《华尔街之狼》骗局是如何运作的？【金钱解密】
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:00 | If you are watching a YouTube channel dedicated to finance and business, I am almost 100% | 如果你正在观看一个YouTube频道 专为金融和商业, 我几乎100% |
| 0:05 | confident that you have watched The Wolf of Wall Street at least a dozen times. | 相信你至少看过十几次华尔街之狼 |
| 0:09 | It's an amazing movie that's gone on to inspire a generation of douchey sales bros around the world. | 这是一部令人惊叹的电影,它继续激励着全球一代的蠢货销售兄弟. |
| 0:14 | But there is one line that still makes me angry seven years later. | 但还有一条线让我在七年后生气。 |
| 0:19 | An IPO is an initial public offering. | IPO是首次公开提供. |
| 0:21 | It's the first time a stock is offered for sale | 这是首次出售股票 |
| 0:23 | to the general population. | 给广大民众。 |
| 0:25 | Now as the firm taking the company public, we set the initial | 现在作为公司公开, 我们设定了初始 |
| 0:27 | sales price and then sold those shares right back to our friends. | 然后把这些股票卖给我们的朋友 |
| 0:30 | Yeah, look, I know you're not following what I'm saying anyway, right? | 听着 我知道你没听懂我的话 对吧? |
展开字幕全文（177 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | If you are watching a YouTube channel dedicated to finance and business, I am almost 100% | 如果你正在观看一个YouTube频道 专为金融和商业, 我几乎100% |
| 2 | confident that you have watched The Wolf of Wall Street at least a dozen times. | 相信你至少看过十几次华尔街之狼 |
| 3 | It's an amazing movie that's gone on to inspire a generation of douchey sales bros around the world. | 这是一部令人惊叹的电影,它继续激励着全球一代的蠢货销售兄弟. |
| 4 | But there is one line that still makes me angry seven years later. | 但还有一条线让我在七年后生气。 |
| 5 | An IPO is an initial public offering. | IPO是首次公开提供. |
| 6 | It's the first time a stock is offered for sale | 这是首次出售股票 |
| 7 | to the general population. | 给广大民众。 |
| 8 | Now as the firm taking the company public, we set the initial | 现在作为公司公开, 我们设定了初始 |
| 9 | sales price and then sold those shares right back to our friends. | 然后把这些股票卖给我们的朋友 |
| 10 | Yeah, look, I know you're not following what I'm saying anyway, right? | 听着 我知道你没听懂我的话 对吧? |
| 11 | That's okay, that doesn't matter. | 没关系,没关系 |
| 12 | No, no, no. | 不,不,没有。 |
| 13 | I was following. | 我当时在跟随你 |
| 14 | It does matter. | 这很重要。 |
| 15 | I even had my notepad and pen out ready to take notes. | 我甚至有我的笔记和笔记 准备好做笔记。 |
| 16 | Yeah, well if you were anything like me, you might have been thinking the same thing. | 是啊,如果你像我一样, 你可能也在想同样的事情。 |
| 17 | But that's fine. | 不过没关系 |
| 18 | The real Jordan Belfort himself said that the movie was only loosely based off | 真正的乔丹·贝尔福本人说,这部电影只是松散的基础 |
| 19 | the book that he wrote and the book was only loosely based off reality. | 他写的那本书和那本书 完全脱离了现实 |
| 20 | There were a lot of | 有很多东西 |
| 21 | intentionally left out of the book because if they were left in, they could be considered | 故意从书中遗漏,因为如果被留在书中,可以考虑 |
| 22 | proceeds of crime. | 犯罪收益。 |
| 23 | Similarly, there were lots of things left out of the movie because Martin | 同样,电影里也漏了很多东西 因为马丁 |
| 24 | Scorsese specializes in chronicling the rise and fall of organized crime figures, not analyzing | Scorsese专门记录有组织犯罪数字的上升和下降,而不是分析 |
| 25 | fraudulent stock market activity. | 欺诈性股票市场活动。 |
| 26 | But that's okay because you guys have me. | 但没关系 因为你们有我 |
| 27 | So it's time to learn | 所以是时候学会了 |
| 28 | how money works to lift the hood on Stratton Oakmont's questionable operations and find out | 钱是怎样工作的 解除了Stratton Oakmont的 可疑业务的盖子 并发现 |
