All language subtitles for Industry.S03E03.720p.WEB.x265-MiNX

Look, as much as I love spending
these calls ducking and weaving,

I'm not sure why I'm getting
such a grilling

from the bank that brought us to market.

Henry, it's Frank Wade,
Pierpoint Equity Research.

I need to publish
a buy-sell recommendation

by the end of the week.

And the eight-percent fall in share price

means the market is finally
waking up to the fundamentals.

But, of course, there's always--

Lumi is still the future of the sector.

I've been invited to speak

at the Global Climate Conference
this week.

Our panel is going to be
a positive catalyst

for the stock, and it will rally.

Do drop in if you're in Bern.

Don't worry, I'll be there.

But getting back to business...

Why is that in-house analyst
being so confrontational

about a stock
that he's supposed to support?

...have you modeled
any spike in gas prices?

What would that do
to your suppressed price point?

I've bought more stock
since the lock-up period

ended a few days ago.

You don't get more of a bullish
signal from a CEO than that.

Frank does not sound like
a guy who's publishing a buy.

To be honest, why would he?

The equity story is just getting
worse and worse.

And is it normal for there
to be, like, 20 analysts

and a thousand investors
on one call like this?

Either it's still a hot story
or they're rubbernecking.

Look, Pierpoint publishing
a research report on Lumi

at the climate conference
could be a disaster.

Adler's on that climate panel with Henry.

With all the chatter on Lumi,

I've no idea how he intends
to fight that fire.

Look at our numbers.

We've had record subscriber growth.

That is the key metric
for our business. Sub-growth.

We continue to drive new users.

Do you think you could get me
a membership at Koko House?

It's not a very hedge-fund
friendly community.

Why did you book me coach?

Short haul, lower carbon footprint
in the back.

Well, this conference needs to go well
after that shitty Lumi earnings call.

How's my diary looking?

After the Lumi panel, you have a sit-down

with the Qatar Investment Authorities,
and Carlyle's ESG arm just got back to me.

So, fully stacked.

Harder to get a res with me than Carbone.

Cheers.

Anna hates that phrase...

Has Anna broached a contract renegotiation
with you personally?

No. Why?

Her lawyer contacted me direct.

She's offering a re-up. A five-year deal.

As your counsel, this looks a lot like

one of those "Rokos-Howard
golden handcuff" situations.

It's a lot of money...

But if I sign and if I'm bid away,
or I decide to breach my contract,

Anna lays claim to what?

Five, ten percent of my future earnings
for what?

Twenty percent for five years.

That feels spiteful.

I totally agree.

She's also added something
called a philosophy clause.

Come again?

To protect the philosophy of the fund,

she wants sign-off on any trade
you execute in any size--

Fucking cunt!

Apologies, that was... beneath me.

So, I'm not allowed
to have my own ideas here,

but if I leave and have my own ideas,

she wants the money I make from them.

Have you got other offers on the table?

Your current deal has
a pretty iron-clad non-compete.

If you so much as blink at a competitor,

this year's comp becomes fully
at Anna's discretion.

What if I become the competitor?

Well...

you'll leave a lot of money
on the table today.

Or you can roll the dice
on your talent, maybe.

Okay.

Say we're at the negotiation table,
make it look like we're interested.

What will that buy us?

Maybe a few days.

Thank you, Simon.

FutureDawn has become
a cult of personality.

It's not about the best idea,
it's about pleasing Mother.

All she wants to do
is sit on another fucking panel

and act like an omniscient
moral barometer.

I'm not going to sit here and outperform

while the fund underperforms
and collects passive fees

from investors
for being politically correct.

Well, then maybe...

her offer just simply
expedites your decision?

Would you come with me?

In what capacity?

Jerry Maguire's goldfish?

By your own admission,
you like life behind your screens.

You're not a fundraiser.

I can help you sell the fund.

You use your salesman's voice
to pitch me as a newfangled

equity long-short with macro-overlay.

-Sell my ideas.
-Yeah.

But I back your intellect.
So, you back mine,

we test the views together and we back it.

Okay.

But we don't hand-wring,
or moralize or equivocate.

You put on the ideas that you think
will make money tomorrow.

That's your mandate.

How far along
were your other conversations?

Were they like a jump-off
for seed capital?

Very embryonic.

How much do we need?

So that banks will take us
seriously enough to cover us

and give us research and trading lines?

Three hundred million dollars.

