The Big Short Page #5

This makes us look bad doesn't it?

That we didn't know

what the capitol requirements were.

I... eh..

It's not great!

But, eh...

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!

Sh*t!

Who the f*** schedules

a meeting at 4:
50 in the afternoon?

Dude, b of a and bear

didn't even return our calls

and even f***ing morkovia 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..

Yo, 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, yeah 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.

Now, we didn't find Jared

vennett's housing bubble

pitch in a lobby of a

bank that rejected us.

Truth is... ehm..

A friend had told Charlie about it

and I read about it,

in grand central's trade 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 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!

Boooooom!

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!

Pffff

call Ben!

Ben ricker was a former trader

in Singapore for chase.

Quit the whole game in disgust!

He just happened to be Jamie's

neighbor when they were in Colorado

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.. Hmmm 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!

A f***ing lunatic!

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?

Alright, let's crunch some numbers,

then maybe we'll talk about calling Ben

I don't wanna crunch the numbers,

when haven't we crunched the numbers?

Seriously guys!

I need you out of here

of course, yes mam!2

one second!

We're going, we're going!

Oh god, I hate this!

This is a total waste of time!

Come on!

Would you relax!

I think this is a housing development

about forty-five minutes outside of town.

Mark wants us to check that out first.

I hope there's some

Cuban restaurants on the way there,

because I heard the

Cuban food is amazing in Miami.

Please don't be chipper

in the face of me being miserable!

It really makes me hate you!

How is wanting to eat good food,

being chipper?

Hello?

Hello?

What's up man?

What do you want?

Hello, I'm surveying mortgage owners

who are over 90 days delinquent

I'm looking for a Harvey humpsy

you want my landlord's dog?

Your landlord filled out his

mortgage application using his dogs name?

I guess so!

Wait, has that a**hole not been

paying his mortgage?

Coz, I've been paying my rent!

Well, yeah he is over 90 days delinquent

seriously man!

Am I gonna have to leave?

My kids just got setup in this school man!

Hey... how are ya?

Ehm.. You should talk to

your landlord about that

I'm sorry I don't have anymore information,

but you ehm...

You have a great day!

Seriously... is everything gonna be ok?

You should call...

You should call him!

You should give him a call!

It's not my fault dude!

I've been paying!

Hello!

I think somebody just left

all they took was the TV.

It's weird!

They didn't even clean up the counter

oh, god!

It's like chernobyl!

It's like a hundred houses,

it can't be four people living here.

No, f*** that!

Sh*t!

He's been there for seven hours

what is he looking at?

I heard he had a breakdown!

Just let him is what I think

Dr. burry's office

no, he actually prefers that

you e-mail him. Excuse me!

Hey Lawrence!

We have no confidence in your ability

to identify macro-economic trends.

You flew here to tell me that?

Why?

Every, e-e-anyone

can see there's a real-estate bubble

actually no-one can see a bubble,

that's what makes it a bubble

there's still warns!

There are always markers!

Mortgage fraud

quintupled since 2000 and the

average take-home pay is flat, but...

Home-prices are soaring, that means

the homes are dead, not assets

so Mike burry of San Jose,

a guy who...

Gets his haircut at supercuts,

and doesn't wear shoes,

knows more than Alan greenspan

and Hank Paulson...

I haven't talked to Hank,

but yes he does.

That's cute, that's cute!

Are you being sarcastic with us Mike?

Lawrence...

I don't know how to be sarcastic!

I don't know how to be funny

I don't know how to...

Work people..

I just know how to read numbers!

How big is your short position right now?

Eh...

1.3 billion

and the premiums?

Eh, we pay... eh... roughly...

80 to 90 million

each year, which is surprising,

because I was the first to do this trade

watch, it will pay!

I may have been early, but I'm not wrong!

It's the same thing!

It's the same thing Mike!

You're managing a fund of what?

555 million?

In six years,

it will all be gone!

On one bet

the second quarter of '07

is when the adjustable rates kick in!

The defaults will skyrocket!

Says you!

How much is eligible for withdrawal before

they're due? Say in the next two quarters.

If your investors panic

my god Mike!

No-one will pull out,

that would be suicide man

down 17 percent for the year,

but if they trust me, and they trust me!

No-one trusts you!

No-one!

I've sent several emails to my investors

letting them know that the.. The...

It's the second quarter of '07

is when our housing position shows returns

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