a little bit about what, you know, what happened in Japan and why Japan was such a special place in your career development. 

 

Dow Kim:

Just stepping back, so after graduating from college, I tried to join an investment bank such as Goldman Sachs, Merrill Lynch, Morgan Stanley, and JP Morgan and so forth here in the States, in New York. But part of the reason why I felt that I couldn’t get into those institutions was because I didn’t have a green card. I did have job offers in Singapore and Korea, but I wanted to remain in New York. So I was fortunate enough to get a job at Manufacturers Hanover Bank as a bank management trainee, and that lasted for about nine months. And after the program, I joined the leasing company as a credit analyst. So initially I wasn’t able to attain my goal of becoming a trader at an investment bank. So I was very patient for the initial, I guess, five years or so of my career. And then while I was at Manufacturers Hanover Bank, I was given the opportunity to join the trading desk at the bank in New York in 1989. 

 

And at the desk, I guess I did quite well. I was liked by my supervisors and I was asked to move to Tokyo to manage a derivatives trading book in 1991. So my wife and I decided to move to Tokyo and that’s when we ended up living in the country for about nine years. So initially after working for Chemical Bank it was at the time, now today it’s JP Morgan after a number of mergers. I decided to join Merrill Lynch because I kind of felt that, you know, in order to be a world-class trader, if you will, that I needed to operate within a pure investment bank such as Merrill Lynch rather than at a commercial bank at the time. Today, of course, JP Morgan and other commercial banks are, you know, regarded as part of large investment banks because they have much bigger operations compared to, you know, in the 1990s. So that was the reason why I decided to move to a pure investment bank. And when I joined Merrill, I had the opportunity to join either Merrill Lynch, or Morgan Stanley for the exact same terms and conditions in Tokyo. And obviously I ended up joining Merrill largely because I was more comfortable with the culture of that institution, as well as the people that worked there. 

 

Abe Kim:

What was the culture like? What was so unique about Merrill versus Morgan Stanley? 

 

Dow Kim:

Because my strength was in trading and at the time Merrill Lynch was not really known as a trading powerhouse, but rather as a brokerage house, as an institution with a very strong client business. So I kind of felt that with my strength in trading that I could get to Merrill and, you know, help the overall client business and build the overall trading business at the same time. So that was one of the main reasons why I ended up joining Merrill Lynch. 

 

Abe Kim:

And you had nothing short of a meteoric rise over the next 10 years at Merrill Lynch. Walk us through that journey in terms of joining Merrill and then within ten years becoming the co-president of the investment bank at Merrill. 

 

Dow Kim:

If I look back, I think one of the most fortunate things was that I joined Merrill Lynch in Tokyo rather than in New York because had I joined the company in New York, I think that I would have been lost, you know, maybe one of the hundreds of other traders and maybe my career, and the outcome would have been completely different. The reason why I say that is because when I was actually working in Tokyo, although it was an operation which was away from the headquarters, it was one of the crown jewels of the company because the country was important, the business was doing well. And I really had the opportunity to build a business and shine if you will. And what happened was, as I was getting promoted in Tokyo, I had many opportunities to meet with the senior management team from New York because they would come out to Japan for a visit. And I would have the opportunity as a senior person to meet with them. And throughout the years in Japan, when I was working, I basically provided them with the reports, monthly operating reports, if you will, to keep them on track of how we were doing. So, I was able to build relationships with senior managers in New York. And that helped me with my career in the long run. 

 

And I have to say that I was very fortunate to have had very good mentors and supervisors throughout my career at Merrill Lynch. The unfortunate thing was that I, every time I eventually replaced my supervisors, partly because of politics in the bank. And I have to say that in any organization with more than two people, you know, there will always be politics and Merrill Lynch was not an exception. And the reason maybe why I managed to survive through the years at Merrill was partly because I was always seen as my own person. I put my head down, I worked hard and I wasn’t afraid to hire the best talent to fill the positions from outside and, you know, build a business that way. Oftentimes when you hire individuals who are better than you, there’s always a risk that those individuals will replace you. But I didn’t worry about that. And I guess my senior managers at the time saw that as a strength, if you will. 

