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I wanna buy swaps on mortgage bondsCredit default swap that will pay offIf the underlying bond failsYou want to bet against the housing market YesWhyThose bonds only fail if millions of Americans

Could we make it a hundred million?

The Big Short • 2015

Michael Burry:
I want to buy swaps on mortgage bonds. A credit default swap that pays off if the underlying bond fails.Goldman Sachs Sales Rep:You want to bet against the housing market?Michael Burry:Yes.Goldman Sachs Quant:Why? Those bonds only fail if millions of Americans don't pay their mortgages. That's never happened in history. If you'll forgive me, Dr. Burry, it seems like a foolish investment.Michael Burry:Well, based on prevailing sentiment, the market, the banks and popular culture, yes, it's a foolish investment. But, everyone's wrong.Goldman Sachs Sales Rep:This is Wall Street, Dr. Burry. If you offer us free money, we ARE going to take it...Michael Burry: My one concern is that when the bonds fail I want to be certain of payment in case of solvency issues with your bank.Goldman Sachs Sales Rep:I'm sorry, are you for real? You want to bet against the housing market and you're worried WE won't pay YOU?Goldman Sachs Quant: Dr. Burry, we could work out a pay-as-we-go structure that would pay out if the bonds fail. But it would also apply to your payments if the value of the mortgage bond goes up, You'd have to pay us monthly premiums.Goldman Sachs Sales Rep:Is that acceptable, Dr. Burry?Michael Burry:Yes... yes. I have prospectuses on the six mortgage-backed securities I want to short.Goldman Sachs Quant: Dr. Burry, these should be fine.Goldman Sachs Sales Rep:We're prepared to sell you five million in credit default swaps on these mortgage bonds.Michael Burry:Could we make it a hundred million?

Full Transcript

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I wanna buy swaps on mortgage bonds

00:00:05.024 --> 00:00:07.067

Credit default swap that will pay off

00:00:08.007 --> 00:00:11.021

If the underlying bond fails

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You want to bet against the housing market Yes

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Why

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Those bonds only fail if millions of Americans don't pay their mortgages

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That's never happened in history

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If you'll excuse me Dr Burry that seems like a foolish investment

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Based on prevailing sentiment of the market and banks and popular culture

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Yes it's a foolish investment But eh

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Everyone's wrong

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That's a good one

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This is Wall street Dr Burry if you offer us free money we are going to take it

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My one concern is is that Eh When the bonds fail

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Eh i want to be certain

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of payment in case of solvency issues with the bank

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I'm sorry are you for real

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You want to bet against the housing market and you're worried we won't pay you

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Yes That's correct

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Listen I don't think this will work

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the market on housing is never gonna crash

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this is all rock solid by now

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it wouldn't even if we wanted it to

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Kinda hard one to deal with

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did he awestruck you Mmhhhh

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Dr Burry we could work out a pay as we go structure that would payout if the bonds fail

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But it would also apply to your payments if the value of the mortgage fund goes up

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You'd have to pay us monthly premiums

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Is that acceptable Dr Burry

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Yes It is Yes

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Em I have prospectuses on

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six mortgage backed securities i want to show you

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The majority of them are accepted mortgages

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Dr Burry these should be fine

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We're prepared to sell you 5 million in credit default swaps on these mortgage bonds

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Can we make it a hundred million

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اريد شراء

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عمليات تبديل على سندات الرهنيات

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ائتمان لاجراء عمليات تبديل سوف يكون ناتجها

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لو أن السندات المرتبطة بها فشلت

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تريد أن تراهن ضد سوق الاسكان

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نعم

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لماذا

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تلك السندات تفشل فقط لو أن ملايين الأمريكان لم يدفعوا أقساط رهنيتهم

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وذلك لم يحدث أبدا في التاريخ

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لذا معذرة يا دكتور بوري لكنه يبدو استثمارا غبيا

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بناء على

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سياسة البنوك والثقافة البنكية نعم انه استثمار غبي

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لكن

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الجميع مخطئين

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هذا هو وول ستريت يا دكتور بوري

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اذا عرضت علينا نقود مجانية سوف نأخذها

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قلقي الوحيد هو أنه

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حينما تفشل السندات

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أريد أن أكون متيقنا

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من عملية الدفع

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في حالة وجود مشكلة في الغطاء البنكي في مصرفكم

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أنا آسفة هل أنت جاد

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تريد أن تراهن ضد سوق الاسكان