| 29 | it let Mr. Belfort rake in almost a million dollars a week in ill-gotten gains. | 它让贝尔福先生每周 赚了近一百万美元的不义之财 |
| 30 | Jordan | 约旦 |
| 31 | Belfort's career really picked up when he was laid off of his job at L.F.'s Rothschild, | 当贝尔福在洛斯柴尔德公司被解雇时 他的职业生涯真的恢复了 |
| 32 | a New York-based stock brokerage. | a 设在纽约的股票经纪公司。 |
| 33 | Back before the 2000s, buying stocks was not as simple as going | 早在2000年代之前,买股票就没那么简单 |
| 34 | online and typing in a ticker symbol. | 在线和打入一个打勾符号。 |
| 35 | People would actually call a real living person, a stock broker, | 人们实际上会称一个真正的活人,一个股票经纪人, |
| 36 | and give them instructions on what stocks to buy and what stocks to sell. | 并指示他们购买什么股票和出售什么股票。 |
| 37 | More often than not, | 更常见的是, |
| 38 | it would actually work the other way around. | 它实际上工作的方式相反。 |
| 39 | The stock broker would call their client and tell | 股票经纪人会给客户打电话,告诉 |
| 40 | them what stock to buy and sell. | 卖什么股票 |
| 41 | The same was true of getting information. | 获得信息的情况也是如此。 |
| 42 | Here in 2021, | 2021年在这里 |
| 43 | if you want to know what the price of GME is, all you need to do is plug it into Google and hey, | 如果你想知道GME的价格是什么, 你只需要把它插进谷歌和嘿嘿, |
| 44 | there it is. | 就是这样 |
| 45 | Back in the 80s, you either needed to wait for tomorrow's newspaper or call your broker | 80年代的时候 你要么等明天的报纸 要么打电话给经纪人 |
| 46 | to see what the market was up to. | 看看市场在干嘛 |
| 47 | Now, as Matthew McConaughey so insightfully points out, nobody, | 现在,正如马修·麦科诺伊 如此深刻地指出,没有人, |
| 48 | I don't care if you're Warren Buffett or Jimmy Buffett, nobody knows if a stock is going up, | 我不在乎你是沃伦·巴菲特还是吉米·巴菲特 没人知道股票会涨 |
| 49 | down, sideways, or in f***ing circles. | 向下,侧面,或在f***ing圈。 |
| 50 | Least of all, stock brokers. | 特别是股票经纪人 |
| 51 | So why did they do this then? | 那他们为什么要这么做? |
| 52 | Yeah, that's right. | 没错 |
| 53 | They earned significant commissions by processing these trades. | 他们通过处理这些交易赚取大量佣金。 |
| 54 | These days, we are used to zero commission brokers, but that hasn't always been the case. | 现在,我们习惯了零佣金经纪人, 但情况并非总是如此。 |
| 55 | In the 90s, it wasn't unusual for trades to cost as much as 2% of the total value of the assets | 在90年代,交易成本高达资产总价值的2%并不罕见 |
| 56 | being traded. | 被交易。 |
| 57 | A stockbroker would normally get 1% of that and the firm that the stockbroker | 股票经纪人通常会得到1%的股份 股票经纪人的公司 |
| 58 | worked for would get the other 1%. | 工作会得到另外1%。 |
| 59 | Jordan Belfort后来将在投资者中心工作。 | |
| 60 | In reality, Jordan actually worked for a series of companies like this, | 在现实中,约旦实际上为一系列这样的公司工作, |
| 61 | but what the movie portrays is pretty indicative of these types of operations. | 但电影所描绘的 相当能说明这类行动 |
| 62 | These are what is called over-the-counter brokerages, which are very different from | 这些是所谓的场外经纪, 这与 |
| 63 | 像LF Rothschild这样的交易经纪 | |
| 64 | Exchange brokerages facilitate trades on | 交易所经纪公司促进交易 |
| 65 | They would have a team of actual people down on the floor of the New York Stock Exchange, | 在纽约证券交易所的地板上 他们会有一群真正的人 |
| 66 | calling out trades on behalf of the stockbrokers in their office who would be relaying trades from | 代表其办公室的股票经纪人进行交易,这些股票经纪人将从 |
| 67 | their clients. | 他们的客户。 |
| 68 | As we have seen, this system was still susceptible to unscrupulous behavior, | 正如我们所见,这个系统仍然容易受到肆无忌惮的行为的影响, |