 

Abe Kim:

So would you attribute your rise at Merrill Lynch, a combination of luck, skills, and meeting the right people at the right time? Would that describe kind of your secret formula for moving up? Or what would you attribute to your rapid rise? 

 

Dow Kim:

I know, I mean, you’re absolutely right. It doesn’t sound like a secret formula, but that’s what it was. I was at the right place at the right time. I had great senior managers or supervisors, and I think I was good at hiring talent and building businesses. And also I led by example, I, you know, while I was managing businesses, I also had my own trading book then continued to trade. So I think in the eyes of my colleagues and people who worked for me, I think that was a good thing, if you will. So I would say again, it was a combination of different factors, but luck played a large role in my success. 

 

Abe Kim:

So if you would advise a young person, who’s a young finance professional, and you were mentoring them, how would you advise them to succeed in this kind of environment? 

 

Dow Kim:

Yeah. Obviously, you know, industries have changed quite a bit since I was there. First thing I would advise would be that, you know, figure out what your passion is, what your interest is, and don’t be afraid to do lots of research and try out different things. And, you know, don’t be afraid to fail and just pursue your true passion, you know, and also examine your strengths and weaknesses and try to align your interests with your strengths. Because as I mentioned, in my case, I knew that I wasn’t going to make any progress being an investment banker or a consultant or a marketer or anything like that. I knew my strength was dealing with numbers and that I knew that I was going to be good at making money from trading. So that’s the, you know, career path that I chose. And luckily that was also my passion. 

 

I love trading because, you know, it’s a challenge. Every day is a challenge because every morning I wake up, you know, market conditions are different. The economic conditions are different and you’re presented with different challenges. And you make, you assess, and you make decisions and you get pretty much immediate results. So that was my passion and I was able to pursue that, because it aligned with my strengths. So that’s what I would advise young professionals. I mean, there are so many great industries that you can pursue, but first and foremost, I think you have to really enjoy what you would be doing. So you have to be passionate about the area that you would be getting into. 

 

Abe Kim:

I’ve read in other places where one of the differentiator of the finance sector is really, it’s a, is very much based on meritocracy. You know, you get, like you said, you get immediate results and the value of an employee is based on their performance. Do you feel that that is true and in its truest sense, or is there .. wouldn’t human relationships and that ability to, I guess, network and be, I guess, charismatic in an environment like the finance sector. Wouldn’t that be important as well? And how would an introvert succeed in this kind of an environment? 

 

Dow Kim:

Sure. I mean, meritocracy, obviously, is a basic requirement I would say, and maybe perhaps not just in finance, but in other industries as well. But human relationships being humble, you know, being complementary of other people, those are all very important factors. And being able to, I think, succeed in finance, you have to have certain, I hate to say this, political skills and organizational skills to be able to get along with everyone, not just with your supervisors but your colleagues and subordinates to gain the confidence and the respect to be able to do well in those industries. 

 

Abe Kim:

I’m intrigued about the story around how you were selected to become president of the investment bank of Merrill Lynch. I understood there was a little bit, as you mentioned, politics going on around your selection, and if I read it correctly, you were not necessarily the front runner for this role, but you did finally get selected for this role. Could you share with us a little bit about, you know, that whole experience and what you were going through personally as the question of the leadership of the investment bank at Merrill Lynch was being decided. 

 

Dow Kim:

Sure, so I think you’re referring to a period for the year in 2003, early 2003, when I was global head of fixed income and my immediate supervisor was basically head of global markets and investment banking, which I ended up taking in 2003 later on a year after he was, asked to leave, I guess. So I think the politics that you are referring to was that he and his colleague tried to muscle themselves in, to become president of Merrill Lynch and the CEO of the company at the time didn’t really appreciate that. So that’s why he was asked to leave and that created a position which I ended up occupying in 2003 as the co-president of global markets and investment banking, 

 

Abe Kim:

Was this an unexpected thing or did you know that you would be in line for this role if, how it shook out?