-Shit.
-You have Anna's schedule at COP, right?

Yeah.

She is hunting some serious
ESG heavy hitters, like,

sovereign wealth funds, asset managers,

very deep pockets.

When are they meeting?

Tomorrow afternoon, after her panel.

Why don't we check
if they're morning people?

See if we can get them to join our cause

and swipe them from under Anna's nose
before she's hoovered down

that inedible continental breakfast.

These are, like, flagship ESG vehicles.

They're going to a climate conference.

I bet I can prove returns trump ideology.

You ready to sell this idea?

What flight are we on?

Fuck yeah.

As you know, Bill Adler was meant to be

on that Finance
and the Climate Crisis panel

with Lumi and FutureDawn partners.

I want you to go instead.

Adler is taking
some family time in Europe.

Lumi just had
a pretty rocky earnings call.

Well, everyone is pointing fingers
about how this has been mismanaged.

Who are you pointing fingers at?

All anyone's talking about
in the advisory world

is that we may have overvalued Lumi.

And now all the other companies
in our ESG pipeline

are wondering
whether we're the right bank

to take them public.
Europa Gaz is up next.

Am I right to be concerned
about our ESG pivot?

Someone of Adler's level
dropping out this soon

after the shitshow IPO is very bad PR,

and it is making Europa even more nervous.

This panel is critical to displaying
an air of competency to our clients.

I need you to sit next to the CEO of Lumi

and make it seem like the process
was hugely beneficial to all parties.

You want me to oversell it?

Well, that's your job.

Isn't it?

I assume you're fluent enough
in the Lumi story to step into the void?

I've got someone in my team
very close to the CEO

who could brief me.

Good. You know, when you make partner,

they make it seem like
you're at the top of the ladder.

But you're actually just
at the bottom of a new one.

No! COP is a conference
for business interests

hiding behind climate--

But there's loads of scientists there.

-Well, I don't understand. How--
-It has nothing

-to do with science.
-It's not about science.

Climate change isn't about science?

I don't wanna be that guy, all right?
But at this point, the only solution

to climate change is a financial one.

Well, both my bosses and I are going.

Although, I think one of them
is more attuned

to the whiff of bullshit coming off of it.

Yeah, Eric wants me to brief him
for the panel on the flight over.

Everyone seems to think
that Lumi and Pierpoint's panel

at the climate conference
is make or break for the Lumi share price.

What?

-What, 'cause I'm not capable?
-No.

No, it's Eric's asked me to go as well.

You could have told one of us.

How many buzzwords
and pieties can people use

to dress up the hunt for cash?

Yeah, my mate, Gus...

is in Palo Alto working for a VC

called Decarbonization Ventures.

All right, all right, I've gotta
go and tutor an eight-year-old

with more expensive clothes than me.

Thank God I remembered to take my Lexapro.

Otherwise, I'd unload a clip
into the little prick.

Hey, Digger, let's get the unicorn in.

-Bye, baby.
-Is it that kinda night?

Demi Riquísimo's playing Fabric Room Two.

He's going back-to-back all night long
with DJ Tennis.

Don't worry, I'm never
seeing him again after tonight.

Shame.

Why?

He has a big, uncircumcised hog,
which I found

relentlessly distracting
on cold and lonely nights.

-He's the full package.
-I know. His package is...

Sorry.

Sorry, I've got to take this.

Hi, Denise, how are you?

Hey, I just got a text from an old silk
from our chambers.

In confidence,

your dad's boat's back in the U.K.

Okay. How much do you think it's worth?

Valued at 11 million in 2019.

That's great.

I mean, that's great. Right?

And, actually,
we've had the interiors done

at Loro Piana upholstery recently,
so it might be worth a premium.

No, no, it's not yours to sell.

Charles didn't even own it anymore.

He was leasing it from Hanani Publishing,

and Scotland Yard
are investigating it now.

The Mallorcan police are doing interviews
with everyone on the boat.

What?

Why?

Are the Mallorcan police
going to speak to me?

I don't know. Look, between us,

Hanani Publishing are thinking

about how to make up
their losses on the money

your father embezzled from the company.

But we've been through this.
You know I don't have any money.

What about your Pierpoint job?
Thank God you've got that income.

Yeah, I mean,
you don't deserve all this shit.

Speak soon.

Why is Yasmin texting you so late?

We work together.

Do you want me to leave?

Maybe you need someone younger?

Maybe we're in very different places

in our lives.

