Soo Kim Of Standard General: I Am Living Proof Of The American Dream

Living under that sort of pressure can either break you, or make you resilient and able to handle all that life can throw at you.

Is the American Dream still alive? If you speak to many of the immigrants we spoke to, who came to this country with nothing but grit, resilience, and a dream, they will tell you that it certainly is still alive.

As a part of our series about immigrant success stories, I had the pleasure of interviewing Soo Kim.

Soo Kim is the Founding Partner of Standard General and is the firm’s Managing Partner and Chief Investment Officer. He has been investing in special situations strategies since 1997, including as co-founder of Cyrus Capital Partners from 2005 to 2007 and at Och-Ziff Capital Management from 1999 to 2005, where he was a Principal and co-founder of its fixed income business. Before joining Och-Ziff, Mr. Kim was an analyst for the Capital Management Group at Bankers Trust Company from 1997 to 1999.

He is currently Chairman of the Board of Directors of Bally’s Corporation, formerly known as Twin River Worldwide Holdings, Inc., the owner and operator of several casinos in the United States. Mr. Kim is also a Director of Pursuit, a Director and Treasurer of the Cary Institute of Ecosystem Studies, and the President of the Stuyvesant High School Alumni Association. He holds an A.B. from the Woodrow Wilson School of Public and International Affairs at Princeton University.

Thank you so much for joining us in this interview series! Can you tell us the story of how you grew up?

I was born in Seoul, South Korea but moved to New York City when I was 5. I grew up in Queens and moved neighborhoods every couple of years as my family settled into new American life. I got to see a lot of Queens — reportedly the most diverse county in America — living in Elmhurst, Sunnyside, Whitestone and Bayside. I learned English watching Sesame Street on Channel 13, loved the Mets on Channel 9, and went to public schools that were numbered: PS150, PS162, PS209, JHS194 and Stuyvesant HS, which I joke is High School #1.

Was there a particular trigger point that made you emigrate to the US? Can you tell us the story?

My dad left Korea for the States in 1977 to complete US medical school in Washington University in St. Louis. After completing his studies and beginning his residency in New York, he brought our family over to join him.

These were turbulent times for Korea. The economy was developing rapidly but the part of Korea where my family was from, Jeon-Ju, was quite second-world agrarian. Admittedly there was much reluctance on my part to make the trek to visit my grandfather’s farm, which had an outdoor cooking fire, a well, and an outhouse. The country was transitioning from the assassination of the military dictator in 1979 to the first fledging steps into a real democracy. Chonnam University, where my dad graduated was to be the site of the infamous Gwangju Uprising in 1980.

The Korean language word for America is “the Beautiful Country.” My folks, I assume, thought it to be a better option for me and my sister.

Can you tell us the story of how you came to the USA? What was that experience like?

When we arrived in the United States, our family faced many challenges, especially considering they didn’t speak the language and were unfamiliar with the culture.

Like all immigrants, we adjusted because we had to and because it was likely better than the alternative. One might think being the child of a highly educated medical doctor, it would have been easier, but the family made a lot of mistakes and had our share of misfortunes. We used to attend a Korean church, which was important to my folks in creating a community here to engage with. In truth it was harder for them than my sister and I, who were still young enough to assimilate into American life. In the end they stayed because the opportunities for us were better here even as conditions improved in Korea. My sister and I were able to earn Ivy League educations, so they were probably right even though it meant great sacrifices for them.

Is there a particular person who you are grateful towards who helped make the move more manageable? Can you share a story?

My uncle, who ultimately sponsored my family to come to the US, was also the source of many of our family’s travails. He did not have the best head for business, nor did he provide our family with sound advice. Indirectly he caused no end of turmoil and hardship.

But today as I look back at our journey, I feel grateful towards him. With the various challenges we faced, it became clear to me at an early age that I didn’t live in a consequence-free environment. Our family did not enjoy a backup plan, and for my sister and I, failure wasn’t an option. Living under that sort of pressure can either break you, or make you resilient and able to handle all that life can throw at you.

Overall, I’m grateful for the entirely of the experience. And in reality, it could have been worse. We always had a roof over our heads, and we stuck together through it. I wouldn’t be half the person or nearly as motivated to improve my lot in life if it weren’t for them.

How have you used your success to bring goodness to the world?

One of the real benefits of having lived through my own anxieties growing up is realizing that I tolerate a high level of uncertainty in my adult and professional life. Uncertainty about what is going to happen next doesn’t cause me anxiety.