| 69 | mainly in the form of stockbrokers driving their clients to make as many trades as possible to | 主要表现为股票经纪人驱使客户进行尽可能多的交易 |
| 70 | drive up their commissions, but the exchange had some level of control over all the players in | 但交换机控制了所有玩家 |
| 71 | this game to make sure things didn't get too out of hand. | 这个游戏是为了确保事情不会失控 |
| 72 | If the exchange decided that a particular | 如果交易所决定某项特定 |
| 73 | stockbroker or particular stockbrokering company was acting in a way that was detrimental to the | 股票经纪公司或特定股票经纪公司的行为方式不利于 |
| 74 | exchange's reputation, they deserved the right to kick them off the trading floor. | 他们应该有权把他们踢出交易楼层 |
| 75 | This would | 这会 |
| 76 | destroy stockbrokerages because if they can't make trades, they don't have a business. | 破坏股票经纪人,因为他们不能做交易, 他们没有生意。 |
| 77 | Exchanges also heavily regulate what companies are allowed to be listed on their exchanges. | 交易所还对允许在交易所上市的哪些公司实行严格管制。 |
| 78 | They audit financial statements, conduct background checks on the management, | 他们审计财务报表,对管理层进行背景调查, |
| 79 | and make sure that the company's CEO's mother doesn't pick up the phone when you call their | 并且确保公司CEO的母亲 不接电话 当你打电话给他们 |
| 80 | Over-the-counter firms are different. | 场外公司不同 |
| 81 | They do not utilize the services of an exchange, | 他们不利用交易所的服务, |
| 82 | and because of this, they do away with a lot of the regulation and oversight that comes with them. | 也因为这个原因,他们废除了随之而来的很多管理和监督. |
| 83 | Companies can approach these over-the-counter firms directly and say, | 公司可以直接接触这些场外公司,并说: |
| 84 | hey, I need $1 million to conduct funding on R&D on a new piece of radar tech that has both military | 嘿,我需要100万美元 来进行研发资金 在一个新的雷达技术 既有军队 |
| 85 | and civilian applications. | 和民事应用。 |
| 86 | The stock firm will say, sure, but we keep 50% of all the money we | 股票公司会说,当然, 但我们保留50%的钱,我们 |
| 87 | At best, these companies are just desperate for funding to get the idea off the ground, | 充其量,这些公司只是急于寻求资金来让这个想法消失, |
| 88 | and at worst, they are also looking to defraud investors using any money they raise. | 更糟糕的是,他们还想利用他们筹集的任何资金欺骗投资者。 |
| 89 | Another thing is that 50% number was just a bit of Hollywood magic. | 另一件事是,50%的数字只是好莱坞的魔法。 |
| 90 | The OTC brokers were likely | 东方木材公司的经纪人可能 |
| 91 | only making 10-20% on these trades. | 这些行业只有10%到20% |
| 92 | Either way, it should be clear to see that any company that | 无论哪种方式,都应该清楚看到任何公司 |
| 93 | needs to offer a 20% cut to a stockbroker just to raise money is probably not worth investing in. | 需要向股票经纪人提供20%的削减 只是为了筹集资金 可能不值得投资。 |
| 94 | And that is why Jordan Belfort and his colleagues resorted to high-pressure sales tactics on | 这就是为什么乔丹贝尔福和他的同事 采用了高压销售策略 |
| 95 | unsophisticated investors. | 无精进投资者. |
| 96 | Jordan eventually founded Stratton Oakmont, a subsidiary of | 乔丹最终成立了斯特拉顿·奥克蒙特(英语:Stratton Oakmont)公司,是该公司的子公司. |
| 97 | Stratton Securities, which was a small-time dealer that could trade both over-the-counter | 斯特拉顿证券公司 是个小生意商 可以进行交易 |
| 98 | and exchange-listed companies. | 和交易所上市公司。 |
| 99 | Belfort and his co-founders, Brian Blake and Danny Porish, | 贝尔福和他的共同创始人,布莱恩·布莱克和丹尼·波里希, |
| 100 | portrayed as Donnie Ozoff in the 2013 film, later bought out the entire firm and started | 在2013年电影中被描绘成唐尼·奥佐夫,后来买下了整个公司,开始了 |
| 101 | to change how things would be run. | 改变事情的运行方式 |
| 102 | Belfort had been making good money by, as he put it, | 贝尔福一直赚到很多钱 正如他说的 |