Oh, my gosh.

Okay.

Oh, God, that is such fucking
typical fuckboy prevarication.

Do you know what? Can I make
something crystal for you, honey?

You're an old man.

I don't fuck like one though, right?

So, this is just Davos
with a fashionable green veil?

Just ESG enough to appease Democrats,

and anti-woke enough
not to trigger Republicans.

The highest concentration
of financial heavyweights

in the smallest square footage
looking for investment there?

It'd be like using sticks of TNT to fish.

We'll use the flight time
so you can bring me up-to-speed

on Lumi and the sector comm's flows.

Fly in, present a united front.

Poster children
of a new kind of capitalism.

Why are we both here?

Did Henry ask for me specifically?

He did, but that doesn't mean
you're not useful to me.

Well, then can I at least help
brief you on Lumi during the flight?

Absolutely.

Hi.

So, what's the street saying

in terms of brokers'
recommendations on Lumi?

Likely the syndicate banks will publish

a mixture of buy and hold.

Our analyst Frank's the tastemaker
in the energy sector though,

so people are waiting on his view.

When's he publishing?

I heard whispers the next 48 hours,

but I imagine it'll be after.

Our research team
know to manage the rollout

of positive catalysts on the stock.

His note would be more effective

with breathing room after the panel.

And you're confident it'll be a positive?

I mean, his tone on the call
was a bit hostile.

We did the IPO.
He knows who butters his bread.

-You got any scotch?
-We have Macallan 18.

...left turn, two-zero-five degrees to...

You know what?

We can drink when we've brought it home.

-...3,000 feet. Any questions?
-No.

-Okay.
-Focus.

Safety procedure inspection

before we start the checklist to...

-Mr. Tao!
-Hey.

The willing sub.

Look, between us,
I'm really glad you're replacing Bill.

I had a preview
of his planned panel remarks,

and they were--
they were reading a tad sterile.

Maybe we could folk it up a bit.

Make people really feel something.

Sell the way we feel about it.

Exactly. Yeah.

Well...

Guys, this is actually a tad awkward.

We've got our other cabin for our bankers.

You know... I don't want to be...

that person, but...

you know in the unlikely event of a--

a crash landing,
you'll all be safer in the back.

It's through here.

I've got a couple of friends
joining for the ride.

Yasmin, why don't you hang up top with us?

Someone told me you used to work
in private wealth at Pierpoint.

I could use a steer.

Absolutely.

Super. Caedi, you don't mind

bunking with the gentleman
from Pierpoint, do you?

-Not at all.
-Great. Great.

Fab.

Well, guys, it's great to have you aboard.

-Hey, beautiful. How's it going?
-Lindt, you fucking tosser.

-Hello.
-How's it going?

-Who's this?
-She has a million Instagram followers

and calls Diplo "Wesley."
That's all you need to know.

Glad to meet you. Pleasure.

Henry has a taste for shiny, new things.

-Excited?
-Very much so.

My godfather, Otto,
is hosting a drinks mixer tonight.

We'd love for you to come.

Hey. Where do I recognize you from?

You've got that-- that look.

I don't know.

Porn.

No, I never watch it.

Unless it's directed by women.

My family's in
the chocolate business, but...

I'm an investor and a producer.

I'm an investment banker.
I work at Pierpoint.

I thought you were just dating Henry.

I've got cramp in my jaw
from pretending to smile.

They're not going to beat us.

Everybody does.

That's sorta my problem.

Isn't that Frank Wade, our energy analyst?

I hope his mood's improved
since that Lumi earnings call.

Frankie!

When are you publishing
your buy note on Lumi?

Welcome, Mr. Tao.

-May I have your passport?
-Of course.

Are we expecting a fresh dump overnight?

Unfortunately, we are having
an unnaturally warm winter.

I have you in a mountain-facing deluxe.

May I have the passport
for your guest, please?

Excuse me?

Look-- No, no.

We're not together.

It's Robert Spearing.

Very sorry, sir.

There is no record
of a booking under that name.

Fuck.

The desk assistant must have fucked up.

I'd usually be able to accommodate you,

but this weekend
is a special circumstance.

Look, I'm a bit of a VIP.
I'm on a panel.

What country are you a delegate of, sir?

What? Papua New Guinea.

Okay. Well, everyone's
on some form of panel.

Can you make my room up to be a twin?

Sir, I am very sorry.

There is nothing we can do.

This is room 300

and it's first exit up the stairs.

