投行风云（2020）

Industry S03E03

Part 1 Feb. 12, 2026, 4:42 p.m.

听着，虽然我觉得回避通话很有趣
Look, as much as I love spending these calls ducking and weaving,
但我不懂为何帮我们上市的银行，要对我如此严辞拷问
I'm not sure why I'm getting such a grilling
from the bank that brought us to market.
亨利，我是法兰克韦德，隶属于码点股权研究部
Henry, it's Frank Wade, Pierpoint Equity Research.
我周末得发表买♥♥卖♥♥建议报告
I need to publish a buy-sell recommendation
by the end of the week.
股价下挫8个百分点，表示市场终于回归基本面了
And the eight-percent fall in share price
means the market is finally waking up to the fundamentals.
但是当然…
But, of course, there's always--
鲁米仍然是这个产业的未来
Lumi is still the future of the sector.
我本周受邀到全球气候会议演讲
I've been invited to speak
at the Global Climate Conference this week.
我们的座谈会，会给股价打一剂强心针
Our panel is going to be a positive catalyst
股价一定会回升
for the stock, and it will rally.
若来伯恩的话，务必大驾光临
Do drop in if you're in Bern.
别担心，我会去的，回到正题…
Don't worry, I'll be there.
But getting back to business...
我们内部的分♥析♥师，怎么对应该要支持的股票这么严厉？
Why is that in-house analyst being so confrontational
about a stock that he's supposed to support?
你有没有把天然气价格飙涨列入考量
...have you modeled any spike in gas prices?
这对你们受到抑制的价格点，有何影响？
What would that do to your suppressed price point?
几天前闭锁期结束之后，我买♥♥入了更多的股票
I've bought more stock since the lock-up period
ended a few days ago.
这很明显是执行长看涨股票
You don't get more of a bullish signal from a CEO than that.
感觉法兰克不会建议买♥♥入
Frank does not sound like a guy who's publishing a buy.
老实说，他怎么会呢？
To be honest, why would he?
卖♥♥点越来越没有说服力
The equity story is just getting worse and worse.
而且通常会有二十个分♥析♥师，和一千个投资人旁听电♥话♥吗？
And is it normal for there to be, like, 20 analysts
and a thousand investors on one call like this?
要么这还是个炙手可热的股票，不然就是他们在观望
Either it's still a hot story or they're rubbernecking.
码点在气候会议发表，对鲁米的研究报告可能会是大灾难
Look, Pierpoint publishing a research report on Lumi
at the climate conference could be a disaster.
艾德勒会跟亨利一起参加座谈会
Adler's on that climate panel with Henry.
现在关于鲁米谣言满天飞，天晓得他要怎么灭火
With all the chatter on Lumi,
I've no idea how he intends to fight that fire.
数字会说话，我们的使用者大幅成长
Look at our numbers.
We've had record subscriber growth.
这是这一行的关键指标，订阅数成长
That is the key metric for our business. Sub-growth.
我们持续吸引新用户
We continue to drive new users.
你可以帮我弄到蔻蔻的会员卡吗？他们不喜欢避险基金…
Do you think you could get me a membership at Koko House?
你为什么帮我买♥♥经济舱的机位？
It's not a very hedge-fund friendly community.
Why did you book me coach?
因为只是飞短途，减少碳足迹
Short haul, lower carbon footprint in the back.
鲁米的决算说明会很难看，这次会议必须顺利才行
Well, this conference needs to go well after that shitty Lumi earnings call.
我有什么行程？
How's my diary looking?
鲁米的座谈会结束后，要跟卡达投资部门开会
After the Lumi panel, you have a sit-down
with the Qatar Investment Authorities, and Carlyle's ESG arm just got back to me.
凯雷集团永续投资部的人刚回复我了
所以你的行程很满
So, fully stacked.
看来约我比预订红牌餐厅还难
Harder to get a res with me than Carbone.
谢了
Cheers.
Anna hates that phrase...
安娜亲自跟你提过重新签合约吗？
Has Anna broached a contract renegotiation with you personally?
没有，怎么了？
No. Why?
她的律师直接打来找我
Her lawyer contacted me direct.
她要续约，为期五年
She's offering a re-up. A five-year deal.
身为你的律师，这感觉像是一副金手铐
As your counsel, this looks a lot like
one of those "Rokos-Howard golden handcuff" situations.
-会有很多钱 -但签约后，若有人挖角我
It's a lot of money...
But if I sign and if I'm bid away, or I decide to breach my contract,
或我决定违约
我以后赚的钱要分给安娜，0.5成或1成，为期多久？
Anna lays claim to what?
Five, ten percent of my future earnings for what?
是2成，为期5年
Twenty percent for five years.
-好恶毒的条件 -我同意
That feels spiteful.
I totally agree.
她还加了一条所谓的准则条款
She's also added something called a philosophy clause.
什么东西？
Come again?
为了保护基金的运作
To protect the philosophy of the fund,
你经手的交易都要经过她签字
she wants sign-off on any trade you execute in any size--
-不论规模…-那个臭女人
