Tuld Sees Wipeout as 25% Asset Decline Exceeds Firm's Market Cap

Movieclips

A 25% drop in leveraged mortgage asset values will inflict losses exceeding the firm's total market capitalization, threatening immediate collapse if market liquidity halts completely.

AI-assisted summary of Margin Call (3/9) Movie CLIP - The Music Stops (2011) HD — original source. Check the original for full context.

Source published: 2014-01-15

Key ideas

A projected 25% decline in the value of the firm's mortgage-backed assets would generate losses exceeding its entire market capitalization, resulting in total corporate insolvency. (0:25)
Risk analyst Peter Sullivan cautions that the alarming figures reflect only a slowing market; a complete market freeze would trigger losses far worse than current calculations indicate. (1:05)
CEO John Tuld warns his executive team that he hears 'just silence' ahead, signaling an imminent halt to market liquidity that necessitates urgent action. (1:50)

Detailed notes

## Background Published on YouTube by Movieclips on January 15, 2014, this clip from the 2011 film Margin Call depicts risk analyst Peter Sullivan (Zachary Quinto) explaining the catastrophic state of affairs at their investment firm to top executive John Tuld (Jeremy Irons).

## TL;DR In a late-night executive boardroom meeting, senior executive John Tuld pushes risk analyst Peter Sullivan to explain the plain reality of his financial projections. Sullivan warns that if the firm's mortgage-backed assets drop in value by just 25%, the projected losses will wipe out the company's entire market capitalization, emphasizing that his model merely anticipates a slowdown rather than a complete market freeze. Tuld distills his executive role down to guessing what the financial music will do in the future, chillingly concluding that right now, he hears nothing but silence.

## Atmosphere & style The scene exudes a cold, nocturnal tension characterized by hushed voices and ruthless corporate pragmatism. Zachary Quinto's nervous, precise analytical restraint contrasts sharply with Jeremy Irons' mesmerizing, cynical dominance as they confront the math of their ruin. Watching it feels like witnessing an impending disaster in slow motion, where polite corporate decorum gives way to a suffocating, ominous silence.

## Bulletin - [00:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=25s) A projected 25% decline in the value of the firm's mortgage-backed assets would generate losses exceeding its entire market capitalization, resulting in total corporate insolvency. - [01:05](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=65s) Risk analyst Peter Sullivan cautions that the alarming figures reflect only a slowing market; a complete market freeze would trigger losses far worse than current calculations indicate. - [01:50](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=110s) CEO John Tuld warns his executive team that he hears 'just silence' ahead, signaling an imminent halt to market liquidity that necessitates urgent action.

## Key takeaways - [00:00](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=0s) John Tuld presses Peter Sullivan to translate complex quantitative models into concrete, plain-language business outcomes for the firm. - [00:05](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=5s) Peter Sullivan hesitates to make absolute claims, emphasizing that extrapolating current balance-sheet data into the future is inherently speculative rather than historical fact. - [00:15](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=15s) Tuld directly overrides analytical caution, demanding frank, unhedged projections regarding the firm's actual exposure. - [00:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=25s) The quantitative model reveals that a mere 25% drop in asset values would generate losses surpassing the firm's total net market worth. - [00:35](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=35s) The firm's heavy asset exposure creates an existential threat of corporate insolvency under moderate market declines. - [00:45](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=45s) Tuld bluntly summarizes the exposure as being left holding the largest accumulation of toxic assets in the history of capitalism. - [01:05](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=65s) Sullivan points out that Tuld's dire summary actually understates the danger, as the current model only captures a deceleration of liquidity. - [01:15](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=75s) A complete cessation of trading activity would produce losses far exceeding the baseline projections Sullivan charted. - [01:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=85s) Tuld defines the sole justification for his executive position and compensation as the mandate to anticipate shifts in market liquidity before they happen. - [01:50](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=110s) Tuld's intuitive conclusion that there is 'just silence' ahead signals to senior leadership that easy liquidity has vanished and drastic operational measures are required.

## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=0s) The Model's Projections and the Threat of Total Insolvency

In the executive boardroom late at night, senior chief executive John Tuld presses risk analyst Peter Sullivan to translate the complex quantitative data into plain business consequences, asking, “Mr. Sullivan, what does your model say that that means for us here?” Peter hesitates, pointing out that extrapolating the numbers into the future moves into the realm of projection rather than hard historical data, but Tuld immediately cuts through his caution by reminding him, “...but you're speaking with me, Mr. Sullivan.”