Thank you.

Thank you.

Sorry.

Eight thousand francs on my personal card,

and it looks like something
Trump vomited up in the '80s.

Oh well, at least we can use it
to take meetings.

If Anna reaches out to you
about my diary while I'm here,

just tell her I had to stay
in London, okay?

She won't be suspicious
after the contract?

Say I'm with my son. She'll understand.

Tell her I'll be there
in time for her panel.

Buys us the morning.

Right. I'll tell her
I'm working from home.

Weird timing. Anna's just
sanctioned me to spend

800 quid on a pair
of Aimé Leon Dore New Balances

for her daughter's birthday.

What a considerate mother.

Are you good tonight?

I said that I would go meet
a friend briefly at a party.

Okay.

Just remember we have an 8:00 a.m.

Any sign of Frank?

Just a bunch of suits
cosplaying environmentalists.

Eric?

Hi.

Are you guys heading to Condé Nast?

I need my beauty sleep pre the panel.

Did you see Morgan Stanley
published on Lumi?

Very noisy sell recommendation.

Who cares about Morgan Stanley?

Then why is the stock down
five percent after market?

I mean, I'm slightly worried

about sharing the panel
with Henry tomorrow.

We're going to look like goons
if we trumpet the future

of an equity story
that's getting pummeled.

A few of my more skittish
investors want me to fully

-unlever the fund's position on Lumi
-Okay, well--

Anna, please, can we get to Condé Nast?

I need to get eyes on Leo.

Olaf, Eric Tao and Robert Spearing,

sales at Pierpoint.

Gentlemen, this is Olaf Heindorf,

-CFO of Europa Gaz.
-It's a pleasure to meet you.

We're honored to be taking you public.

Well, let's hope your investment
banker's attitude

to due diligence has sharpened
since the Lumi deal.

Can I expect you at our panel tomorrow?

Front and center.

I'd like to leave impressed.
Don't disappoint me, Mr. Tao.

Okay. D'accord. See you.

Hi, Frank.

Look, I know this is not the most
appropriate time to introduce myself.

I'm Robert.

-Spearing.
-Yeah, I know who you are.

We have a WhatsApp where we share
the directory photos of all the hottest

and straightest Pierpoint employees.

What an honor.

Look, I'm gonna cut the crap.
You know the whole world's

waiting on your note with bated breath.

Yeah, I think you overrate
how much people like research.

You're not gonna publish a sell

on Lumi during the conference, are you?

Is Eric nervous for the panel tomorrow?

Should he be?

I'm gonna do what I always do.

The thing that is ethical
and intellectually correct.

Plus, it would really hurt
my comp if I published

a sell recommendation now.
And it's a compliance issue.

And I really love me some compliance.

My initial impression

of this climate conference
is that it's like Cannes,

except the attendees are richer, uglier,

and somehow more insecure
than movie people.

Otto, darling!

Aurore!

-Hello.
-Sorry I was held up.

Macron and his business minister
were chewing the Chancellor’s ear off

about strike action,
and minimum service levels,

and blah, blah, blah, blah.

The PM was daft to let
the Chancellor take his place.

That's hardly leadership
on the world stage.

Your readers would never forgive him

if he looked like he was serious
about the climate catastrophe.

Every meeting I've had, Henry,

is about the impending spike
in natural gas prices.

Are you going to be passing
the cost on to consumers?

Because a lot of my constituents
signed up to Lumi's service.

Does everything have to be
immediately political?

If there's more than one person
in the room, Henry,

-it's political.
-Otto.

It is.

Hello, darling. Lovely to see you.

-Have you got a drink?
-No.

-I'm gasping.
-I'll direct you

in the right direction.

Were you avoiding me?

No.

No...

I actually wanted to ask you

if your family office have
any Sales and Trading coverage.

You're alluring.

Very elusive.

Not intentionally.

You’re at the Grand, right?

-Mm-hmm.
-Yeah, my family owns it.

I'm DJ-ing in the basement tomorrow.

Those statements are unrelated.

But you should-- you should come with.

We can discuss whatever
you wanna discuss there.

Maybe someday.

-Yeah.
-Yeah.

You know, I...

I've dabbled in some amateur mentalism

and I'd like to think that I'm
a pretty good reader of people.

I sort of get the feeling
that you are really...

very sad.

Look, I'm not interested, okay?

I gathered you'd open
your legs for a bottle of 1942,

given your situation.

