The Fear Index (2022–…): Season 1, Episode 1 - Episode #1.1 - full transcript
Columbians went
to the polls today,
for what could be a historic
moment of change for the country
As the second-round
votes are counted,
there are rumours and
speculation in the capitol,
that this could be the end
of an eight-year reign
for the political party
and incumbent President.
Columbian Presidents are
elected for four year terms,
using a two-round system.
Well this voting year
as a new candidate
received a majority of
the vote in the first round.
A run off has been held,
between the top two candidates.
Hugo, you're concerned.
No, not concerned. Curious.
It'll drop. Let
the others panic.
If it drops any further,
it's going to be our money.
The election results will start
coming in, in about three hours.
If it still hasn't changed
then you can be concerned.
I hope you're right. I am.
Okay. You're the genius.
Goodnight professor.
Hi. I'm staring at the most
ridiculous picture of myself.
We'll put it up in the bathroom.
No, we will not.
No-one should ever see
their face this big. Ever.
How's it going down there?
It's okay, I think.
I'm almost home.
I'm leaving soon.
Okay. Love you. Love you.
See you soon. Bye.
Columbian officials
have announced
that the incumbent president
has maintained power
in the most tightly
fought political contest
the country has ever seen.
This unexpected result
defied early poll predictions
and sent shockwaves
through the country.
Agricultural policies
will no longer change,
affecting millions of
people in rural areas
who were expecting
ownership and economy
to be placed back in the
hands of local farmers...
- Hi!
- In here.
Hi. Hmm? Thank you.
Thank you.
I've wanted this book
for such a long time.
I didn't get you this book.
What?
Nope. You must have
dropped hints to somebody else.
Not me.
Who do you think it's from?
Erm...
I don't know. There was no name.
There's no note. Erm...
This book is so fascinating.
It's Darwin's third book.
He would use galvanism to
induce an emotional reaction
from his subjects. It's amazing.
Oh! Okay. That's hideous.
Can you put it away
while we eat please?
Erm. Yeah. Sorry.
Hugo.
Fine. Shouldn't
have doubted you.
What?
What? You're not
checking the figures?
You were right about Columbia.
Thank you for the book.
What book?
The first edition Darwin.
I know Gabby didn't buy it.
And no-one else knows
I'd be interested in it, so...
First edition? Absolutely not.
I would never spend
that much money on you.
Seriously? You didn't buy it?
No. Probably a grateful client.
I've wanted this
book for a long time.
So, VIXAL knew
about the election.
Speculated.
Speculation could
be worth ten million.
So, we go short
on Vista Airways?
That's what it's
telling us. Right.
I'll authorise it now. Bonsoir.
I'm going to go up.
Five minutes. Okay.
"Fear. Terror.
"The word fear
"seems to be derived from
what is sudden and dangerous.
"And that of terror
from the trembling
"of the vocal organs and body.
"I use the word
terror for extreme fear.
"But some writers think it
ought to be confined to cases
"in which the imagination is
more particularly concerned.
"The frightened man
stands like a statue,
"motionless and breathless."
"Or crouches down
as if instinctively"
"to escape observation."
Evening. Oh, shit.
That was a long five minutes.
Sorry...
I got distracted.
So it's the right
time of the month.
Oh, I know.
Do you want to? Yes, please.
Oi, you. Time to shut down.
You're not the only one
with a big day tomorrow.
Sorry.
How are you feeling?
Erm, fucking terrified.
It's so exposing.
It is.
You're the bravest
person I know.
I have a good feeling
about tomorrow.
You're going to sell everything.
Police, please.
I might have an
intruder in my house.
My name is Alexander Hoffman,
an alarm should
have been triggered.
No.
Well, could you send
somebody quickly please?
Yes. Thank you.
Gabby! Lock the door!
There's someone in the house!
Gabby!
Alex? Alex?
Dr. Hoffman, can you hear me?
My love. Alex? Alex?
Dr. Hoffman. Are you all right?
Oh, my God! You're
really bleeding my love.
Dr. Hoffman. I am
Jean-Phillipe Leclerc.
Do you feel able to
answer some questions?
How long was I unconscious?
Maybe 25 minutes.
We found these in the
kitchen, next to the knives.
Do they belong to either of you?
What the fuck? No I have
never seen them before.
It's possible that the intruder
was planning a kidnapping
rather than a robbery.
Oh, my God.
Are you okay? I'm okay.
He didn't hurt you?
He didn't touch me.
Do you know if anyone
has a grudge against you?
If anyone may have wanted
to extort money from you?
No. No.
He disabled the alarms,
so how did he get in?
What? Through the front gate.
Did anyone, apart from
you know the codes here?
Maurice. Maurice Genoud, yeah.
- Maurice, Maurice Genoud?
- Oui.
He's the head of
security for my company.