 

Dow Kim:

It was somewhat unexpected because I was perfectly happy running the global markets business, because I relocated to New York only in 2000 to head up global derivative business. And then 2001, I was appointed to this position to head up global fixed income. So I wasn’t expecting anything. I thought I would be doing the same job for three, four years, and then this incident happened. And then I was asked to lead the organization in 2003. So it was somewhat unexpected. 

 

Abe Kim:

And you are just in your low forties at the time as well, correct? 

 

Dow Kim:

Yes, I was 41 

 

Abe Kim:

41. Okay. So as a 41 year old, you were leading one of the major investment bank institutions in Wall Street. Did that create a certain sense of, I guess, nervousness or did you feel like you were ready for that role? 

 

Dow Kim:

I wasn’t nervous. I just try to put my head down and do the job because upon taking any position that I had, the first thing that I would do is assess the organization over the course of a month or two. And then I would come out with then optimal organizational structure. And then as I said before, I try to hire the best talent to fill each of those positions. And then we would have a managerial process to run the operations on a daily basis. So it was pretty much a routine if you will. And you know, same thing happened once I took on the role of being the co-head of global markets and banking in 2003.

 

Abe Kim:

What would you say, within your career at Merrill Lynch, what is, what do you consider your proudest achievement there? 

 

Dow Kim:

I think it has to be the fact that as the one and a half generation Korean American, you know, as you can tell my English isn’t perfect. I somehow managed to become the co-head of global markets and banking at Merrill Lynch, which is a quintessential American institution at the age of 41. And I feel proud of the fact that I was able to, with all the members of the team, that I was able to build a well-diversified portfolio of businesses if I left. I left in May of 2007 and Merrill Lynch as a company, you know, recorded the best quarter ever results for the quarter of June 30, 2007. So I was very proud of my career there. 

 

Abe Kim:

So you, you left Merrill Lynch, as you mentioned in 2007, to set up your own hedge fund and according to a press release, you had entrepreneurial ambitions as well, but tell me that decision about leaving this kind of stable mammoth of an organization within Wall Street, and now to head off to start something that you wanted to do as an entrepreneurial activity. 

 

Dow Kim:

Actually, I tried to leave the bank in September of 2006, because at the time I felt that I had accomplished as much as I could at the bank that I wanted to pursue my long term goal of setting up my own operation, if you will. And so I thought the timing was right, which was September of 2006, but then, the CEO and the board asked me to stay, you know, because everything was still going well. And I guess they couldn’t figure out why I wanted to leave the institution at the time. But anyway, eventually I was able to convince them and I ended up leaving in May of 2007. And at the time, it’s true that the bank issued a press release stating that they were going to invest in my hedge fund. So it has nothing to do with how I was doing at the time I was in, you know, doing anything badly or anything. It was just my personal desire at the time that I felt strongly that it was a time for me to, you know, leave and pursue my long-term goal. 

 

Abe Kim:

And the long-term goal was to be independent and have your own business, was that your goal?

 

Dow Kim:

Yes. My long-term role was to be able to continue to trade, which I still do today and to be able to build my own business with the other professionals. So I wanted to set up a mini Merrill Lynch, if you will, comprising purely the trading side of the operation and not including other parts of the investment bank. So I always wanted to accomplish that but obviously I failed to do so. 

 

Abe Kim:

And was it in part because of the timing where the financial crisis hit during that period, or what led to you not being able to achieve your goal? 

 

Dow Kim:

It was absolutely due to the financial crisis because the bank did promise to invest large sums of capital. And there were two other banks who also promised to invest at the time, but with the onslaught of the financial crisis, they were not be able to fulfill their promises if you will. And the mistake that I made was I, based on those promises, I went out and hired a large number of professionals to build the operation. And, yeah, so that was a mistake, I guess that I made, I should have started out small, should have received capital and then should have built out the operation. But it wasn’t meant to be, I mean, like I said, earlier, timing is everything and it wasn’t the right time for me to start a hedge fund at the time. 