We need to spend as little time
in here as possible.

You were right about Frank, by the way.

He's a company man.

I told you.

Shame about the snow.

So, what's the story with you and Yas?

Are you together,
or with benefits, or what?

We're flatmates.

-As colleagues.
-Come on.

"The maximum amount of money

doing the maximum amount of good."

Can you smell the bullshit
coming off that?

Sounds about the right tone for here.

-Wonderful timing you have.
-Oh, I...

-Yes, of course. No, it's okay.
-Two minutes. I'll be back.

Oh, my God, I am so glad you're here.

-Thank you for coming.
-Yeah, of course.

I'm so fucking alone.

Do you think you could intro me to Otto?

Can it wait?

My colleague, Petra, set some
investor intro meets for us tomorrow,

but I just-- I feel like
he might be more our tempo.

-Okay.
-Thank you. Thank you.

-Otto!
-Yes?

-This is Harper.
-Stern. Harper Stern.

Oh, great. Who invited you?

Why do you assume I'm not influential
enough to make the list?

Because you're a diminutive woman.

Well, the climate crisis would be resolved

if women were in charge, right?

I prefer the kind of feminism
where women can be cunts.

Oh.

Harper works at--

I used to be a trader at Pierpoint.

We met on that shoot with Jesse Bloom.

Or, can we no longer say
his name out loud?

I'm a trader now. A PM.

-I'm pitching a new fund.
-Oh.

ESG?

-No.
-Oh.

Well, I would choose
your audience carefully.

You wouldn't believe how strong
an opiate politics is.

Even convinces some people
that they're happy losing money.

Aurore.

Hey... So is--
is your dad really on the run,

or did you kill him or something?

What?

Mate, what the fuck?

Oh, my God.

Xander, you do realize Charles Hanani...

Yas! Yas! Yas!

Were you, like,
gossiping with him about me?

I'm sorry. He's such a fucking...

Yeah, I'm not gonna use that word.

It's not very PC.
No, wait, wait, wait, wait.

I didn't say anything.
I might have told him your name,

and, you know, sorry,
I shouldn't have done that, but...

Can I go?

Like, in a professional capacity,
can I leave now?

Yeah. I'm not keeping you here.

Yeah, you were never here
in a professional capacity.

Yes, I was!

Yes, I fucking was!

Excuse me.

-Just wait for me. Yas--
-Is it bad that I miss him?

But I just don't understand.

I don't understand
how I can miss him if I hated him.

Maybe I didn't. Maybe I never hated him,

because otherwise,
why do I feel like this?

Why do I feel like this when he's...

He's...

-Please...
-Fucking whore!

At least you had the privilege
of having a father

to fuck you up in first place.

I'm sorry. Not helpful at all.

I'm sorry.

Look, you need to be strong, okay?

And it will pass.
I know that much. It will pass.

This doesn’t pass.

Of course it fucking does.

You're right.

You're right. You're right.

Hey.

Nikki Beach.

Hey, come here.

We're an event-driven equity
long-short with macro-overlay.

I'm a seasoned stock picker,
and Harper here

is a talented macro trend analyzer.

Mm-hmm.

We represent the Church Commissioners
for England fund.

We manage the Church of England's money.

So, you were at FutureDawn, right?

You were across their Lumi investment?

Yeah.

I think the stock
will eventually prove to be

what it is, a disease-riddled dog.

I did engineering at MIT.
I did two years at CERN.

Not far from here, actually.

You know, there are
a lot of ESG funds here

looking to raise money.

Where do you see your edge in this space?

We intend to be a little less

-philosophically--
-Dogmatic.

Dogmatic?

That word seems to be doing a lot of work.

Sorry, is your boss
going to be joining us?

To be honest, I'm here as a courtesy,

and I think it's important

that juniors start to build
their own little networks.

-Well, good for you.
-Yeah.

That's very con-- Yeah.

This is an invitation
to make serious money.

Let's get Jesus out of those sandals
and into some Jordans.

You'll get proper returns

dressed in whatever politics you want.

I bet you've seen
a baby-faced kid with an iPad,

transcribing stuff for her boss
who can't be bothered to show.

Couple McKinsey types fiercely trying
to out-outrage each other.

Textbook.

People are gonna dance around it,
but if they're gonna invest, one word.

Outperformance,
outperformance, outperformance.

People are playing politics.

They'll be less inclined to
if you can prove supernormal returns.

