All language subtitles for The Fear Index s01e01.eng

(THEME MUSIC PLAYING)

NEWS PRESENTER: Columbians
went to the polls today,

for what could be
a historic moment of change for the country

As the second-round
votes are counted,

there are rumours
and speculation in the capitol,

that this could be the end

of an eight-year reign
for the political party

and incumbent President.

Columbian Presidents
are elected for four year terms,

using a two-round system.

Well this voting year
as a new candidate

received a majority
of the vote in the first round.

(CELL PHONE RINGING)
A run off has been held,

between the top two
candidates.

Hugo, you're concerned.

HUGO: No, not concerned.
Curious.

It'll drop.
Let the others panic.

HUGO: If it drops any further,
it's going to be our money.

The election results
will start coming in, in about three hours.

If it still hasn't changed
then you can be concerned.

HUGO: I hope you're right.
I am.

HUGO: Okay. You're the genius.
Goodnight professor.

Hi. I'm staring at the most
ridiculous picture of myself.

ALEX: We'll put it up
in the bathroom.

No, we will not.

No-one should ever see
their face this big. Ever.

How's it going down there?

GABBY: It's okay, I think.

I'm almost home.
I'm leaving soon.

Okay. Love you.
Love you.

See you soon.
Bye.

Columbian officials
have announced

that the incumbent president
has maintained power

in the most tightly
fought political contest

the country has ever seen.

This unexpected result defied
early poll predictions

and sent shockwaves
through the country.

Agricultural policies
will no longer change,

affecting millions
of people in rural areas

who were expecting ownership
and economy

to be placed back in the hands
of local farmers...

GABBY: Hi!
ALEX: In here.

(ALEX CHUCKLES)

Hi. Hmm?
Thank you.

Thank you.

I've wanted this book
for such a long time.

I didn't get you this book.

What?

Nope. You must have dropped
hints to somebody else.

Not me.

Who do you think it's from?

Erm...

I don't know.
There was no name.

There's no note. Erm...

This book is so fascinating.
It's Darwin's third book.

He would use galvanism
to induce an emotional reaction

from his subjects. It's amazing.

Oh! Okay. That's hideous.

Can you put it away
while we eat please?

Erm. Yeah. Sorry.

(DIAL TONE RINGING)

Hugo.

HUGO: Fine.
Shouldn't have doubted you.

What?

HUGO: What?
You're not checking the figures?

You were right about Columbia.

Thank you for the book.

HUGO: What book?

ALEX:
The first edition Darwin.

I know Gabby didn't buy it.

And no-one else knows
I'd be interested in it, so...

HUGO: First edition?
Absolutely not.

I would never spend that much
money on you.

Seriously? You didn't buy it?

HUGO: No.
Probably a grateful client.

I've wanted this book
for a long time.

HUGO: So, VIXAL knew
about the election.

Speculated.

HUGO: Speculation could
be worth ten million.

So, we go short
on Vista Airways?

That's what it's telling us.
Right.

I'll authorise it now.
Bonsoir.

I'm going to go up.

Five minutes.
Okay.

ALEX: "Fear. Terror.

"The word fear

"seems to be derived
from what is sudden and dangerous.

"And that of terror
from the trembling

"of the vocal organs and body.

"I use the word terror
for extreme fear.

"But some writers think it ought
to be confined to cases

"in which the imagination
is more particularly concerned.

"The frightened man
stands like a statue,

"motionless and breathless.

"Or crouches down
as if instinctively

"to escape observation."

Evening.
Oh, shit.

GABBY: That was
a long five minutes.

ALEX: Sorry...

I got distracted.

So it's the right time
of the month.

Oh, I know.

Do you want to?
Yes, please.

Oi, you. Time to shut down.

You're not the only one
with a big day tomorrow.

Sorry.

How are you feeling?

Erm, fucking terrified.

It's so exposing.

It is.

You're the bravest
person I know.

I have a good feeling
about tomorrow.

You're going
to sell everything.

(SUSPENSEFUL MUSIC PLAYING)

(LOUD THUD)

(BEEPING)

(DIAL TONE RINGING)

Police, please.

I might have an intruder
in my house.

My name is Alexander Hoffman,

an alarm should
have been triggered.

No.

Well, could you send somebody
quickly please?

Yes. Thank you.

(SUSPENSEFUL MUSIC PLAYING)

Gabby! Lock the door!

There's someone in the house!

Gabby!

