大空头

…除非市场崩溃
… unless the market crashes.
房♥地♥产♥市场不可能崩♥盘♥
The market on housing’s never gonna crash
因为它现在非常坚挺
because it’s so solid right now.
我是说 谁会不还房♥贷呢
I mean, who doesn’t pay their mortgages?
柏利博士 我们可以设计一套
Dr. Burry, we could work out
即时支付的结构
a pay-as-we-go structure
只要债券跌价立即支付
that would pay out if the bonds fail.
但如果抵押债券涨价
But it would also apply to your
那么你也要付我们钱
payments if the value of the mortgage bond goes up.
你要按月支付我们溢价
You’d have to pay us monthly premiums.
可以接受吗 柏利博士
Is that acceptable, Dr. Burry?
可以 好的
Yes. Yes.
这里有六家住房♥抵押贷款支持证券的
Um, I have prospectuses on six
募股文件 我想做空它们
mortgage-backed securities I want to short.
这些房♥贷大部分…
Majority of the mortgages…
我看我们根本不可能亏钱
I don’t see us losing any money on these at all.
柏利博士 这样就可以了
Dr. Burry, these should be fine.
我们打算卖♥♥你五百万美元
Yeah. We’re prepared to sell you $5 million
这些抵押债券的信用违约掉期
in credit default swaps on these mortgage bonds.
能卖♥♥一个亿吗
Can we make it $100 million?
当然可以卖♥♥一个亿
Uh, absolutely, we can make it $100 million.
我们会再联♥系♥ 送一些文件过来
We’ll be in touch, send some paperwork over.
我喜欢这些杯子
I like these cups.
我能给我儿子拿一个吗
Can I take one for my son?
拿吧 当然
Have… Yes. Yes.
谢谢
Thank you.
拿两个吧
Have two.
可以来两亿吗
Is there any way to do $200 million?
我们可以 但你确定吗
I mean, we can. But are you sure?
当然 当然 可以的
Absolutely. Absolutely, we can do that.
银行&房♥贷
我们做各种项目 我们搞园艺
We do different projects. We do gardening.
我们打算反赌的债券
The bonds I’d like to bet against.
在大荧幕上看到自己也不赖
It’s not bad seeing yourself on the big screen.
感觉很棒
It’s very cool.
我点了1.3斤丁骨牛排
I ordered the 24-ounce T-bone,
这是我的选择
which was choice.
-我追求体积 -没错
– I went for volume… – Yeah.
不要求质量
… rather than prime.
我追求次级贷款 要点在于
I went for subprime, and the gist was…
兰德尔·多姆怎么了
Hey, Randall! What’s with the Dom?
三个月没发奖金了
Bonuses aren’t for three months.
我们刚卖♥♥了两亿
We just sold $200 million
抵押债券的信用掉期
in credit swaps for mortgage bonds.
加州来的一个基金经理
Some fund manager from California.
太他妈疯狂了 是吧
It’s fucking crazy, right?
赚钱的新路子 道格
A whole new way to make money, Doug.
慢着 我都不知有抵押贷款的掉期
Wait, wait. I didn’t know there were swaps on mortgages.
现在有了 我们替他设计的
There are now. We made it for him.
他肯定是抗抑郁药吃多了之类的
He must have gone off his Zoloft or something.
我也不知道
I don’t know.
-一起来 不来吗 -稍等
– Want to join? No? – Just a second.
杰瑞德
Hey, Jared.
你听说兰德尔跟一个基金经理
Did you hear about the deal that Randall just did
刚做的交易吗
with some fund manager?
兰德尔吗 胡扯
Randall? Bullshit.
他是个小角色 我敢肯定这交易很差劲
He’s a foot soldier. I’m sure it’s a shit deal.
是真的
No, it’s for real.
我说了待会儿再见
I told you we’d meet later.
可惜是在这样一个地方
Unfortunately, it’s in a place like this
我根本不想来的地方
which I would never be.
我再也不想下班后跟这些白♥痴♥出来玩了
I never hung out with these idiots after work, ever.
我也有过入时的朋友
I had fashion friends.
似乎这家伙想买♥♥两亿
Apparently, this guy wanted $200 mil
信用违约掉期
in credit default swaps.