The actual physical track record
is a due diligence rubber stamp

down the line once we've got interest.

That's the only way you get interest.

There's too much competition.
Thanks for, "Deez nuts."

How hard is it to get a track?

I don't keep it on my desktop.

Elevating a request for it internally
would have raised a red flag.

Why can't you just, like,
take pictures of it

off your compliance person's screen?

I don't think that's legal.

-We can talk about...
-Fuck. Move.

The fuck are you doing? What the fuck?

We need to go this way.

Fuck.

That was Eric and Anna.

I just, like, thought they shouldn't
see us together, right?

Sorry for pushing you.

I'm a little further along
in life than you.

Maybe it's not wise for me to start again.

Again. Fuck. I’m going to Anna’s panel.

Maybe we should just go back to London
and forget this ever happened.

Obviously, I'm getting
a little sick and tired

of raggedy-ass bitches,
who take Spirit flights

and forget to change
their tampons, accusing me of...

Harper, hi.

-What are you up to?
-You know.

Important Pierpoint stuff.

I'm... I'm in a bit of a jam.

What's going on?

Are you and Petra working on something?

Petra's going out on her own
and I have an opportunity to follow.

I fucking knew it.

She's having second thoughts

and I need to push her over the edge.

We're trying to raise funds
and we don't have

a physical track of Petra's returns.

When you covered Anna,

did you keep a record
of her physical track?

No.

But Pierpoint Asset Management
invest in FutureDawn.

So, someone in PAM will have access
to FutureDawn’s traders' performance.

That checks out.

I think our grad, Sweetpea Golightly,
did a rotation in PAM.

So, she'll know a junior in that division.

Great, yeah.

Could they get Petra Koenig’s track
as innocently as possible? Screenshots?

Okay.

I'll lean on them
and make it happen, but...

If I do this,

I want your fund’s commission
next to my name.

Bitch, you know I always
wanted you to work for me.

Bitch, you better buckle
that fucking mouth

right now, you slimy-ass ho!

Eric, tell us a little bit
about Henry and Lumi's journey.

You know, when Henry
first came into Pierpoint,

I know my colleagues
were so impressed with his vision.

Here was a young man who wanted
root-and-branch change

in an industry.

Wean people off
their dependency on fossil fuels

while also bringing the man
on Main Street’s bills down.

It was a bespoke,

local execution of a global vision.

There was a, you know,
a real sense of kismet.

Yeah, I remember
that rainy Tuesday very fondly.

It felt like the beginning
of a revolution.

And I was sick to death
of these corporate elites

preying on the little guy.

-So, that kind of became a...
-What the fuck?

-...a mission statement.
-What?

Frank's just published a hold.

I wanted to break

-the monopolistic...
-Fuck me.

...stranglehold that the...

of the cartel that
the energy majors were running.

As we roar into the twenties,
Pierpoint and Lumi share the same ethos.

We want to see the maximum amount of money

doing the maximum amount of good.

It's a credo, I know,
progressive funds like Anna's share, too.

What do you think of the U.K. government's

commitment to net zero?

Well, some say it's a luxury
that they can't afford

with the impending energy crisis.

It's not a luxury, it's a necessity.

You know, we work very closely
with the U.K. government.

The Energy Secretary Aurore Adekunle

has been a huge champion of ours.

Well, we have a roving mic in the crowd.

So, I would like to throw the floor
to our audience for some Q&A.

Yes.

Hi, panel.
Nate Waghorn, MarketWatch.

The growing number
of Lumi sell recommendations

published from banks
that didn't do its IPO.

The rally in natural gas.
Is this a panel or a funeral?

This isn't the WEF.

We're here to talk
about the climate catastrophe.

Do any of us look like we're at a funeral?

Okay, another question. Let's see.

Yes, lady in the back.

Hi, Harper Stern.

I am a macro trader and a junior PM.

Petra Koenig and I have come
to COP to launch a new fund,

spinning out of FutureDawn.

My question is why is Pierpoint holding

this ideas festival in the shadow
of a climate conference?

We have a green-energy CEO,
a senior PM of a green-leaning fund

and a random salesman
from an American investment bank.

Is this just the media financial complex

patting itself on the back?

And surely your sales patter must be moot,

given Frank Wade at Pierpoint

has now published a hold on Lumi.

Given you are the lead underwriter,
it is tantamount to a sell.

I guess the gentleman
who said funeral didn't misspeak.

Fucking thing's down 15 percent.

