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JP Morgan Chase, JP Morgan Chase.
Ok
Stop saying JP Morgan Chase!
I got a good feeling about this.
Just a meeting though, you know...
It's just a meeting! People have meetings all the time... You know!
- People drink their coffee, they have a meeting...
- Brownfield Funds?
- Yes! Yes!
- Hey!
- Hello
- Ted
- Chris
I'm on Ted's desk.
I'm Charlie, I'm Charlie Geller. I'm Jamie, Jamie Shiple.
- We're so excited to get setup on your trading platform!
- Cool!
- Here,... Have a seat a second.
- Alright!
Ted did ask Ehm to do us some meeting in front.
But I couldn't find any marketing material on you guys.
- We just moved here from Boulder.
- Yeah
Can we see some of your offering documents?
Well, Brownfield has it own money.
It's our money.
Well, can you tell us how much you manage?
Of course! We're doing 30 million right now.
But we started four years ago, with a hundred-ten thousand.
So as you can see, that's pretty phenomenal returns.
We wanna get an ISDA agreement with JP Morgan,
so we can deal in long-term options.
That's really cool!
- That is so cool!
- Thank you!
But you guys are under the capital requirements for an ISDA.
By how much?
One billion four-hundred-seventy millions so a lot...
This makes us look bad, doesn't it?
That we didn't know what the capital requirements were
It's not great! But keep up those returns and give us a call way down the line you know?
Ok?
Ok, of course! Thanks Chris!
- Have a good one guys
- Thank you Chris!
Who the fuck schedules a meeting at 4.00?
Dude, Bank of America and Bear didn't even return our calls
and even fucking Wachovia blew us off!
I know man!
Here's the prospectuses of all the other losers who didn't make it past the lobby.
I don't think I can do this anymore, you know.
I'm young yet, I can still do something with my life! I miss Colorado anyway.
The weed's better!
- Gentleman... I need you to leave!
- Yep, yep we're going, let's go!
Look at this, look at this!
This guy says that the housing market is a giant bubble!
Ok, so this part isn't totally accurate, you know.
We didn't find Jared Vennett's housing bubble pitch
in a lobby of a bank that rejected us.
Truth is... A friend had told Charlie about it and I read about it,
in Grant's Interest Rate Observer.
This is crazy! This is... crazy stuff!
Here, they're saying that there's 10-to-1 returns,
on credit default swaps for mortgage backed securities
and the whole housing market is about to collapse.
For Jamie and Charlie, the housing market doomsday prediction was music to their ears!
They had started working out of Jamie's garage,
with a 110 thousand Jamie had saved taking sailboats up and down the East Coast.
Our investment-strategy was simple.
People hate to think about bad things happening
so they always underestimate their likelihood.
Their strategy was simple and brilliant.
What he said!
Jamie and Charlie found: Markets will sell options very cheaply on things
they think will never happen.
So, when they were wrong, they were wrong small.
But when they were right... They were right big!
Within a few years they had turned a 110 grand into 30 million
then it was time to go to New York City, and so far... it wasn't going very well.
So what if it does seem interesting?
Nope, no bank will give us our ISDA.
We're dead in the water...
- These kind of trades are totally out of the question!
- We gotta call Ben!
Call Ben!
Ben Ricker was a former trader in Singapore for Chase.
He quit the whole game in disgust!
He just happened to be Jamie's neighbor when they were in Colorado
and they met, walking dogs... But Ben was dark...
He didn't just think the whole system would fail,
he thought the whole world was going down!
This salad's... oh... good!
You know, every one of these vegetables is fresh from my garden.
You guys should start your own garden!
What you gotta do is get your soil off petrol chemicals, use wood-ash and urine,
help destroy the soil, creates mono-nitrate, seeds are gonna be the new currency!
And not those frankenseeds from Monsanto,
I'm talking about good healthy organic seeds.
Make yourself a garden, learn to live off the land!
Ben had real experience in a big bank,
Jamie and Charlie, never even been in a Manhattan bank bathroom!
But Ben was done with the banking world, he was very clear!
Do you realize that?
Let's crunch some numbers, and then maybe we'll talk about calling Ben
- When haven't we crunched the numbers?
- Seriously guys!
- I need you out of here.
- Of course.
- One second!
- We're going, we're going!
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Video info
VocabularyThe Big Short 7 - Brownfield Fund "meeting" with JP Morgan Chase
Jamie and Charlie from Brownfield Fund gets to "meet" JP Morgan Chase with their intention to be qualified for ISDA. They do not get what they want but they do find something else that will turn out to be an opportunity of a lifetime.
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