 

Abe Kim:

So I’m wondering, you personally, I mean, you had such a rapid rise in the investment world. You were obviously were at the pinnacle of your career and you launched your own firm and just the timing wasn’t right. And it just, you know, it didn’t happen. And I’m just wondering from a personal standpoint, as a leader, you know, were you struggling at that time? Or what was going through your mind at the time? Or are you someone that just says, you know what, this didn’t work. Close it up. I’ll move on. 

 

Dow Kim:

Yeah. I mean, 2008 was a difficult period for .. I would say my family, especially my wife. I mean, over the years, you know, I learned to deal with stress and problems and try to confront them and, you know, solve them and try to deal with them if you will. So I didn’t feel a lot of stress to be perfectly honest, but it was my wife who was more impacted by the whole experience. And, you know, I felt bad about all the people that joined the hedge fund operation initially believing that it would be a success. So that didn’t feel good. 

 

Abe Kim:

So how did you deal with that period of your life? 

 

Dow Kim:

I mean, I, you know, obviously I learned quite a bit from that experience. So I would just say that if there are people out there looking to start up a hedge fund or any of the operations, I’m more than happy to give them free advice, what to do and what not to do. I just learned how to deal with a situation. And then, you know, you learn, try to learn from the experience and try not to make the same mistakes and, you know, try to live your life. 

 

Abe Kim:

If you don’t mind, we’ll shift to your family. I love to learn about your family. You have two daughters, correct?

 

Dow Kim:

That’s right, yes.

 

Abe Kim:

And one is currently in college with you at home. And the other is, graduated from college and is working currently, correct? 

 

Dow Kim:

Actually, my elder daughter is at Stanford business school. She did graduate from UPenn. She worked for Uniqlo for six years. She’s in her second year. She’s doing both online and in class in her studies on campus. She’s not with me and my younger daughter at home. My younger daughter is 19 and she’s a rising sophomore. She’s at home. She’s been home since March of this year. And I have to say, that’s one of the silver linings of this pandemic. When could I ever spend six months and most likely a year, I guess, by the time this is all over. When can I have the opportunity to spend time with my teenage daughter at home? So I treasure that very much. She probably doesn’t treasure it as much as I do. It’s been a blessing in disguise. 

 

Abe Kim:

Well, I imagine during your career at Merrill as well as, you know, your post-Merrill career as well, you were extremely busy and I’m wanting to ask about your own kind of family balance, I guess. You had a family life, you had two daughters at home, and as well as this career that I imagine was all-consuming. Were you able to maintain balance during this time? 

 

Dow Kim:

I have to be honest with you. Probably not. So I relied on my wife who was really the rock in our family. She’s the one who raised our two daughters while I was all consumed at work. That’s an honest answer. I didn’t get to spend too much time with my daughters. I would oftentimes travel all the time, I was rarely at home and when I was at home, I would be immersed in work. So I kind of feel guilty that I didn’t have the opportunity early on in my life to have spent the time with them. 

 

Abe Kim:

Tell me about your wife, Aeri. How you met her and it sounded like you met her soon after college, correct or during college?

 

Dow Kim:

No, soon after college, while I was working at Manufacturers Hanover Bank. At the time I was living in New Jersey and I happened to attend a Christmas service at a local church with my brother and my sister. And that’s where I met my wife and I’m not lying, but when I saw her, I knew that I wanted to marry her. And my kids always joke with me nowadays. Still nowadays that is, that I married her because I wanted a green card because she was a US citizen at the time. 

 

Abe Kim:

So how much longer after, so I imagine you, you saw her and did you soon after contact her and ask her out on a date?

 

Dow Kim:

Yeah, so right after meeting her at church, we went out, we dated for about a year and I proposed at a local Korean gomtang house, believe it or not. And then we got married in 1988. 