| 103 | selling garbage to garbagemen and making cash hand over fist. | 卖垃圾给垃圾工 然后用手握现金 |
| 104 | But he had grander ambitions. | 但他有更大的野心。 |
| 105 | He went on to hire a team of stockbrokers who would all aggressively | 他继续雇了一批股票经纪人 这些人会很生气 |
| 106 | pitch whatever stock he told them to. | 不管他叫他们做什么 |
| 107 | Before giving this order, he would call up unaffiliated | 在下命令之前,他会召集无党组织 |
| 108 | but trustworthy connections who would buy up a large amount of stock in a small-value company, | 但可以信赖的连结者 将购买大量股票 在小价值公司, |
| 109 | preferably one with less than a $100 million market cap. | 最好是市场上限低于1亿美元 |
| 110 | Once his connections, affectionately | 一旦他亲近我 |
| 111 | called rat holes, owned a big enough portion of the company, he would instruct all of the brokers | 他叫老鼠洞 拥有公司足够大的一部分 他会指示所有经纪人 |
| 112 | on his sales floor to go out and sell the stock to whoever would buy it. | 在他的销售层 出去卖股票 谁愿意买它。 |
| 113 | The buying frenzy would | 疯狂的买家 |
| 114 | drive up the price, which would have the convenient side effect of making it easier to sell to new | 推高价格,这会产生方便的副作用,即更容易卖给新的 |
| 115 | investors. | 投资者。 |
| 116 | This stock has doubled in value this last week. | 这股股票价值在上周翻了一番。 |
| 117 | Get in now or you're going to miss out. | 上车,否则你会错过的 |
| 118 | Once the price of the stock had reached a certain level, Jordan would instruct his rat holes to | 一旦股票价格达到一定水平,约旦就会指示他的老鼠洞 |
| 119 | start selling. | 开始销售。 |
| 120 | While this was happening, Jordan's company would make it incredibly difficult for | 在这件事发生时,乔丹的公司会给 |
| 121 | their regular clients to sell off the stock. | 他们的普通客户卖掉股票 |
| 122 | Brokers would be instructed to not answer | 经纪人会被指示不回答 |
| 123 | phone calls from investors looking to sell, or just to intentionally lose trade orders. | 投资者的电话 寻找出售, 或者只是故意失去交易订单。 |
| 124 | This gave rat holes time to exit their positions, and as soon as regular investors could start | 这让老鼠洞有时间离开他们的位置 一旦正常的投资者可以开始 |
| 125 | selling their own stock, the price would collapse. | 卖掉自己的股票,价格就会崩溃 |
| 126 | The rat holes would then give money they made to | 老鼠洞会给钱 |
| 127 | Belfort while keeping a small cut for themselves. | 贝尔福虽然为自己留了一小块 |
| 128 | This scheme was taken to new heights when Stratton | 斯特拉顿时,这个计划被带到了新的高度 |
| 129 | Oakmont started taking companies public. | 奥克蒙特开始公开收购公司. |
| 130 | An initial public offering is when a company is | 最初的公开报价是当一个公司是 |
| 131 | first listed on a public exchange. | 首次在公共交易所上市。 |
| 132 | There are lots of rules and regulations involved in this process, | 这一过程涉及许多规则和条例, |
| 133 | but the advantage to the business at the end of the day is that it becomes much easier to | 但最终对企业的优势在于 |
| 134 | raise capital from public markets. | 从公共市场筹集资本。 |
| 135 | Businesses will hire an underwriting firm to guide them | 企业会聘请一家承销公司来指导他们 |
| 136 | through the process and assume some sort of risk of the whole operation. | 并承担整个行动的风险。 |
| 137 | The underwriting firm will | 承销公司会 |
| 138 | then be responsible for making sure the IPO is successful. | 然后负责确保IPO的成功。 |
| 139 | A successful IPO really just means | 一个成功的IPO真的意味着 |
| 140 | that all of the shares that the company wants to sell get sold at or above the agreed upon price. | 公司想出售的所有股票 以或高于商定的价格出售 |
| 141 | Normally, companies will go to investment banks to do their underwriting, but in its prime, | 通常,公司会去投资银行 做他们的承销业务, 但在其黄金, |