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وانت قلق من أننا لن ندفع لك نعم هذا صحيح

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يا دكتور بوري

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يمكننا أن نقيم بنية دفع قدر ما ندين والتي سوف تدفع لو أن السندات

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فشلت

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لكنها ايضا ستنطبق على دفعاتك

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لو أن قيمة سندات الرهنية ارتفعت

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سيكون عليك أن تقدم دفعت شهرية

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هل هذا مقبول يا دكتور بوري

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نعم هو كذلك نعم

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علي أن أحترم أن هذا على

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ستة أن التأمين خلفي كله مؤمن

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دكتور بوري هذه ستكون مناسبة

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نعم نحن مستعدين أن نبيع لك

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خمسة ملايين على التبديل الائتماني على هذه السندات الرهنية

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هل يمكنكم جعلها مائة مليون

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Je veux acheter

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des swaps sur obligations hypothécaires

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Un Credit Default Swap qui rapportera

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si l'obligation sous jacente fait défaut

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Parier contre l'immobilier

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Mais pourquoi

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Ces obligations chutent si des millions de gens ne remboursent pas

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C'est jamais arrivé

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C'est idiot comme investissement

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Si on se base sur l'opinion dominante

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du marché des banques de l'Américain moyen oui c'est idiot

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mais ils ont tous tort

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Elle est bonne

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On est à Wall Street Si vous donnez de l'argent

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on le prend

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Mon seul souci c'est que

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quand les obligations chutent

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je veux être sûr que vous puissiez payer

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en cas d'insolvabilité de votre banque

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Pardon Vous êtes sérieux

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Vous avez peur qu'on ne puisse pas vous payer

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Oui C'est bien ça

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On peut envisager un règlement progressif

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si les obligations chutent

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En contrepartie si la valeur des obligations monte

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vous verserez une prime mensuelle

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Ça vous convient Dr Burry

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Oui

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J'ai les prospectus des six créances hypothécaires MBS que je veux shorter

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C'est faisable

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On est prêts à vous vendre pour 5 millions de swaps sur ces MBS

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Et pour 100 millions

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Ich will Swaps auf Hypotheken Anleihen kaufen

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Einen Credit Default Swap der ausgezahlt wird

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sollte die Anleihe ausfallen

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Sie wollen gegen den Häusermarkt wetten

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Warum Pfandbriefe fallen nur aus

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wenn Millionen Amerikaner ihre Hypothek nicht bezahlen

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Das ist noch nie zuvor passiert

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Dr Burry das scheint eine dumme Investition

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Nach der vorherrschenden Meinung

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zu den aktuellen Märkten und Banken scheint es ganz so ja

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Aber alle liegen falsch

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Sehr witzig

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Wir sind hier an der Wall Street Wenn Sie uns ihr Geld aufdrängen

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Falls die Anleihen ausfallen

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möchte ich allerdings sicher sein dass Sie zahlen

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falls Ihre Bank Zahlungsschwierigkeiten bekommt

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Entschuldigung meinen Sie das ernst

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Sie wetten gegen den Immobilienmarkt und haben Angst wir zahlen nicht

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Ja richtig

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es sei denn der Markt bricht zusammen

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Der bricht niemals zusammen weil er jetzt besonders solide ist

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Wer zahlt schon seine eigene Hypothek nicht ab

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Wir könnten laufende Zahlungen an Sie leisten

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wenn die Anleihen ausfallen

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Aber steigt der Wert der Hypotheken Anleihen

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steigen auch Ihre Beiträge

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Sie müssten uns also monatliche Prämien zahlen

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Ist das ein akzeptables Angebot

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Ja

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Ich habe hier die Prospekte von sechs Mortgage backed

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Securities die ich shorten möchte

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Bei denen verlieren wir garantiert kein Geld

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Dr Burry die sollten in Ordnung sein

00:02:33.999 --> 00:02:38.001

Wir können Ihnen Credit Default Swaps im Wert von 5 Millionen verkaufen

00:02:38.999 --> 00:02:40.251

Wie wäre es mit 100 Millionen

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Aku ingin membeli swap untuk MBS

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Sebuah credit default swap Asuransi gagal bayar yang akan terbayar jika

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MBS yang mendasarinya mengalami kegagalan

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Anda ingin bertaruh melawan pasar perumahan

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Ya Mengapa

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MBS MBS tersebut akan mengalami kegagalan

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jika jutaan warga Amerika tidak membayar KPR mereka

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Itu tidak pernah terjadi sepanjang sejarah