GABBY: Alex? Alex?

PARAMEDIC: Dr. Hoffman,
can you hear me?

My love. Alex? Alex?

Dr. Hoffman. Are you all right?

(GROANING)

GABBY: Oh, my God!
You're really bleeding my love.

Dr. Hoffman.
I am Jean-Phillipe Leclerc.

Do you feel able
to answer some questions?

How long was I unconscious?

PARAMEDICS: Maybe 25 minutes.

We found these in the kitchen,
next to the knives.

Do they belong
to either of you?

What the fuck?
No I have never seen them before.

It's possible that the intruder
was planning a kidnapping

rather than a robbery.

Oh, my God.

Are you okay?
I'm okay.

He didn't hurt you?
He didn't touch me.

Do you know if anyone
has a grudge against you?

If anyone may have wanted
to extort money from you?

No. No.

He disabled the alarms,
so how did he get in?

What?
Through the front gate.

Did anyone, apart from you
know the codes here?

Maurice.
Maurice Genoud, yeah.

Maurice, Maurice Genoud?
GABBY: Oui.

He's the head of security
for my company.

GABBY: And for the house.
Yeah.

He took his shoes off.

GABBY: What?
Why would he do that?

His shoes. What shoes?

He left his boots
by the front door.

That's how I knew someone
was in the house.

Sir. Do you remember
what he looked like?

It's very important we show
a description of this man

as soon as possible.

LECLERC: Dr. Hoffman?

ALEX: I'm all right.

GABBY: Oh, my God.
Careful. Careful.

ALEX: I'm all right.
I'm all right.

Just leave me alone.
I'm okay!

Just give me a second.

It's in here.

Someone sent me this book
anonymously yesterday.

That's him,
that's the man I saw.

You know that
this photograph is more than a hundred years old?

Obviously, I'm aware of that.
Fuck!

But that's him.
He looked like that.

Long hair, gaunt face.

(GABBY SPEAKING FRENCH)

(LECLERC SPEAKING FRENCH)

(GABBY SPEAKING FRENCH)

(LECLERC SPEAKING FRENCH)

Forty-two million Euro.

Yeah, it's a good price.

Because I grew up in Geneva,
you know, and now,

I can't afford that because

I'm living outside
and driving to work.

(PARAMEDIC SPEAKING FRENCH)

GABBY: Come on, let's go.

Just get off me please.

(RADIO CHATTER)

Merci, Inspector.

LECLERC: Bon courage.

(MARIE SPEAKING)

(LECLERC SPEAKING)

(MARIE SPEAKING)

GABBY: Alex, you have
to take it easy.

Who are you calling?

Hugo.

He needs to know
what happened.

I really don't think
he needs to come to the hospital, though.

HUGO: Alex? It's 5am.

We had a break in
at the house.

What?
Yeah. We're all fine.

I just got a knock to the head,
so, we're in an ambulance.

Which hospital?

University.
I'll be there.

(LECLERC SPEAKING)

MARIE: Ah oui, d'accord.

(LECLERC SPEAKING)

Gabby?

A genuine patient?
Oui.

This is my husband, Alex.

This is Fabian Tallon,
the duty technician.

Do you remember
I told you about him?

He helped me with the scans
for the exhibition. Remember?

Yeah, I remember.

Thank you for everything
you've done for my wife.

Oh, it's been a pleasure.

Now Alex, let's see
what we can do for you.

Alex?

What?

I'm sorry, what did you say?

Can you stand up for me please?

Of course.

TALLON: It won't take long.

It's going to be okay.

ALEX: I hate these things.

TALLON: Have you missed
our conversations?

GABBY: Yes, I have.

(MACHINE WHIRRING)

Alex? Alex, can you hear me?

Can you hear me?
Yeah.

Okay. I need you to keep
as still as possible.

(MACHINE WHIRRING)

TALLON: Alex, stop moving.
Head back up, please.

(SHUDDERING)

(ALARM BLARING)

Please get me out now!
Okay. Okay.

TALLON: Forget this.

DR. DUFONT: No evidence
of fracture and no swelling

which is the most
important thing.

But you see these
tiny haemorrhages in the brain tissue

GABBY: Serious?
Not necessarily.

But I'd like to do an MRI.

Get a clearer image
of the soft tissue.

Tell us whether or not
it's related to the attack

or is a pre-existing condition.

How long will that take?

It depends
when the scanner's available.

We might be able
to use it around noon.

