【会议口语】Bet against the housing market?

你想跟房市对赌?

2019-02-15
17







I want to buy swaps on mortgage bonds

我想买抵押债券的信用,违约互换

 

A credit default swap that will pay off if the underlying bond fails

一旦那些债券违约信用违约互换就会赔偿我

 

You want to bet against the housing market?

你想跟房市对赌

 

Yes

 

Why?

为什么

 

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

前提要有一堆美国人不付房贷

 mortgages  [ˈmɔrgɪdʒ] n. 抵押贷款;抵押;(mortgage的复数)


That's never happened in history

但这种事从来没有发生过

 

If you'll excuse me, Dr. Burry, it seems like a foolish investment

恕我直言,这似乎是愚蠢的投资

 

Well, based on prevailing sentiment of the market

And banks in popular culture

根据对于房市和银行的普遍看法

prevailing [prɪˈvelɪŋ] adj.盛行的;普遍的

 

Yes, it's a foolish investment

这的确是愚蠢的投资

 

But... Everyone's wrong

但大家都错了

 

That's a good one

这笑话不错

 

This is Wall Street, Dr. Burry. If you offer us free money, we are going to take it

这是华尔街,钞票不拿白不拿

 

My one concern is that when the bonds fail, I want to be certain of payment

我只关心债券违约时,我想确定回报

 

In case of solvency issues with your bank

你们银行的偿付能力

solvency[ˈsɑ:lvənsi] n.偿付能力

 

I'm sorry, are you for real?

对不起,你是认真的吗

 

You wanna bet against housing market and you're worried we won't pay you?

你跟房市对赌,还担心我们赖账

 

Yes, that's correct

没错

 

We could work out a pay-as-we-go structure that would pay out if the bonds fail

我们可以采取现收现付机制,以便债券违约时赔偿

 

But it would also apply to your payments

一样可以偿还给你

 

If the value of the mortgage bond goes up

You'd have to pay us monthly premiums

但是如果房贷债券价值上涨

你得按月支付我们保费

 

Is that acceptable, Dr. Burry?

可以接受吗 布瑞医生

 

Yes. Yes

当然

 

I have prospectuses on six mortgage-backed securities I want to short

Majority of the mortgages...

我针对我想沽空的六档房贷担保证券

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