We are a financial institution
trying to do good.

Whether we like it or not...

every debate is linked.
It starts and ends with capital.

And that's-- Yes, thank you,
thank you. Thank you very--

That is all the time we have for today.

Thank you kindly to the team from Lumi.

We've thoroughly enjoyed
having you here on today's panel.

Thank you for your candid responses

to these questions.

Ladies and gentlemen, the team from Lumi.

You got a marketing deck for your fund?

It's refreshing to hear a dissenting voice
that sounds like the one in my head.

We are working on it.

Does your fund have a name?

That would be a good place to start.

What the fuck is wrong with you?

In what way was that professional?

What were you gonna do?

Sit in that fund and make a salary
by passively accruing fees?

You are an intellect.
You deserve autonomy.

Do you need a fucking dictionary?

You literally just tried
to make that decision for me.

I'm going back to London.
This was a huge fucking mistake.

Serves me right for getting
involved with a child.

I'll get it.

"Fortune, good night. Smile once more."

"Turn thy wheel."

All of the companies parading around here

are only really interested
in their bottom-line exposure

as the world heats up.

It's people really just
convincing themselves

that what's good for their bottom line
is also good for the human condition.

I'm not saying BlackRock
doesn't wanna effect change

when it uses its proxy votes

to push whatever political agenda it has.

But in the cold light of day,

I'd wager its investors
don't give fuck about activism.

Or they're deluded enough to think
it's going to earn them an actual return.

Very well put.

I mean, I'm not a climate denier.

I found that whole crowd
rather Neanderthal.

But if Venice ends up

on the seabed in 2075, who cares?

It's a shithole in summer.

And I don't intend to be around
to see it sink.

Right, let's get down to brass tacks.

We'd like to see your returns, Petra.

Well, that's not technically possible
right now, but--

It is. They are on your email.

Peter, maybe Petra could take you

through her last five years.

See if her numbers
and strategies live up to the billing.

Petra, show him.

Show him.

Right.

Good.

After we spoke last night
I called a mutual friend of ours,

currently residing
in FCC Butner, North Carolina.

How is Jesse?

He's working on his putting.

Butner is at the cushier end
of federal correctional facilities.

Minor charges. God,
he's like Al Capone. He's lucky.

-What did he say about me?
-Oh, it's as I inferred.

"War of all against all."
You're a troublemaker.

Peter was a troublemaker also.

You're one of us.

You're one of the bandits.

-Santé.
-Cheers.

I...

I’m sorry the panel got a bit testy.

You have no idea how in-your-bones

exhausting it is pretending
nothing's wrong.

Lumi stock's down another 20 percent

after Pierpoint’s note.

Still many millions of dollars
if you sell your shares now.

Before it goes to zero.

Come on.

Why else would
the lock-up period be so short?

Do you really think you see me?

Is that your skill?

You know...

I didn't buy into the image
the media portrayed of you.

I'd ask you to extend me
the same courtesy.

Petra’s trading book
is only 20 percent of FutureDawn,

but it makes up
over 50 percent of the fund’s

final performance
over the last five years.

Yes, I like the idea of a punt
on a sharp-elbowed start-up.

Give you some rope, small seed investment.

Godfather you.

I can market you as a story.
The moment I anoint you

opens the doors to other people's money.

Two women who flew
into a climate conference

and left with a sin stock fund.

God, there's a lot
of contradictions there.

-Mm-hmm.
-Right, I love it.

Look at you both. What a picture.

You've a... such a progressive look.

New look, same great taste.

Gold. Come on.

My dad...

Reggie.

One weekend...

he stood up from the Sunday lunch table...

without a word.

They found him two days later.

He'd walked out onto the moor
and blown his head off.

I didn't believe he could have
done that to himself.

When I started having similar thoughts

in my last year of school,
they called it...

suicidal ideation.

I'd finally made peace

with the fact he'd ended his own life.

The only way I could get
rid of those thoughts...

was by building something of my own.

And I would do anything...

anything...

to avoid feeling
that kind of helplessness again.

I'm so sorry.

This is the worst I've felt since he died.

I hope...

you find peace faster than I did.

It's...

It's very selfish of me
arranging for you to come.

But I figured we might get
a minute alone like this and...

Fuck it. Anything would be worth that.

Okay. Big come on.

What do you actually
want me to do with that?

I...

I haven't had sex in five months.

And you're still alive?

-Celeste, hi.
-Hi, Henry.