Fucking cunt!
抱歉，我太失礼了
Apologies, that was... beneath me.
所以我在这里不能有自己的想法
So, I'm not allowed to have my own ideas here,
但我离开后靠自己发挥
but if I leave and have my own ideas,
她也要拿到我自己赚到的钱
she wants the money I make from them.
你有别的工作邀约吗？
Have you got other offers on the table?
你目前的合约有牢不可破的竞业条款
Your current deal has a pretty iron-clad non-compete.
就算你只瞄一眼竞争对手，你今年的薪水就全归安娜了
If you so much as blink at a competitor,
this year's comp becomes fully at Anna's discretion.
如果我成为她的竞争对手呢？
What if I become the competitor?
那么…
Well...
你现在会放弃一大笔钱
you'll leave a lot of money on the table today.
或是用自己的才华赌一把
Or you can roll the dice on your talent, maybe.
好
Okay.
你继续谈判，假装我们有兴趣
Say we're at the negotiation table, make it look like we're interested.
这样能拖延多久？
What will that buy us?
大概几天吧
Maybe a few days.
谢谢你，赛门
Thank you, Simon.
富东已经变成邪教了
FutureDawn has become a cult of personality.
重点不在于谁的主意最好，而是要取悦老妈
It's not about the best idea, it's about pleasing Mother.
她只想要去参加什么座谈会
All she wants to do is sit on another fucking panel
自以为是全知全能的道德气压计
and act like an omniscient moral barometer.
我才不要把才华浪费在，表现不佳的基金上
I'm not going to sit here and outperform
为了持守政♥治♥正确，只从投资人那里赚到被动收入
while the fund underperforms and collects passive fees
from investors for being politically correct.
那看来…
Well, then maybe...
她提出来的条件促使你做出决定了？
her offer just simply expedites your decision?
你愿意跟我走吗？
Would you come with me?
那我是什么角色？
In what capacity?
征服情海里的金鱼呢
Jerry Maguire's goldfish?
你说过你喜欢运筹帷幄，你不会筹措资金
By your own admission, you like life behind your screens.
You're not a fundraiser.
我可以帮你卖♥♥基金
I can help you sell the fund.
你用业务话术推销，我新型的宏观多空对冲策略
You use your salesman's voice to pitch me as a newfangled
equity long-short with macro-overlay.
-推销我的点子 -了解
- Sell my ideas. - Yeah.
但我支持你的想法，你也要支持我的
But I back your intellect. So, you back mine,
我们一起尝试并全力支持
we test the views together and we back it.
好，但我们不能焦虑
Okay.
But we don't hand-wring, or moralize or equivocate.
也不说教或打迷糊仗
你提出明天就能赚钱的点子，那是你能做的事
You put on the ideas that you think will make money tomorrow.
That's your mandate.
你跟其他人谈到哪里了？
How far along were your other conversations?
提供种子基金吗？
Were they like a jump-off for seed capital?
才刚起步
Very embryonic.
我们需要多少钱？
How much do we need?
要投行把我们当一回事，提供资金跟研究还有交易线的话
So that banks will take us seriously enough to cover us
and give us research and trading lines?
要三亿美元
Three hundred million dollars.
你有安娜在气候峰会的行程吧？
- Shit. - You have Anna's schedule at COP, right?
对，她要笼络一些永续投资的大人物
Yeah.
She is hunting some serious ESG heavy hitters, like,
口袋很深的主♥权♥财富基金，和资产经理人
sovereign wealth funds, asset managers,
very deep pockets.
他们何时见面？
When are they meeting?
明天下午，她参加完座谈会之后
Tomorrow afternoon, after her panel.
不妨看看他们能不能早起干活吧？
Why don't we check if they're morning people?
也许我们能先拉拢他们加入，把人从安娜的眼皮下偷走
See if we can get them to join our cause
and swipe them from under Anna's nose before she's hoovered down
到时候她都还没吃完难吃的饭店早餐
that inedible continental breakfast.
这些公♥司♥都主打永续投资
These are, like, flagship ESG vehicles.
他们可是要去参加气候大会
They're going to a climate conference.
我打赌我可以证明，获利凌驾在理念之上
I bet I can prove returns trump ideology.
准备推销这个理念了吗？我们坐哪班飞机？
You ready to sell this idea?
What flight are we on?
太好了
Fuck yeah.
你也知道比尔艾德勒，本来要参加金融与气候危机座谈会
As you know, Bill Adler was meant to be
on that Finance and the Climate Crisis panel
代表鲁米和富东的伙伴
with Lumi and FutureDawn partners.
我要你代替他去
I want you to go instead.
艾德勒要跟家人去欧洲度假
Adler is taking some family time in Europe.
鲁米才办了一个很惨烈的决算说明会
Lumi just had a pretty rocky earnings call.
大家都说这是因为管理不善
Well, everyone is pointing fingers about how this has been mismanaged.
谁管理不善？
Who are you pointing fingers at?
顾问界的人说我们可能高估了鲁米
All anyone's talking about in the advisory world
is that we may have overvalued Lumi.