Is it a coincidence that I have chosen to make a living in the capital markets?

The markets are a harsh arbiter of outcomes, reminding you every day to be humble. Active investing itself is profession that requires one to subject themselves to these market forces day-in and day-out. And if that wasn’t enough, I have gravitated to a subsection of the markets that involve companies that are not performing well — companies that require restructuring or reorganization or are in actual financial distress. I have made my career in this particular field, which one might say presently even greater stressors because change is generally stressful, and these are situations where change gives you no choice.

This is the work I have been doing for 25 years. My firm, Standard General, has invested in this field for more than 15 years, and has done so successfully. We have not succeeded every time, and we have had our share of failures — situations too far gone that even we could not fix it with our capital and management engagement. But we have had some tremendous successes on the other side, allowing companies not just to stabilize themselves, but to actually grow and regain stature. By doing so we have created thousands of great jobs as well as generated profits for our limited partners so that they can meet their obligations. We understand the important work we do, and we take pride in the positive impact we have had.

Alongside my professional endeavors, I’m also involved in a number of charities to give back to my community that I have so benefited from. I am the President of my high school’s alumni association so we can help the next generation of the “P-S-H” to achieve their ambitions. I am on the board of a charity called Pursuit (nee Coalition for Queens) that trains underrepresented, working-class young adults to become coders and build careers as tech developers. And I am the Vice Chairman of the Cary Institute, a charity that funds independent ecological studies based in the Hudson Valley where my family lives.

My professional skills and emotional mindset have been helpful in doing good both at work and through charitable efforts outside the workplace. I feel incredibly fortunate and giving back to my community is how I show my appreciation.

You have firsthand experience with the US immigration system. If you had the power, which three things would you suggest to improve the system?

Throughout history, the great civilizations have always attracted those with ability and energy and desire to better their lot in life and assimilated those for the betterment of all. Immigration is what has made America what it is.

I only have two suggestions:

First, acknowledging that we currently have the best higher educational institutions in the world, we should acknowledge the fantastic ‘brain drain’ opportunity it serves to our collective benefits. We already educate much of the world’s best and finest. If those people want to stay after completing their education, we should make it easy for them to stay and work here and build roots here. All of them.

Second, I don’t think this drain should limit itself to brainpower. I think we need immigrants with elan and energy. Those willing to come here we should welcome. I’d suggest providing work identification cards to those who want to try making it here. These would start as temporary work IDs — essentially registered visitors who can apply for jobs and pay taxes. As visitors they would not have access to social services we provide our needy citizens, nor should they be allowed to vote. But if these registered visitors prove to be productive, law-abiding members of society, we should give them a pathway to permanent residency.

Can you share “5 keys to achieving the American dream” that others can learn from you? Please share a story or example for each.

The key to achieving the American dream is to appreciate what a wonderful country this is and not take a second for granted. Other than the flight that took me from Korea, I did not get to see much of anything outside NY other than a few family road-trips to some Appalachian caves. In my professional life I have had the opportunity to travel the world and experience so many different nations and cultures. In the end, I always love coming home to JFK. I now have the benefit of perspective; and I can say with clarity and conviction that the US is still the best country in the world to grow up in. Those that appreciate what we have, and make the most of every opportunity are going to insure that America stays this way in the future.

I’m so thankful for the challenges I’ve experienced, because even if I was tempted to take things for granted, I wasn’t allowed to. That attitude has helped me very much both professionally and personally and it’s the singular piece of advice I would share with fellow Americans.

We know that the US needs improvement. But are there 3 things that make you optimistic about the US’s future?

America is still the place that has the most social mobility for you and your kids. Isn’t that all we can ask for? To have a place to build a family and have our family exceed us? That’s why there are hundreds of thousands of people trying to come here. If we had a temporary worker program, we’d have millions coming and our country and economy would grow forever.

We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US whom you would love to have a private breakfast or lunch with, and why? He or she might see this, especially if we tag them. :)

I read a lot in my spare time, and I do read quite a few biographies and histories. One person that comes to mind is Malcolm X, who were he not taken from us at 39 years of age would be in his 90s now. I would love to take on the current state of America today and can only imagine what an amazing conversation we’d have around that. In his time, his own views changed dramatically over the years. I mark that as a sign of a flexible and aware intellect, as the hardest thing for most people to do is to change their minds.

This was very inspiring. Thank you so much for joining us!