As long
as there's no emergency.

GABBY: Sorry,
is this not an emergency?

There's no immediate danger.
No.

Then I'd like to be discharged.
GABBY: No, no, no.

You are having this scan.

DR. DUFONT: Monsieur.

Anyone who's been
knocked unconscious

as you have

should be kept
under observation for 24 hours.

You just said there
was no emergency,

so, there's no immediate
danger. Correct?

My advice would be

to take this to your doctor
as soon as possible. Okay.

Sorry. But, why?
Is there a tumour or something?

I can't say for sure.

That's why you need an MRI.
To rule out a few things.

Like what?

Dementia, MS? What?

You are having a scan and
you are not going to the office.

I will have the scan.
But tomorrow.

You have to get to the gallery.

You've been working
on this exhibition for months.

Okay. Look at me, I'm fine.

You've seen the scan,
there's no swelling,

there's no fracture.

And no bloody common sense.
That wound must be stitched.

And you need to sign
a form releasing the hospital

from all responsibility
if you decide to leave.

Fine.

HUGO: Well then, professor,
let's get you stitched up.

We don't want that brain
falling out now, do we?

Thank you, Doctor.

(INDISTINCT CHATTERING)

Hugo, please.

They said he needs to be
observed for at least 24 hours.

Gabby, I wouldn't dream
of telling Alex what to do.

If he wants to go to the office
I couldn't stop him if I tried.

This pitch is worth
a hell of a lot.

You could always do it.

Oh, no you can't,

cos you're just good
at counting all the cash he makes you.

(KNOCKING)

DR. DUFONT: Dr. Hoffman,
are you all right?

Just a minute.

Your CT scan results.

Take it from me,

it is always the unknown
that is most frightening.

See your doctor, Monsieur.

GABBY: I know
when you're not fine.

My love, I really think
your health

is more important than a pitch.

Don't worry,
I'll look after him.

GABBY: Alex, what's wrong?

Nothing.

I think the anaesthetic
is just wearing off.

It stings a little.

Turn the radio up
will you, Claude.

(CAR STEREO VOLUME INCREASES)

(OPERA PLAYING)

LECLERC: Bonjour.

Bonjour. May I help you?

Yeah. Inspector
Jean-Phillipe Leclerc.

I am leading the investigation
into Dr. Hoffman's attack.

Any progress?
Yeah. Working on it.

Try not to worry.

We're quite busy today,

so I'll make sure Dr. Hoffman
calls you as soon as possible.

I'll see you
in a couple of hours.

You look after yourself, okay?

Can I give you my card?

Oui.
Yeah.

Thank you.

Now this little group
of investors we've put together

could buy out all our other
investors five times over.

RECEPTIONIST:
Good morning, gentlemen.

Morning, Claire.
Claire.

I need to go find Genoud.

All in good time, Alex.

We can't afford to assume
we've already got their investments.

Let's not be complacent.

I'm not complacent,
I'm confident.

And, Hugo. I'm serious.

I'll be at Gabby's opening.

Till then, do your worst.

HUGO: Now let me talk
you through who's coming.

Eight investors,
all existing clients.

Four institutions
and two family offices.

Now they're due in an
hour-and-a-half, right?

So, I'll introduce you.

You walk them through
the basic principles

in a language they'll
understand please, professor.

And after that
we'll show them the hardware

and I'll make the pitch.

And last but not least,

we'll take them out to lunch
at the Beau Valais.

By which point I'd like us all
to be five billion better off.

But I'll settle
for four point five.

Commission of two and twenty,
all right?

Ah! Monsieur Genoud! A word.

Best system money can buy.

That's what you said.

So, you're responsible
for security, Genoud,

at the office and at our homes.

GENOUD:
This building is as well protected as any in Geneva.

As for your home,
the system wasn't breached.

The intruder must have
known the codes.

I do the best
I can, Dr. Hoffman,

but no security system in the
world can protect against that.

HUGO: Yes, but,
apart from Alex and Gabby,

the only other person who knew
those codes was you.

GENOUD:
None of my staff have access to those codes.

And if they did

they wouldn't be able
to decipher them

because they are encrypted.
No leak came from me.

I guess we'll just
have to take your word for that, won't we?

HUGO: All right,
until this man is caught

the priority
is arranging proper protection for Alex, yes?

A permanent guard
is already at the house.

When Dr. Hoffman leaves
this building for his home.

I would suggest he is covered
by a security guard

with counter-terrorism
training.