 

Abe Kim:

I see. And then from there as newlyweds, it sounds like you went to Japan afterwards, right? Or soon after that, correct?

 

Dow Kim:

That’s right, that’s right. Three years after we moved to Japan and we had the best time living in Japan, my wife loved the country, loved the experience. And so did I. We had a great time. 

 

Abe Kim:

How did the two of you complement each other? 

 

Dow Kim:

First of all, she was my best friend. And, you know, I guess she took care of the household related matters. So as I said, she’s the one who really raised my two daughters. And I was, you know, outside doing all the work, I guess. So we complemented that way. And also, you know, she was very down to earth and she was also very religious. So I would, you know, I would talk about everything and I would always confide in her and really get her advice on a number of things all the time, even work-related items, personal-related items before making any important decisions. 

 

Abe Kim:

You had mentioned in another conversation that you had some passions in the art, interior design and wine. I’m wondering if some of these things were, is this something that maybe your wife introduced you to, or something that both of you developed together as husband and wife over your marriage? How did you get introduced to the artistic side of you? 

 

Dow Kim:

Yeah, no, that came from my side. I was the one who got into art collecting and interior designing and wine tasting events. And, you know, over the years my wife joined me and we enjoyed those hobbies, if you will, together. 

 

Abe Kim:

Did she have any hobbies that you picked up from her over time? Golfing or anything like that?

 

Dow Kim:

No. I mean, she played tennis, but really her life was really devoted to our daughters. So almost the whole time she would spend time with teachers and parents at my daughter’s school, which was Marymount here in New York. Yeah, so she spent almost all of her time at school. She volunteered on a lot of different things and she was also close to her brother and sister who lived here so .. and she was spending a lot of time with her family members, my daughters, and, you know, their school. 

 

Abe Kim:

She recently passed in 2018. Tell me about what you’ve learned from this experience with the death of, it sounded like your best friend and how you and your daughters have transitioned from this experience as a family. 

 

Dow Kim:

Yeah. I guess the, you know, simple lesson that I learned was that life is short, we can’t really rely on anything, anything can happen. So you have to live your fullest life while you can. So my wife was diagnosed with stomach cancer in April of 2017, right after we came back from my daughter’s school trip in Portugal and France. And, you know, when we heard the news, obviously, we were devastated. But, you know, I tried to find the best medical care that I could, and I dropped everything and then I tried to be with her and take care of her, which I think I did for the 18 months and she passed away a year ago. You know, but during that ordeal, she never once complained about the pain and she was that kind of person. And if there is a silver lining to this whole experience, it was that I transitioned from being an outsider to my daughters and became a lot closer to them. So my older daughter describes me as her best friend nowadays. And also because of this pandemic, gave me the opportunity to become even closer to both of my daughters. 

 

Abe Kim:

So it became an opportunity for you to really, I guess, catch up and kind of solidify those relationships that you had hoped to solidify earlier in life but you were tied up. These kinds of family incidents helped you to bond, I guess, restore some of those relationships or create some of those relationships. 

 

Dow Kim:

Yes, I think that is true. I mean, you know, life can be funny at times but yes, that’s the outcome that we’re enjoying now. I get to spend a lot more time with my daughters. And it’s also a good thing that I have a lot more time nowadays anyway compared to 10 years ago.

 

Abe Kim:

What did you learn about yourself during that 18 month period while you were taking care of your wife? 

 

Dow Kim:

I wish I could have been nicer to my wife. You know, I think I was a good husband and partner and all that, but I wish I could have done even more. 

 

Abe Kim:

You also just a year before your wife passed, your father passed as well. How did that experience impact you? 

 

Dow Kim:

Yeah, so my father passed away three years ago and you know, he had been sick for a couple of years prior to passing. So it wasn’t a total surprise, but it was still a big loss for our family. And what happened was, my brother, and my sister, and I ended up taking over the family business that he was running in Malaysia and Indonesia. And so I spent quite a bit of time in 2017, I think I made more than 11 trips out to Indonesia and Malaysia, just to look at all the businesses that he was running. In the end, we are in the process of now, you know, selling or winding down those businesses. It’s kind of sad but the reality is that none of us want to move to Indonesia and Malaysia. And the type of businesses that my father was running, requires a presence in those countries. So we are in the process of, you know, selling the family businesses.

