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.
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.
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.
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.