| 142 | Stratton Oakmont managed to court a few companies to use their services instead. | 斯特拉顿·奥克蒙特设法将几家公司利用了他们的服务。 |
| 143 | You might have thought that the reintroduction of public exchanges into the mix would have slowed | 你可能认为重新引入公共交流会减缓 |
| 144 | down Belfort's scheming. | 下贝尔福的阴谋。 |
| 145 | There was a reason he traded over-the-counter stocks in the first place, | 他之所以交易场外股票 |
| 146 | and that was to avoid the regulation and scrutiny that comes with these public markets. | 这是为了避免监管和检查 这些公共市场。 |
| 147 | But Jordan didn't let that stand in his way. | 但乔丹没有让这妨碍他 |
| 148 | In fact, he developed a system to get the best out | 事实上,他开发了一种系统 以获得最好的出路 |
| 149 | of both of these systems. | 两种系统。 |
| 150 | Jordan would instruct his rat holes to buy up stock in a company that | 乔丹会指示他的老鼠洞 在一家公司收购股票 |
| 151 | was about to take public. | 本来要公开的 |
| 152 | The company would then debut on the public market, and then he would | 公司随后将在公共市场上首映 然后他就会 |
| 153 | instruct his army of brokers to sell the IPO to all of their contacts. | 命令他的经纪人把IPO卖给他们所有的联系人 |
| 154 | This would drive up the | 这会驱动上 |
| 155 | price of the stock just like it did before. | 股价跟以前一样 |
| 156 | But this time, because it was listed on a public market, | 但这次,因为它上市了 |
| 157 | it would attract the attention of other investors who didn't even know who Stratton Oakmont was. | 这会引起其他投资者的注意 他们甚至不知道斯特拉顿·奥克蒙特是谁 |
| 158 | People would just hear the news that some IPO was up 50% at open, and then they would want to | 人们会听到消息说一些IPO在开放时上升了50%,然后他们想 |
| 159 | get in on that action. | 行动起来 |
| 160 | The rat holes could then use this buying mania to silently sell their stocks, | 老鼠洞可以使用这个买家的狂躁 静静地出售他们的股票, |
| 161 | netting them a very healthy profit. | 让他们得到一个非常健康的利润。 |
| 162 | Jordan effectively combined the | 约旦有效合并了 |
| 163 | unregulated environment of over-the-counter operations with the inherent trust investors | 与内在信托投资者的场外业务环境不受管制 |
| 164 | had in publicly traded stocks to create the ultimate money-making scam. | 有公开交易的股票 制造最终的赚钱骗局。 |
| 165 | And that's how you make | 你就是这样做的 |
| 166 | For those of you who haven't connected the dots yet, this is what you call a pump and dump, | 对于你们中还没有连接点的, 这就是你们所谓的泵和垃圾, |
| 167 | and it was the mechanism by which Jordan Belfort made millions. | 这也是约旦贝尔福 创造数百万美元的机制 |
| 168 | For a while, it actually looked like these schemes were becoming a thing of the past. | 有一阵子,看起来这些计划 已经变成过去。 |
| 169 | Online stock trading platforms and easy access to market information meant that investors were | 网上股票交易平台和容易获得市场信息意味着投资者 |
| 170 | no longer exposed to brokers who would hype up some shitty small cap company. | 不再暴露在经纪人的面前 他们会捣乱一些烂小帽公司。 |
| 171 | Unfortunately, | 很遗憾 |
| 172 | the rise of loosely regulated crypto markets has meant that pump and dump schemes are back with | 松散监管的加密市场的兴起意味着泵和倾销计划与 |
| 173 | a vengeance. | 一个复仇。 |
| 174 | The only difference is today, the coked up stockbrokers have been swapped out for | 唯一的区别是今天, 焦炭的股票经纪人 已经交换出去 |
| 175 | discord communities and gaming influencers, and penny stocks have been replaced with stupid | 不和谐的社区 和赌博的影响者, 和一分钱股票被替换为愚蠢的 |
| 176 | f**king meme coins. | f** 铸币。 |
| 177 | Another important part of the movie was how Jordan hid his money once he had | 电影的另一个重要部分是乔丹曾经藏过钱 |
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