 

Abe Kim:

How was your relationship with your father as an adult? You said it was a big loss, was it a big loss to you personally? Did you develop a close relationship with your father older in life? 

 

Dow Kim:

I wouldn’t say it was a close relationship. I mean, I greatly respected my father. I knew that, you know, he had a soft heart and although he was educating us or telling us what to do and lecturing us and what have you, and because he was repeating himself many times, I got tired of it. By the way, I took on his habits and I passed it onto my daughters. So, you know, so like, like what do you call it? Like father, like son, I guess. But, you know, I have great respect for him. He was a trailblazer. I mean, just imagine, in the 1960s, you know, he didn’t speak much English. He managed to go to Malaysia and get a mining license and build a huge business. And he’s been doing that and expanding his business in Indonesia over the years until now. So I have huge respect for him. He obviously cared deeply about the family, obviously deeply cared about my mom and also us. And he always wanted the best things for us, but he was very strict. So, you know, one thing that I regret is not having had the opportunity to really be intimately close, if you will, to my father as I was with my mom and siblings. 

 

Abe Kim:

But it sounds like you have his resilience and obviously, his business acumen, but also love for family as well. It sounds like that’s some of the legacy you’ve taken away from what he’s passed on to you. 

 

Dow Kim:

Yeah. I mean, I learned that from my, both of my parents and the love of family, I think that is important. You know, it’s good to have a good career I think, obviously, and, you know, I have many acquaintances and so forth achievements, but in the end, it’s all about you, your family and your close friends and that’s it, really. So I treasure having a very closely knit family, not just with my daughters, but also with my brother and his family and my sister and her family. And we are very close, you know, and I’m really grateful for that. 

 

Abe Kim:

You also established a family foundation and I read that you established it to support the lives of underserved and under-resourced Korean Americans in areas of education and social services and arts and culture. What led you to you and your family to establish this foundation and give toward this mission? What was the catalyst of all of this? 

 

Dow Kim:

Yeah, so my wife and I have been involved with various charities, you know, starting in the 1980s, I would say mostly with local organizations in the tri-state area and also with our alma mater. But during the period when my wife was sick in 2017, we discussed the idea of setting up a foundation to help the Korean Americans. So that’s what we did. We set up a family foundation with the idea of helping to better and empower the lives of Korean Americans across all industries including arts and culture and education and social sciences primarily because, you know, it was my wife’s wish too that we wanted to generally wanted to see Korean Americans excel, do well in this country, collectively as a group. 

 

And in the past two years, through a couple of friends, I got to know a handful of Korean American nonprofits, and we have donated and pledged more than a million and half dollars to these organizations for the sole purpose of trying to help the Korean American community. And through this whole process, I also learned that it’s not, it wasn’t just about donating money per se, but also that I was able to help these organizations in terms of their governance, organizational structures, and also in terms of hiring staff into their organizations. Not all of them, but some of them. 

 

Abe Kim:

Why do you think it’s important for more Korean Americans to get involved in philanthropy? 

 

Dow Kim:

I think philanthropy is a personal thing, so I wouldn’t want to force upon anyone to get into philanthropy. I mean, just take us as an example. It took us a long time to decide to set up a family foundation to help the Korean American community. So it’s a personal thing, but I do hope that, you know, those individuals out there with the desire and the resources to be able to, you know, help the others who are less fortunate than we are. 

 

Abe Kim:

So what have you learned through this experience in the last few years since your family foundation has been established? Is there anything new about yourself or new about just the whole process or things that you’ve never imagined, but you discovered through this process of being a donor? 