Given permission to speak plainly, Peter reveals the catastrophic exposure lurking on the firm's balance sheet: if the mortgage-backed assets decline in value by merely 25% while remaining on the books, the resulting losses would exceed the entire market capitalization of the firm. Tuld summarizes the impending disaster in his own blunt, evocative terms: “So what you're telling me is that the music is about to stop and we're gonna be left holding the biggest bag of odorous excrement ever assembled in the history of capitalism.” Peter pushes back slightly against the crude phrasing, but warns Tuld that his metaphor actually understates the danger. He explains that his current model only reflects the music slowing down; if the market were to halt completely, the reality would be vastly worse than what is currently charted.

```mermaid flowchart TD accTitle: Firm Insolvency Risk Flowchart accDescr: Flow diagram showing how a minor decline in asset value wipes out the firm's total market capitalization.

subgraph MarketShock["Market Stress"] A["Mortgage-Backed Assets on Books"] -->|"25% devaluation"| B["Projected Losses"] end

subgraph CompanyImpact["Firm Balance Sheet"] B -->|"Exceeds"| C["Total Current Market Capitalization"] C --> D["Total Corporate Insolvency"] end ```

- A mere 25% drop in the valuation of the firm's leveraged assets would produce a loss greater than the company’s entire net market worth. - The projection presented by Peter Sullivan only models a liquidity deceleration ("the music slowing"), meaning a full market freeze would trigger catastrophic losses far exceeding his current calculations.

[01:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=85s) John Tuld on Hearing Nothing but Silence

Tuld shifts the atmosphere in the room from analytical interrogation to cold executive reflection. Leaning back, he asks Peter if he wants to know why he occupies the executive chair and why he is paid such an enormous salary. When Peter quietly affirms, Tuld strips away the mystique of high finance to define his actual mandate: “I'm here for one reason and one reason alone: I'm here to guess what the music might do a week, a month, a year from now. That's it. Nothing more.”

Looking across the table at his assembled deputies and the junior analyst, Tuld reveals his devastating intuitive verdict on the firm's immediate future: “And standing here tonight, I'm afraid that I don't hear a thing. Just silence.” The room falls completely quiet as the weight of his assessment settles over the executives, signaling that the era of easy liquidity is over and that immediate, drastic action must follow.

## Notable quotes > [01:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=85s) I'm here for one reason and one reason alone: I'm here to guess what the music might do a week, a month, a year from now. That's it. Nothing more. — John Tuld

## Mentioned Margin Call, John Tuld, Peter Sullivan, Zachary Quinto, Jeremy Irons, Kevin Spacey, Paul Bettany, Stanley Tucci, Demi Moore, Penn Badgley, Simon Baker, Aasif Mandvi, J.C. Chandor, Lionsgate

## Video description Margin Call movie clips: http://j.mp/17GdLqa BUY THE MOVIE: http://j.mp/17GdIL4 Don't miss the HOTTEST NEW TRAILERS: http://bit.ly/1u2y6pr

CLIP DESCRIPTION: Peter Sullivan (Zachary Quinto) explains to executive John Tuld (Jeremy Irons) the state of affairs at their investment firm.