兰德尔达成了这笔交易
Randall made the sale.
你能相信吗
Can you believe it?
有人做空了两亿的抵押债券
Somebody shorted $200 mil on mortgage bonds?
还只是跟德意志银行
That was just with Deutsche.
据说他找了城里一半的投行
Word is he hit half the town.
总共多少
How much in total?
十三亿
$1.3 billion.
什么
What?
这差不多是赛恩全部的流动资金了
That’s pretty much all of Scion’s liquidity.
迈克尔 这下麻烦大了
Michael, this is highly distressing.
劳伦斯 这绝不是
Lawrence, that is not
我们全部的流动资金
all of our liquidity.
而且我不确定
And I’m not certain
你真的理解这笔交易
that you really understand this trade.
这是必然事件
This is a certainty.
我自以为是你的导师
Mike, I consider myself a mentor to you.
但我们公♥司♥
But our company is not
不喜欢这笔投资 我说清楚了吗
comfortable with this investment. Am I being clear?
劳伦斯 对于投资策略
Lawrence, I have full autonomy
我有完全的自主♥权♥
when it comes to investment strategy.
你可以看我们的合约
You can read our agreement.
别跟我提最开始的合约 迈克尔
Do not throw our inception agreement in my face, Michael.
我们当时以为
We had an underlying understanding
你不会像疯子那样做事
you wouldn’t act like a goddamn crazy man.
这不是发疯
This is not crazy.
完全合乎逻辑
It’s all very logical.
抵押贷款跌价前我们都得支付
So, now we pay up premiums on these swaps
这些房♥地♥产♥市场掉期的溢价
against the housing market until the mortgages fail?
换句话说 在永远不会发生的事情
In other words, we lose millions
发生之前我们就要损失上百万
until something that’s never happened before happens?
自己灵魂的上尉
没错
That’s correct.
信用违约掉期
无主题
我想要利润 而不是溢价
你疯了吗
房♥地♥产♥创新高
撤回资金
马克·鲍姆
Hello, Mark Baum.
凯西 被你逮到了
Oh, hey, Kathy, you busted me.
我下午有私事
I had a personal thing this afternoon.
我又不是你的保姆
I’m not your babysitter.
只要FrontPoint能帮摩根斯坦利赚钱就行
If FrontPoint makes money for Morgan Stanley, I’m happy.
好 你是怀孕了吗
Okay. Hey, did I hear you’re expecting?
我们希望能怀孕
We’re expecting to be expecting.
体外受精要把家底都掏空了
IVF’s are cleaning us out
但我们还是很乐观
but we’re staying positive…
振奋人心啊
That’s exciting!
蛋蛋有肿块 我去做了扫描
… lump on my ball. And I go in for a scan.
结果发现我有个大家伙 叫做附睾
Turns out that I have a very large thing called an epididymis.
就在蛋蛋旁边
Which is a thing that goes around the ball
类似下层有个小囊
and is like a sac underneath.
我有一枚格外
I have an extremely
-明显的附睾 -有意思
– pronounced epididymis. – I’m riveted…
我很有兴趣 有照片吗
I’m riveted by this. Do you have any pictures?
特别大 就像睾丸上面又长了一枚睾丸
It’s almost as large as another testicle unto itself.
听我说 辛西娅
So get this. Cynthia…
伙计们 辛西娅希望我辞职
Guys. Cynthia wants me to quit
去佛蒙特州开家庭旅馆
and open a B&B in Vermont.
听起来不错
That sounds great. I’d
我很乐意见到马克·鲍姆铺床做早餐
love to see Mark Baum run a bed and breakfast.
比如 “这是你的钢切燕麦 混♥蛋♥”
Like, “Here’s your steel-cut oatmeal, asshole.”
马克拒绝向带着支票簿的人表示尊重
Mark refused to kiss the ring of the people with the checkbooks,
所以他只能在摩根斯坦利的势力下
so he had to set up his fund under
建立自己的基金
Morgan Stanley’s umbrella.
他的小团队反映出他对这个系统的不信任
His small team reflected his distrust of the system.
你们这些家伙太恶心了
You guys are sick. You’re sick.
她说这份工作害我不开心
She says this job is making me unhappy.
但你不开心的时候就很开心
But you’re happy when you’re unhappy.