And for the house. Yeah.
He took his shoes off.
What? Why would he do that?
His shoes. What shoes?
He left his boots
by the front door.
That's how I knew
someone was in the house.
Sir. Do you remember
what he looked like?
It's very important we show
a description of this man
as soon as possible.
Dr. Hoffman?
I'm all right.
Oh, my God. Careful. Careful.
I'm all right. I'm all right.
Just leave me alone. I'm okay!
Just give me a second.
It's in here.
Someone sent me this
book anonymously yesterday.
That's him, that's
the man I saw.
You know that this photograph
is more than a hundred years old?
Obviously, I'm
aware of that. Fuck!
But that's him.
He looked like that.
Long hair, gaunt face.
Forty-two million Euro.
Yeah, it's a good price.
Because I grew up in
Geneva, you know, and now,
I can't afford that because
I'm living outside
and driving to work.
Come on, let's go.
Just get off me please.
Merci, Inspector.
Bon courage.
Alex, you have to take it easy.
Who are you calling?
Hugo.
He needs to know what happened.
I really don't think he needs
to come to the hospital, though.
Alex? It's 5am.
We had a break in at the house.
What? Yeah. We're all fine.
I just got a knock to the head,
so, we're in an ambulance.
Which hospital?
University. I'll be there.
Ah oui, d'accord.
Gabby?
A genuine patient? Oui.
This is my husband, Alex.
This is Fabian Tallon,
the duty technician.
Do you remember I
told you about him?
He helped me with the scans
for the exhibition. Remember?
Yeah, I remember.
Thank you for everything
you've done for my wife.
Oh, it's been a pleasure.
Now Alex, let's see
what we can do for you.
Alex?
What?
I'm sorry, what did you say?
Can you stand up for me please?
Of course.
It won't take long.
It's going to be okay.
I hate these things.
Have you missed
our conversations?
Yes, I have.
Alex? Alex, can you hear me?
Can you hear me? Yeah.
Okay. I need you to
keep as still as possible.
Alex, stop moving.
Head back up, please.
Please get me out
now! Okay. Okay.
Forget this.
No evidence of
fracture and no swelling
which is the most
important thing.
But you see these tiny
haemorrhages in the brain tissue
Serious? Not necessarily.
But I'd like to do an MRI.
Get a clearer image
of the soft tissue.
Tell us whether or not
it's related to the attack
or is a pre-existing condition.
How long will that take?
It depends when the
scanner's available.
We might be able
to use it around noon.
As long as there's no emergency.
Sorry, is this not an emergency?
There's no immediate danger. No.
- Then I'd like to be discharged.
- No, no, no.
You are having this scan.
Monsieur.
Anyone who's been
knocked unconscious
as you have
should be kept under
observation for 24 hours.
You just said there
was no emergency,
so, there's no immediate
danger. Correct?
My advice would be
to take this to your doctor
as soon as possible. Okay.
Sorry. But, why? Is there
a tumour or something?
I can't say for sure.
That's why you need an
MRI. To rule out a few things.
Like what?
Dementia, MS? What?
You are having a scan and
you are not going to the office.
I will have the
scan. But tomorrow.
You have to get to the gallery.
You've been working on
this exhibition for months.
Okay. Look at me, I'm fine.
You've seen the scan,
there's no swelling,
there's no fracture.
And no bloody common sense.
That wound must be stitched.
And you need to sign a
form releasing the hospital
from all responsibility
if you decide to leave.
Fine.
Well then, professor,
let's get you stitched up.
We don't want that brain
falling out now, do we?
Thank you, Doctor.
Hugo, please.
They said he needs to be
observed for at least 24 hours.
Gabby, I wouldn't dream
of telling Alex what to do.
If he wants to go to the office
I couldn't stop him if I tried.
This pitch is
worth a hell of a lot.
You could always do it.
Oh, no you can't,
cos you're just good at counting
all the cash he makes you.
Dr. Hoffman, are you all right?
Just a minute.
Your CT scan results.
Take it from me,
it is always the unknown
that is most frightening.
See your doctor, Monsieur.
I know when you're not fine.
My love, I really
think your health
is more important than a pitch.
Don't worry, I'll
look after him.
Alex, what's wrong?
Nothing.
I think the anaesthetic
is just wearing off.
It stings a little.
Turn the radio up
will you, Claude.
Bonjour.
Bonjour. May I help you?
Yeah. Inspector
Jean-Phillipe Leclerc.
I am leading the investigation
into Dr. Hoffman's attack.
Any progress?
Yeah. Working on it.
Try not to worry.
We're quite busy today,
so I'll make sure Dr. Hoffman
calls you as soon as possible.
I'll see you in a
couple of hours.
You look after yourself, okay?
Can I give you my card?
Oui. Yeah.