FILM DESCRIPTION: Investment-firm analyst Peter Sullivan (Zachary Quinto) uncovers sensitive information that could easily plunge the entire business into peril, inadvertently destroying the lives and careers of his colleagues in this tense thriller set during the onset of the 2008 financial crisis. Over the course of the next 24 hours, Sullivan realizes that the decisions he makes will not only affect the employees of the firm, but the lives of everyday Americans from coast to coast as well. Kevin Spacey, Jeremy Irons, Stanley Tucci, Demi Moore, and Paul Bettany co-star.

CREDITS: TM & © Lionsgate (2011) Cast: Kevin Spacey, Paul Bettany, Jeremy Irons, Zachary Quinto, Penn Badgley, Simon Baker, Demi Moore, Aasif Mandvi Director: J.C. Chandor Producers: Sean Akers, Robert Ogden Barnum, Michael Benaroya, Joshua Blum, Kirk D'Amico, Neal Dodson, Cassian Elwes, Rose Ganguzza, Anna Gerb, Daniel Hendler, Joe Jenckes, Lawrence M. Kopeikin, Susan Leber, Randy Manis, Corey Moosa, Zachary Quinto, Laura Rister Screenwriter: J.C. Chandor

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[Source](https://www.youtube.com/watch?v=UOYi4NzxlhE)

中文简报

图尔德预见灭顶之灾：资产若缩水25%将超过公司总市值杠杆抵押贷款资产价值若下跌25%，所造成的损失将超过公司总市值；一旦市场流动性彻底停滞，公司将面临即刻倒闭的威胁。在深夜的高管董事会会议上，高管约翰·图尔德敦促风险分析师彼得·沙利文说明其财务预测的残酷现实。沙利文警告称，如果公司的住房抵押贷款支持资产价值仅缩水25%，预计损失就将吞噬公司的全部市值，并强调他的模型仅预估了市场放缓的情况，而非彻底冻结。图尔德将自己的高管职责概括为揣摩金融音乐未来的走向，并令人不寒而栗地总结道：此刻，他只听到了死一般的寂静。据预测，公司住房抵押贷款支持资产的价值若下跌25%，所产生的损失将超过其全部市值，从而导致公司彻底破产。 (0:25) 风险分析师彼得·沙利文告诫称，这些令人震惊的数据仅反映了市场放缓的情况；若市场彻底冻结，引发的损失将远超目前的测算。 (1:05) 首席执行官约翰·图尔德向其高管团队发出警告，称自己前方只听到了“死寂”，这预示着市场流动性即将停滞，必须采取紧急行动。 (1:50)

Reading summary

Risk analyst Peter Sullivan projects that a 25% decline in the firm's mortgage-backed assets would wipe out its entire market capitalization, prompting chief executive John Tuld to conclude that market liquidity has abruptly dried up. Asset Exposure and Insolvency Risk (0:00) Quantitative modeling reveals that the firm's balance sheet carries catastrophic exposure to mortgage-backed assets. According to risk analyst Peter Sullivan, if the value of these leveraged holdings drops by merely 25%, the resulting losses would exceed the firm's total market capitalization, triggering insolvency. Sullivan emphasizes that this estimate assumes only a slowing market, warning that a complete market freeze would yield losses far greater than current calculations suggest. Executive Intuition and Market Freezes (1:25) Chief executive John Tuld contextualizes the quantitative findings within his executive role, asserting that his high compensation is justified solely by his mandate to anticipate what the market will do weeks or months in advance. Reflecting on the projections, Tuld offers his intuitive assessment that the liquidity era is over, remarking that he hears 'just silence' and indicating to his leadership team that immediate, drastic action is unavoidable. Although the quantitative model identifies an existential balance-sheet threshold, it only captures a partial deceleration in liquidity, leaving unresolved how the firm can mitigate losses if the market halts completely.