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maafkan aku Dr Burry

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Tampaknya seperti investasi yang tidak masuk akal

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Well Berdasarkan sentimen yang berlaku

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terhadap pasar dan bank dalam budaya populer

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Ya itu merupakan investasi yang tidak masuk akal

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Tapi uh Semua orang salah

00:00:34.768 --> 00:00:36.233

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Itu lelucon yang bagus

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Ini Wall Street Dr Burry

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Jika anda menawarkan kami uang gratis kami akan menerimanya

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Satu yang menjadi perhatianku adalah jika MBS ini mengalami kegagalan

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uh Aku ingin kepastian um mengenai pembayaran

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um apabila terjadi masalah solvabilitas terhadap Bank anda

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Maafkan aku anda benar benar serius

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Anda ingin bertaruh melawan pasar perumahan

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dan anda khawatir kami tidak akan membayarmu

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Ya benar sekali

00:01:04.001 --> 00:01:06.996

00:01:08.568 --> 00:01:09.001

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LUCY Kecuali pasar perumahan jatuh

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Pasar perumahan tidak akan pernah jatuh

00:01:19.812 --> 00:01:22.999

karena kondisinya sangat kokoh saat ini

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maksudku siapa yang tidak akan membayar KPR mereka

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Mmm hmm

00:01:32.658 --> 00:01:33.791

Dr Burry

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kami bisa menyusun struktur pembayaran pay as we go

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yang akan dibayarkan jika nilai MBS menurun mengalami kegagalan

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Tapi juga akan berlaku pembayaran terhadap anda

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jika nilai MBS tersebut naik

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Anda harus membayar kami premi bulanan untuk CDS

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Apakah ini bisa diterima Dr Burry

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Ya Ya

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Um AKu memiliki 6 prospek MBS

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yang ingin aku short

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Mayoritas dari MBS ini

00:02:04.999 --> 00:02:07.227

00:02:08.328 --> 00:02:09.328

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Aku tidak melihat kita akan kehilangan uang atas ini semua

00:02:17.738 --> 00:02:18.999

00:02:28.001 --> 00:02:29.001

00:02:31.149 --> 00:02:33.999

Dr Burry semuanya tidak ada masalah

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Ya kami siap menjual kepada anda 5 juta

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dalam credit default swaps untuk MBS tersebut

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Bisakah kita jadikan 100 juta

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Quiero comprar Swaps en bonos de hipoteca en un crédito que se pagará si

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el bono contenido falla

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Quieres apostar en contra del mercado inmobiliario

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Si

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Por qué

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Esos bonos solo fallan si millones de americanos no pagan sus hipotecas

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Eso nunca ha sucedido

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Dr Burry me parece una inversión sin sentido

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Basado en la idea que tiene la gente de los bancos si es inútil

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pero todos están equivocados

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Es Wall Street Dr Burry si nos ofrecen dinero gratis lo tomaremos

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Mi preocupación es que cuando los bonos fallen

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quiero estar seguro del pago en caso de problemas de solvencia del banco

00:00:56.822 --> 00:01:00.825

Disculpe es en serio Quiere apostar en contra del mercado inmobiliario

00:01:00.893 --> 00:01:03.328

y le preocupa que no le paguemos Si

00:01:32.791 --> 00:01:34.777

Dr Burry podemos arreglar una

00:01:34.001 --> 00:01:37.595

estructura para pagar si los bonos fallan

00:01:37.999 --> 00:01:41.999

Pero eso también se aplicaría a su pago si los bonos suben

00:01:41.211 --> 00:01:42.834

Tendría que pagar mensual

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Es aceptable para ud Si

00:01:51.777 --> 00:01:56.001

Tengo prospectos de 6 bonos de hipoteca asegurados

00:02:30.001 --> 00:02:32.001

Dr Burry está todo bien

00:02:33.999 --> 00:02:37.001

Estamos preparados para venderle 5 millones en crédito por estos bonos

00:02:38.791 --> 00:02:40.792

Pueden ser 100 millones

Available in 6 languages

Duration

162 seconds

Views

1,335

Timestamp in Movie

00:19:08

Uploaded

Mar 06, 2026

Genres

Production

Paramount Pictures,Regency Enterprises,Plan B Entertainment

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Movie Summary

The men who made millions from a global economic meltdown.

Actors

Michael Burry

Goldman Sachs Sales Rep (lucy)

Goldman Sachs Quant (deeb)

Jared Vennett