Counter-terrorism?

Yes, if you or Gabby
were kidnapped,

you'd command
a pretty high ransom,

so I say let's do whatever
it takes to protect you.

All right. But I want Gabby
to have whatever I have.

She's worth more than me.

That's all for now, thank you.

Dr. Hoffman,
I know Leclerc,

the detective leading
this investigation.

Okay.

May I ask,
have you told him everything?

Of course.

Absolutely everything?

Yes. What are you implying?

That's enough now, Maurice.

What the hell's
he talking about?

Look, I need you
to start focusing.

Do you trust him?

If he wanted to do something
to you or Gabby,

if he wanted to steal from you,
he would have done it already.

And he would have
been very good at it.

(SIGHS)

I could do without the lunch.

We've waited a year for this.

Remember the end game.

Yep.

(CLEARS THROAT)

Now maybe take a shower
and comb your hair.

They want brilliant
and eccentric,

but not completely mad.

Jesus!

I did knock.

I just wanted to know
if you'd like anything done before I go.

Oh.

You keep a record of...

the security codes
for my house, don't you?

Yes, Dr. Hoffman.

Where do you keep them?
On my computer,

but I can't open the file.
Only you can do that.

Does anyone else have access
to that computer?

Certainly not.
Not even your husband?

My husband died last year.

Yes...

I'm sorry. I...

Someone broke into
the house last night

and they... The police
say the intruder had the codes... I'm...

I'm sorry.
That's okay.

If you'd like anything else,
let me know.

ALEX: Okay.

Fuck!

BOOKSELLER:
Goede morgen . Rosengaarden.

Goede morgen.
Do you speak English?

Yes, how can I help you?

I believe you sent me a book.

My name is Alexander Hoffman,
I live in Geneva.

BOOKSELLER: Dr. Hoffman!
Of course, I remember,

it was a Darwin first edition.
A beautiful book.

Is something wrong?
A problem with the delivery or--

No. I received it. I just,

it didn't come with a note
and I want to thank

whoever bought it for me.

Could you provide
that information?

BOOKSELLER:
But, you bought it, Dr. Hoffman.

No, that's...

no, I didn't buy the book.

BOOKSELLER: Dr. Hoffman, I have
the order form in front of me.

You bought the book.

I assure you I did not.

BOOKSELLER: Is there any way
you could have confused

this purchase
with another item?

No, no, no. I...

can you tell me
how I paid for the book?

BOOKSELLER: A bank transfer.

How much?

BOOKSELLER:
Ten thousand Euros.

Okay. Who did I speak
to when I bought the book?

BOOKSELLER:
You ordered by email.

When?
May 3rd.

No, I'm looking
at my emails now

and I don't see
an email to you.

BOOKSELLER: Perhaps you have
another computer?

Could you have sent
it from home?

No.

Are you still there,
Dr. Hoffman?

Yes.

Yes. Do you have an account
number for that transaction?

I'm sorry, but I can't disclose
that information.

Why not, it's my account,
isn't it?

I cannot give that information
over the phone.

But I could send it
to the email address given on the order.

Great.
Could you please do that?

Thank you.
I'll send the email. Goodbye.

DR. DUFONT:
The tiny haemorrhages in the brain tissue.

I'd like to do an MRI...

My advice would be
to take this

to your doctor
as soon as possible.

Take it from me,

it is always the unknown
that is most frightening.

See your doctor, monsieur.

(INDISTINCT CHATTERING)

If they want to go for eight,
that's fine.

I'll call you back.
Lin.

I need you to check
an account number for me.

Looks like a Cayman Island's
US dollar account.

Is it a company account?

Forward it to me and I'll run
it through the system.

What's this got to do with?

I just need to know who's it is.
And keep it to yourself. Okay?

All right. Alex,
has Marieme spoken to you?

No. Why?

You authorised a big short
on Vista Airways last night.

It's in direct opposition
to the trend and Marieme's worried,

wants to call a risk
committee meeting.

She's saying our risk limit's
been breached.

Tell her to talk to Hugo, okay?

Okay.

(SIGHS)

MARIE-CLAUDE: Dr. Hoffman.

They're waiting for you
in the boardroom.

What time is it?
Almost eleven.

Are you all right?

Just tell Hugo
I'll be a few minutes, okay?

MARIE-CLAUDE: Okay.

I need a word, now.

Marieme,
it'll have to wait till after the presentation.

It's urgent.
Not now.