精炼阅读摘要

在电影《商海通牒》（Margin Call）的片段中，风险分析师 Peter Sullivan 的测算模型显示，公司持有的抵押贷款支持资产若贬值25%，其引发的亏损将超过公司整体市值；首席执行官 John Tuld 随后断定市场流动性即将彻底枯竭。资产贬值与破产风险测算 (0:00) 在深夜的高管会议上，高级首席执行官 John Tuld 要求风险分析师 Peter Sullivan 抛开复杂的量化数据，直接阐明模型对公司运营的具体影响。Peter Sullivan 坦言，若将当前数据向未来推演属于预测而非历史事实；但在获得直言许可后，他透露了资产负债表上的致命风险：公司账面上持有的抵押贷款支持资产仅需贬值25%，所产生的损失总额就会超过公司目前的总市值。John Tuld 将此形象地总结为音乐即将停止，公司将承担资本主义历史上规模空前的毒资产风险。Peter Sullivan 进一步强调，当前模型仅反映了市场流动性放缓（即“音乐减速”）的情况；一旦市场交易彻底停滞，实际造成的破坏将远超图表中已测算的数据。执行层的流动性终结判断 (1:25) 在量化数据呈现之后，John Tuld 将讨论转向高管职责与宏观判断。他对 Peter Sullivan 直言，自己之所以坐在此处并领取高额薪酬，唯一的核心职责就是预测一周、一个月或一年后市场的走势节奏。John Tuld 对在座的高管团队给出明确判断，指出当晚他已感受不到市场的任何动静，唯有彻底的寂静。这一判断意味着依赖充裕流动性的运作模式已走向终结，公司必须迅速采取剧烈行动来应对即将到来的市场休克。该片段展现了基于量化模型的破产预警与高管直觉决策的碰撞，但记录未透露公司管理层在流动性彻底冻结前将具体执行何种资产处置手段。

Detailed notes — zh

## Background 该视频片段由 Movieclips 频道于 2014 年 1 月 15 日发布在 YouTube 平台上。页面描述指出，此片段出自电影《商海通牒》（Margin Call），展现了在 2008 年金融危机爆发前夕，风险分析师彼得·苏利文（Peter Sullivan）向投资公司最高执行官约翰·图尔德（John Tuld）汇报公司面临灭顶之灾的紧急处境。 ## TL;DR 在深夜的高层会议上，年轻分析师苏利文向公司最高领导者图尔德摊牌：根据风险模型测算，公司持有的高杠杆有毒资产只要贬值 25%，账面亏损就将彻底吞噬整家公司的总市值。苏利文进一步警告，这仅仅是市场节奏放缓的温和假设，若流动性彻底枯竭，现实灾难将远超模型预测。图尔德随后揭示了自己身居高位的本质在于预判资本市场的动向，并冷酷地宣告自己此刻听不到任何音乐、唯有一片死寂，暗示击鼓传花的狂欢彻底终结。 ## Atmosphere & style 整个片段笼罩在深夜高层会议室极度压抑、剑拔弩张的窒息感中。年轻分析师面对威权时的克制谨慎，与顶级华尔街巨鳄那种粗鄙、冷血却又超然的压迫感形成了鲜明而残酷的心理博弈。随着纽约天际线前“死一般寂静”的终极宣判落地，情绪从数据逼问的紧绷骤然跌入大厦将倾的虚无，带给观众一种身临金融末日风暴眼般的彻骨冰冷。 ## Bulletin - [00:00](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=0s) 分析师彼得·苏利文的模型推演显示，公司资产只要贬值25%并继续留在资产负债表上，所产生的账面亏损就将彻底超过整个公司的现有市值。 - [00:35](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=35s) CEO约翰·图尔德将有毒资产敞口比作资本主义历史上最大的一袋排泄物，苏利文则警告当前模型仅测算了市场节奏放慢的情形，若流动性彻底停滞后果将远超预期。 - [01:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=85s) 图尔德坦言自己高薪职位的唯一价值在于预判未来市场的节奏律动，并作出致命宣判：此刻自己听不到任何声音，唯有死一般的寂静。 ## Key takeaways - [00:00](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=0s) 深夜高层紧急会议上，最高决策者图尔德要求分析师苏利文抛开专业术语，直白说明模型所揭示的真实危机。 - [00:15](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=15s) 苏利文起初对推演抱有顾虑，认为脱离既有历史数据后模型已带有主观预测性质，但在图尔德的施压下不得不坦白底牌。 - [00:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=25s) 公司面临灭顶之灾的触发门槛极低：高杠杆资产只需缩水25%，造成的账面亏损便会直接吞噬整家公司的总市值。 - [00:45](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=45s) 图尔德用粗鄙而直白的音乐击鼓传花比喻，指认公司正处于沦为接盘资本主义史上最大毒资产的边缘。 - [01:00](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=60s) 苏利文对图尔德的比喻进行了更严峻的修正，指出当前模型仅假设了交易节奏放缓，而非市场彻底冻结的极端断崖场景。 - [01:12](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=72s) 一旦市场流动性完全归零、音乐戛然而止，实际爆发的金融灾难将彻底突破当下现有数学模型的测算极限。 - [01:35](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=95s) 图尔德直言顶层管理者巨额报酬的唯一合理性，不在于数理分析，而在于预判资本市场在未来一周、一月或一年的风向与节拍。 - [02:05](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=125s) 站在深夜窗前的图尔德凭借金融本能给出了死刑判决：耳畔已无任何音乐律动，唯有预示全面崩盘的死寂。 - [02:20](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=140s) 对市场彻底停摆的直觉判断，直接促成了管理层随后不惜代价、先发制人向全市场抛售有毒资产的冷酷决策。 ## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=0s) 资产贬值与灭顶之灾：模型的残酷推演在深夜高层紧急会议的压抑气氛中，公司最高决策者约翰·图尔德（John Tuld）俯视着年轻的风险分析师彼得·苏利文（Peter Sullivan），要求他用最直白的话解释手中建立的模型究竟意味着什么。苏利文起初表现得有些谨慎与迟疑，辩称一旦脱离既有数据推导未来，模型在某种程度上就变成了“预测”。但图尔德并不打算给他退缩的空间，语气威严地提醒他现在是直接向公司的最高掌舵人汇报。被逼到墙角的苏利文终于抛出了那个足以摧毁整座金融大厦的致命数据：“Well, sir, if those assets decreased by just 25% and remain on our books, that loss would be greater than the current market capitalization of this entire company.” 这意味着，这些有毒资产哪怕只缩水四分之一，给公司带来的账面损失就会彻底吞噬掉整家机构的全部市值。听完这番推演，图尔德用他极具煽动性且毫不掩饰的粗鄙比喻，直击这场金融赌局的核心本质：“So what you're telling me is that the music is about to stop, and we're gonna be left holding the biggest bag of odorous excrement ever assembled in the history of capitalism?” 面对大老板将复杂的次级房贷衍生品形容为“资本主义历史上最大的一袋臭不可闻的排泄物”，苏利文虽然措辞克制，却给出了更加令人胆寒的修正。他顺着图尔德的比喻澄清道，当下的模型测算的仅仅是音乐“放慢节奏”时的轻微震荡；如果真如对方所言整首乐曲戛然而止，那么现实情况将远远突破当下的模型极限，后果会比眼前预测的还要惨烈得多。 ```mermaid flowchart TD accTitle: 资产贬值对公司市值的毁灭性传导机制 accDescr: 流程图展示了资产缩水25%时公司账面亏损超过总市值，并最终导致整体崩盘的过程 subgraph Risk_Trigger ["风险触发条件"] A["高杠杆资产估值下跌 25%"] B["资产继续滞留在公司资产负债表"] end subgraph Impact ["破坏性后果"] C["产生毁灭性账面亏损"] D["亏损总额超过公司当前总市值"] end subgraph End_State ["终极场景"] E["资本主义史上最大规模的有毒资产爆雷"] F["若流动性完全枯竭，实际灾难远超模型预测"] end A & B --> C C --> D D --> E E --> F ``` - 核心风险敞口：资产价值只要下跌 25%，产生的损失便足以覆盖整家公司的现有市值。 - 危机性质修正：苏利文的模型并非极端断崖崩溃场景，而仅仅假设了市场交易节奏“放缓”；若流动性彻底停滞，损失将无法估量。 ### [01:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=85s) 首席执行官的直觉：死寂一般的沉默在确认了灾难的真实尺度后，图尔德从紧迫的数字逼问中抽离出来，展现出顶级华尔街操盘手冷酷而超然的哲学面孔。他缓缓站立，向苏利文揭示了自己身居食物链顶端的终极意义。他反问苏利文是否想知道自己为何能稳坐董事长交椅并拿走数额惊人的薪酬，随后自问自答地给出了定义：“I'm here for one reason and one reason alone: I'm here to guess what the music might do a week, a month, a year from now.” 在图尔德的世界里，精密的数学建模和复杂的金融工程都只是工具，掌舵者的全部价值仅仅在于预判资本市场的“音乐”在未来一周、一个月或一年之后会作何律动，除此之外别无其他。会议室在深夜的纽约天际线前陷入了近乎窒息的停顿。图尔德站在窗前俯瞰整座城市，凭借其浸淫金融界数十年的嗅觉与本能，作出了最后的死刑宣判：“And standing here tonight, I'm afraid that I don't hear a thing; just silence.” 他听不到任何欢快的舞曲或放缓的节拍，耳畔唯有死一般的寂静。这番冷酷的断言直接宣告了击鼓传花游戏的终结，也为管理层随后抛弃道德底线、赶在整个市场反应过来之前不计代价倾销全部有毒资产的冷血决策埋下了伏笔。 ## Notable quotes > [01:25](https://www.youtube.com/watch?v=UOYi4NzxlhE&t=85s) I'm here for one reason and one reason alone: I'm here to guess what the music might do a week, a month, a year from now. — 约翰·图尔德（John Tuld） ## Mentioned Margin Call (商海通牒), 约翰·图尔德（John Tuld）, 彼得·苏利文（Peter Sullivan）, 杰瑞米·艾恩斯（Jeremy Irons）, 扎克瑞·昆图（Zachary Quinto）, J.C. 尚多尔（J.C. Chandor）, 狮门影业（Lionsgate）, Movieclips ## Video description Margin Call movie clips: http://j.mp/17GdLqa BUY THE MOVIE: http://j.mp/17GdIL4 Don't miss the HOTTEST NEW TRAILERS: http://bit.ly/1u2y6pr CLIP DESCRIPTION: Peter Sullivan (Zachary Quinto) explains to executive John Tuld (Jeremy Irons) the state of affairs at their investment firm. FILM DESCRIPTION: Investment-firm analyst Peter Sullivan (Zachary Quinto) uncovers sensitive information that could easily plunge the entire business into peril, inadvertently destroying the lives and careers of his colleagues in this tense thriller set during the onset of the 2008 financial crisis. Over the course of the next 24 hours, Sullivan realizes that the decisions he makes will not only affect the employees of the firm, but the lives of