Thank you.
Now this little group of
investors we've put together
could buy out all our other
investors five times over.
Good morning, gentlemen.
Morning, Claire. Claire.
I need to go find Genoud.
All in good time, Alex.
We can't afford to assume we've
already got their investments.
Let's not be complacent.
I'm not complacent,
I'm confident.
And, Hugo. I'm serious.
I'll be at Gabby's opening.
Till then, do your worst.
Now let me talk you
through who's coming.
Eight investors,
all existing clients.
Four institutions
and two family offices.
Now they're due in an
hour-and-a-half, right?
So, I'll introduce you.
You walk them through
the basic principles
in a language they'll
understand please, professor.
And after that we'll
show them the hardware
and I'll make the pitch.
And last but not least,
we'll take them out to
lunch at the Beau Valais.
By which point I'd like us
all to be five billion better off.
But I'll settle for
four point five.
Commission of two
and twenty, all right?
Ah! Monsieur Genoud! A word.
Best system money can buy.
That's what you said.
So, you're responsible
for security, Genoud,
at the office and at our homes.
This building is as well
protected as any in Geneva.
As for your home, the
system wasn't breached.
The intruder must
have known the codes.
I do the best I
can, Dr. Hoffman,
but no security system in the
world can protect against that.
Yes, but, apart from
Alex and Gabby,
the only other person who
knew those codes was you.
None of my staff have
access to those codes.
And if they did
they wouldn't be
able to decipher them
because they are encrypted.
No leak came from me.
I guess we'll just have to take
your word for that, won't we?
All right, until
this man is caught
the priority is arranging
proper protection for Alex, yes?
A permanent guard
is already at the house.
When Dr. Hoffman leaves
this building for his home.
I would suggest he is
covered by a security guard
with counter-terrorism training.
Counter-terrorism?
Yes, if you or Gabby
were kidnapped,
you'd command a
pretty high ransom,
so I say let's do whatever
it takes to protect you.
All right. But I want Gabby
to have whatever I have.
She's worth more than me.
That's all for now, thank you.
Dr. Hoffman, I know Leclerc,
the detective leading
this investigation.
Okay.
May I ask, have you
told him everything?
Of course.
Absolutely everything?
Yes. What are you implying?
That's enough now, Maurice.
What the hell's
he talking about?
Look, I need you
to start focusing.
Do you trust him?
If he wanted to do
something to you or Gabby,
if he wanted to steal from you,
he would have done it already.
And he would have
been very good at it.
I could do without the lunch.
We've waited a year for this.
Remember the end game.
Yep.
Now maybe take a
shower and comb your hair.
They want brilliant
and eccentric,
but not completely mad.
Jesus!
I did knock.
I just wanted to know if you'd
like anything done before I go.
Oh.
You keep a record of...
the security codes for
my house, don't you?
Yes, Dr. Hoffman.
Where do you keep
them? On my computer,
but I can't open the
file. Only you can do that.
Does anyone else have
access to that computer?
Certainly not. Not
even your husband?
My husband died last year.
Yes...
I'm sorry. I...
Someone broke into
the house last night
and they... The police say the
intruder had the codes... I'm...
I'm sorry. That's okay.
If you'd like anything
else, let me know.
Okay.
Fuck!
- Goede morgen.
- Rosengaarden.
Goede morgen. Do
you speak English?
Yes, how can I help you?
I believe you sent me a book.
My name is Alexander
Hoffman, I live in Geneva.
Dr. Hoffman! Of
course, I remember,
it was a Darwin first
edition. A beautiful book.
Is something wrong? A
problem with the delivery or...
No. I received it. I just,
it didn't come with a
note and I want to thank
whoever bought it for me.
Could you provide
that information?
But, you bought it, Dr. Hoffman.
No, that's...
no, I didn't buy the book.
Dr. Hoffman, I have the
order form in front of me.
You bought the book.
I assure you I did not.
Is there any way you
could have confused
this purchase with another item?
No, no, no. I...
can you tell me how
I paid for the book?
A bank transfer.
How much?
Ten thousand Euros.
Okay. Who did I speak
to when I bought the book?
You ordered by email.
When? May 3rd.
No, I'm looking at my emails now
and I don't see an email to you.
Perhaps you have
another computer?
Could you have
sent it from home?
No.
Are you still there,
Dr. Hoffman?
Yes.
Yes. Do you have an account
number for that transaction?
I'm sorry, but I can't
disclose that information.
Why not, it's my
account, isn't it?
I cannot give that
information over the phone.
But I could send it to the email
address given on the order.
Great. Could you please do that?
Thank you. I'll send
the email. Goodbye.
The tiny haemorrhages
in the brain tissue.
I'd like to do an MRI...
My advice would be to take this
to your doctor as
soon as possible.