 

Dow Kim:

Yeah. It’s, you know, to be perfectly honest, it’s endless, obviously. Although, you know, I’m trying to do as much as I can through this family foundation, it’s never going to be enough. I mean, we just, a small drop in the bucket, if you will. The world is, you know, lots of people are struggling who need a lot of help and, you know, I’m just trying to play a small part in it and hopefully encourage others who are like-minded to bring them along for the same sort of experience.

 

Abe Kim:

Shifting to COVID-19, you’ve mentioned, you’d been spending a lot of time indoors, especially with your daughter, youngest daughter, which has been overall a great experience, but I’m sure you’ve had a lot of time also thinking, and during this period and focusing your time on some of your passions, how have you been spending your time during this COVID-19 period? 

 

Dow Kim:

Yeah, so obviously like everyone else I’ve been staying at home and doing my best to cope with the current situation. I’m still working full time. The good thing about my job is that I don’t have to be in any office. All I need is either a laptop or a mobile phone for me to be able to trade and invest, but I’m doing it at my own pace, if you will. I’m not pressuring myself to trade every day. I do it whenever I feel there are opportunities. I’m spending a lot of time focusing on trading, which I have been wanting to do for a long period of time. I’m still doing it, which I’m really grateful for. And then, you know, I’m also looking after my younger daughter here, who’s at home full time now, and I have to make sure I feed her, simple things like that.

 

Abe Kim:

Do you cook for her?

Oh yeah, one thing that was also a good outcome from the time when my wife was sick was that I learned to cook because I had to prepare meals for my wife for lunch and dinner and learned how to cook for my wife. I have 15 recipes, if you will, that I use to prepare meals for my daughter nowadays. 

 

Abe Kim:

What’s your favorite dish or most famous dish that your daughter loves for you to cook? 

 

Dow Kim:

I would have to say that my daughter’s favorite dish is kimchi bokkeum-bap with naengchae, oi naengchae. 

 

Abe Kim:

Wow. That’s amazing. So you have a complete Korean repertoire. 

 

Dow Kim:

You have to come over one day, I’ll prepare and cook for you guys. 

 

Abe Kim:

I’d love to, we’d love to. Just a few more questions, first is, you know, we’ve seen the financial markets having tremendous highs where the world is kind of ensnared in this current public health and political and economic crisis. You personally having been in the financial market for so long, do you have any concerns about how the current global situation and how the financial markets are responding to all of this? 

 

Dow Kim:

Sure. Yeah, I am. I am troubled by the discrepancy between the general overall performance of financial markets in the past six months. Although we are going through a bit of a correction now, but the markets have been supported by the abundance of liquidity from the Fed as well as their zero interest rate policy, which is likely to stay until at least 2023. So those factors alone will, I think, continue to support the market, but obviously, the real economy has been suffering. You know, we have more than 10 million people who have lost their jobs and, you know, people are struggling. So there is that discrepancy if you will, or disconnect. So I’m troubled. I think the economy needs another dose of stimulus from the government and I’ll hope that it will come soon, so that at least we can make through this difficult period until the effective vaccine arrives, which is not likely to be until mid 2021

 

Abe Kim:

Final question I have is if you had the opportunity to talk to your 19-year-old self, what words of wisdom would you share with the younger Dow? 

 

Dow Kim:

So study hard, work hard, be curious, don’t be afraid to try new things, make mistakes and learn from the mistakes. Again, you know, know your strengths and weaknesses and improve on your weaknesses. Try not to make the similar mistakes and be humble, be down to earth and make many good friends and be nice to your parents and have a passion and, you know, pursue your dreams. You don’t have to get into finance, you know, law or medicine. I think everyone should pursue their passion and their goals in life. What I genuinely would like to see, you know, more Korean Americans succeed in this country.

 

That’s all I have to say.

 

Abe Kim:

Well with that, thank you very much Dow for your time and thank you for opening up your life to us. And, we just really appreciate how you have given back to the Korean American community. And thank you for being a role model and for sharing yourself with a lot of leaders. So with that, thank you very much.

 

Dow Kim:

Thank you very much for the opportunity. I really appreciate it.