everyday Americans from coast to coast as well. Kevin Spacey, Jeremy Irons, Stanley Tucci, Demi Moore, and Paul Bettany co-star. CREDITS: TM & © Lionsgate (2011) Cast: Kevin Spacey, Paul Bettany, Jeremy Irons, Zachary Quinto, Penn Badgley, Simon Baker, Demi Moore, Aasif Mandvi Director: J.C. Chandor Producers: Sean Akers, Robert Ogden Barnum, Michael Benaroya, Joshua Blum, Kirk D'Amico, Neal Dodson, Cassian Elwes, Rose Ganguzza, Anna Gerb, Daniel Hendler, Joe Jenckes, Lawrence M. Kopeikin, Susan Leber, Randy Manis, Corey Moosa, Zachary Quinto, Laura Rister Screenwriter: J.C. Chandor WHO ARE WE? The MOVIECLIPS channel is the largest collection of licensed movie clips on the web. Here you will find unforgettable moments, scenes and lines from all your favorite films. Made by movie fans, for movie fans. SUBSCRIBE TO OUR MOVIE CHANNELS: MOVIECLIPS: http://bit.ly/1u2yaWd ComingSoon: http://bit.ly/1DVpgtR Indie & Film Festivals: http://bit.ly/1wbkfYg Hero Central: http://bit.ly/1AMUZwv Extras: http://bit.ly/1u431fr Classic Trailers: http://bit.ly/1u43jDe Pop-Up Trailers: http://bit.ly/1z7EtZR Movie News: http://bit.ly/1C3Ncd2 Movie Games: http://bit.ly/1ygDV13 Fandango: http://bit.ly/1Bl79ye Fandango FrontRunners: http://bit.ly/1CggQfC HIT US UP: Facebook: http://on.fb.me/1y8M8ax Twitter: http://bit.ly/1ghOWmt Pinterest: http://bit.ly/14wL9De Tumblr: http://bit.ly/1vUwhH7 [Source](https://www.youtube.com/watch?v=UOYi4NzxlhE)

Source quotes

[1:25] 约翰·图尔德（John Tuld）: I'm here for one reason and one reason alone: I'm here to guess what the music might do a week, a month, a year from now.

Source quotes

[1:25] John Tuld: I'm here for one reason and one reason alone: I'm here to guess what the music might do a week, a month, a year from now. That's it. Nothing more.

Original transcript

[0:00] mr. Solomon what is your model say that [0:02] that means for us here well that's where [0:06] it becomes a projection but you're [0:12] speaking with me mr. Solomon well sir if [0:17] those assets decreased by just 25% and [0:21] remain on our books that loss would be [0:26] greater than the current market [0:27] capitalization of this entire company so [0:34] what you're telling me is that music is [0:40] about to stop and we're gonna be left [0:43] holding the biggest bag of odorous [0:46] excrement ever assembled in the history [0:49] of capitalism sir I'm not sure that I [0:58] would put it that way but let me clarify [1:01] using your analogy what this model shows [1:06] is the music so to speak just slowing [1:11] the music were to stop as you put it [1:13] then this model wouldn't be even close [1:16] to that scenario it would be [1:18] considerably worse let me tell you [1:25] something with the song do you care to [1:29] know why I'm in this chair with you all [1:32] I mean why I earn the big bucks yes I'm [1:37] here for one reason and one reason alone [1:40] I'm here to guess what the music might [1:44] do a week a month a year from now that's [1:49] it nothing more I'm standing here [1:55] tonight I'm afraid that I don't hear a [2:01] thing [2:05] just silence [2:27] you [2:35] [Music]