You authorised a short
on Vista Airways!

Listen, not now! Okay?

Here he is at last,

the president of Hoffman
Investment Technologies.

Well, as I was saying,

it's been nearly eight years

since Alex
and I first set up shop.

And in that time, you've all
seen your net worth increase

by eighty-three percent.

So, you already know that
bringing your money to us

was the smart thing to do.

About 18 months ago,

Alex and his team made
a technological breakthrough,

for want of better words.

As a result,
we had to hard-close the fund.

Some of you
were very disappointed.

But we had to do it

because we had
to be absolutely sure

that increasing
the size of our fund

would not decrease
our performance.

Well, it pleases me greatly
to tell you that VIXAL-4

is now robust enough
to support portfolio expansion

from our most important
existing clients.

Now I'd like to hand you over
to Doctor Alex Hoffman.

Around 350 BC,

Aristotle defined human beings

as "the animal
that has language."

Language, above all,
is what differentiates us

from the other creatures
on the planet.

The development of language
freed us from

a world of physical objects

and substituted
a universe of symbols.

For over 50,000 years

only humans were
"the animal with language."

But now,
for the very first time that is no longer the case.

We share our world
with computers.

Everywhere we go,
we leave a digital trail.

All that data can be read
and analysed.

But here's the thing.

We still read at the same rate
as Aristotle did.

The average
American college student

only reads
450 words a minute.

A computer
can perform trillions of calculations every second.

There's a physical limit
to how much we can, as a species,

process and absorb.

But there's no such limit
for computers,

as long as we give them enough
processing power and memory.

And on top of that, algorithms
don't have imagination.

They don't give in to panic,
unlike humans.

So, that makes them
ideally suited to trading,

in the financial markets.

With our new generation
of VIXAL,

we were able to isolate,
measure

and factor in
to our market calculations,

the element of price
that derives entirely

from human behaviour.

We built an algorithm
that can adapt

its strategy and that's what
gives it a competitive edge.

So basically, this is just
behavioural finance?

You're going to analyse every
aspect of human behaviour in the markets.

That would be impossible,
as you well know.

No.

The solution was to choose

one emotion for which
we have substantive data.

Which is?
Fear.

Fear is historically
the strongest emotion, in economics.

Remember FDR
during the Great Depression?

The most famous
financial quote of all time.

"The only thing we have
to fear is fear itself."

In fact, fear is probably
the strongest human emotion, period.

No one wakes up at four
in the morning

because they're happy,
do they?

Children leave the light on
because they fear the dark.

We put our money in a safe

because we fear it
being stolen.

We act on fear.

With VIXAL,
we are able to correlate

recent market fluctuations
with the frequency

of fear-related words
in the media

and the conclusion we've drawn

is that fear is driving
the world like never before.

The success we've had
at this firm speaks for itself.

The market has
endured two years of panic

which has made
our algorithm thrive,

because humans act

in very predictable ways
when they're frightened.

And we've only gone and found
a way to make money out of it.

(CHUCKLING)

So, without further ado, shall
we make our way downstairs?

All good?
Yeah.

So, as most
of you will be aware,

the Chicago Board of Exchange
operates what's known

as the S&P 500
Volatility index, or VIX.

It's essentially a ticker,

tracking the price
of options on stocks

traded in the S&P 500

and it shows the implied

volatility of the market
in the coming month.

The higher the index,
the greater the uncertainty,

which is why traders
call it "the fear index."

So, the VIX
was our starting point.

Which gives us a mass
of data going back to 1993

which we then pair with new
behavioural indices

which we've compiled,
and bring that all together

with existing methodology.

And we started with VIXAL-1

now we're up to our
fourth iteration, VIXAL-4.

BILL: Is this thing
operational?

VIXAL-4 took control
of the entire fund a week ago.

And?

Well, as of last night,
it was up about

seventy-nine
point seven million.

I thought you said it had only
been running a week?

Oh, I did, Bill.
But that--

That means that on
a ten-billion-dollar fund,

you're looking at a profit
of four point one four billion a year.

Thereabouts.

HUGO: You can see
why we've decided

it's time to bring
in more investment.

We need to exploit
the hell out of this thing

before anyone develops
a clone strategy.

Perhaps now would be
a good time to show you VIXAL-4 in action?

MARIE: Jean-Phillipe.

Oui.

(CONVERSING IN FRENCH)

Ah, bon?

(MARIE SPEAKING)

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