That panel feels like
the end of the road, I'm afraid.

The market killed us.

I'd like to unwind my personal stake

in the company
and crystallize the profit now.

No, no, I-- I know. Yeah.

If my market order's worked from the open,

how much will I get out?

Woof.

Okay...

Can you email me once that transfer
is in my account?

Most companies fail.

Most companies fail.

Most companies...

fail.

Hi, Eric, it's Wilhelmina.

Olaf just called.
Europa Gaz wanna push the IPO,

citing macro conditions.

So, it's a soft firing.

I can't believe
that we're so fucking siloed

that Frank was allowed to go rogue
and publish like that.

It's not good.

-We need to be more joined up.
-Is this a bellwether?

Are the other IPOs in the pipeline secure?

Or are they gonna get cold feet?

Look, I don't wanna wall-cross you.

This is more of an executive conversation.

Above your level.

What happened at the panel
was out of my control.

Bill wouldn't have handled it any better.

God damn it.

Can you lose Rumpelstiltskin here?

Look at this old fuck.

Baby, he can hear you.

You think?

Heard he got cooked
by some little girl on stage.

I'm really sorry about him.
He's being a fucking asshole.

I'm Suzie.

Robert.

Robert Spearing.

Nice to meet you.

Why did you publish during the panel?

Because there was an avalanche

of competitors publishing
and I didn't want to be last.

You were very bullish

when the bank were fishing
for Lumi investors.

And the macro environment
and the outlook changed.

And I didn't, by the way, publish a sell.

But what would it have
looked like if I published a buy

after Pierpoint got called out
like that at the panel?

You do know that a hold
is effectively a sell signal

to the market, given that you work for us?

Not where compliance is concerned.

Look, I may work for an institution,

but I'm not institutionalized.

Well, the least you could do
is buy me a drink.

Yeah?

Eric, it's Yas. We have a meeting.

What the fuck?

Fuck me.

Coming!

-Hi.
-Hi.

I emailed you. I've set up
an introductory meeting with a new fund.

Okay. I'll be right down.

Okay.

Hey.

Hey.

Robert, you're a lot of fun.

Can you get your things together?

2,000, right?

No, it was 10,000 for overnight,

and then an extra 1,000
'cause you wanted to kiss me,

and then an extra 8,000
'cause, you know...

anal.

We can just call it 20 grand.

How was it?

I-- Do I fuck like a young man?

You fuck like a young man...

who has a lot of money.

I can give you my Coinbase details.

Do you mind staying here?
And I'll-- I'll be right back

-and I'll pay you!
-Okay, wait, what?

No. What the fuck, dude?

Where did you sleep?

The room seemed pretty loud,

so I absented myself.

Thanks. Sorry. I...

wasn't really thinking.
This is between us, right?

Oh, hey! Thank you
for a fantastic evening.

Robert Spearing, everyone!

Eric?

Our nine o'clock?

What is this about?

I'm just doing my job, okay?

We want Pierpoint to be our broker.

We have an assets
under management threshold

for clients we take on.

Uh-huh. And what is that threshold?

Three hundred million dollars,
give or take.

Otto Mostyn’s anchor investment
in our fund is two hundred million dollars

and his commitment has opened
the door to more investment.

Look, this is in all
of our interests, right?

We give you a commission, you service us.

Please have a seat.

Look, we're doing you a favor.

You're landing the buzziest fund
out of this investment summit.

And what will your bosses think
if we went to GS, MS,

and Pierpoint was
our first breakfast of the day?

Do you know who you're dealing with here?

It's a bit rude to talk about her
like that in front of her.

What do you want?

The practical things
a fund expects from its broker.

Trading color, fair spreads,

timely research, corporate access.

Well, obviously, Pierpoint is first class

in all of those areas.

And my existing relationship with Harper

means that I can offer you
a bespoke service.

And I expect you to answer the phone
every time I dial.

First-class service.

And eye contact.

Eric.

Look at me.

Your face is shimmering.

You have glitter all over your face.

Just had a prelim call with Otto's office

and their accounts
are gonna send through e-ma...

You know what partnership means, right?

Yes. No unilateral decisions.

You don't need to feel insecure
about not being a people person.

You just hadn't found your people yet.

So, what are we gonna call
this new venture?

I kind of like Leviathan.

Merci.

I'm starting to think that things
would have worked out

exactly the same without us.

I can't believe there wasn't any snow.