Take it from me,
it is always the unknown
that is most frightening.
See your doctor, monsieur.
If they want to go
for eight, that's fine.
I'll call you back. Lin.
I need you to check an
account number for me.
Looks like a Cayman
Island's US dollar account.
Is it a company account?
Forward it to me and I'll
run it through the system.
What's this got to do with?
I just need to know who's it is.
And keep it to yourself. Okay?
All right. Alex, has
Marieme spoken to you?
No. Why?
You authorised a big short
on Vista Airways last night.
It's in direct opposition to the
trend and Marieme's worried,
wants to call a risk
committee meeting.
She's saying our risk
limit's been breached.
Tell her to talk to Hugo, okay?
Okay.
Dr. Hoffman.
They're waiting for
you in the boardroom.
What time is it? Almost eleven.
Are you all right?
Just tell Hugo I'll be
a few minutes, okay?
Okay.
I need a word, now.
Marieme, it'll have to wait
till after the presentation.
It's urgent. Not now.
You authorised a
short on Vista Airways!
Listen, not now! Okay?
Here he is at last,
the president of Hoffman
Investment Technologies.
Well, as I was saying,
it's been nearly eight years
since Alex and I
first set up shop.
And in that time, you've all
seen your net worth increase
by eighty-three percent.
So, you already know that
bringing your money to us
was the smart thing to do.
About 18 months ago,
Alex and his team made a
technological breakthrough,
for want of better words.
As a result, we had
to hard-close the fund.
Some of you were
very disappointed.
But we had to do it
because we had to
be absolutely sure
that increasing
the size of our fund
would not decrease
our performance.
Well, it pleases me greatly
to tell you that VIXAL-4
is now robust enough to
support portfolio expansion
from our most
important existing clients.
Now I'd like to hand you
over to Doctor Alex Hoffman.
Around 350 BC,
Aristotle defined human beings
as "the animal
that has language."
Language, above all,
is what differentiates us
from the other
creatures on the planet.
The development of
language freed us from
a world of physical objects
and substituted a
universe of symbols.
For over 50,000 years
only humans were "the
animal with language."
But now, for the very first
time that is no longer the case.
We share our world
with computers.
Everywhere we go,
we leave a digital trail.
All that data can be
read and analysed.
But here's the thing.
We still read at the
same rate as Aristotle did.
The average American
college student
only reads 450 words a minute.
A computer can perform trillions
of calculations every second.
There's a physical limit to
how much we can, as a species,
process and absorb.
But there's no such
limit for computers,
as long as we give them enough
processing power and memory.
And on top of that, algorithms
don't have imagination.
They don't give in to
panic, unlike humans.
So, that makes them
ideally suited to trading,
in the financial markets.
With our new
generation of VIXAL,
we were able to isolate, measure
and factor in to our
market calculations,
the element of price
that derives entirely
from human behaviour.
We built an algorithm
that can adapt
its strategy and that's what
gives it a competitive edge.
So basically, this is
just behavioural finance?
You're going to analyse every aspect
of human behaviour in the markets.
That would be impossible,
as you well know.
No.
The solution was to choose
one emotion for which
we have substantive data.
Which is? Fear.
Fear is historically the
strongest emotion, in economics.
Remember FDR during
the Great Depression?
The most famous
financial quote of all time.
"The only thing we
have to fear is fear itself."
In fact, fear is probably the
strongest human emotion, period.
No one wakes up
at four in the morning
because they're happy, do they?
Children leave the light on
because they fear the dark.
We put our money in a safe
because we fear it being stolen.
We act on fear.
With VIXAL, we
are able to correlate
recent market fluctuations
with the frequency
of fear-related
words in the media
and the conclusion we've drawn
is that fear is driving the
world like never before.
The success we've had
at this firm speaks for itself.
The market has endured
two years of panic
which has made
our algorithm thrive,
because humans act
in very predictable ways
when they're frightened.
And we've only gone and found
a way to make money out of it.
So, without further ado, shall
we make our way downstairs?
All good? Yeah.
So, as most of
you will be aware,
the Chicago Board of
Exchange operates what's known
as the S&P 500
Volatility index, or VIX.
It's essentially a ticker,
tracking the price
of options on stocks
traded in the S&P 500
and it shows the implied
volatility of the market
in the coming month.
The higher the index,
the greater the uncertainty,
which is why traders
call it "the fear index."
So, the VIX was
our starting point.
Which gives us a mass
of data going back to 1993
which we then pair with
new behavioural indices
which we've compiled,
and bring that all together
with existing methodology.
And we started with VIXAL-1
now we're up to our
fourth iteration, VIXAL-4.
Is this thing operational?
VIXAL-4 took control of
the entire fund a week ago.
And?
Well, as of last
night, it was up about
seventy-nine
point seven million.
I thought you said it had
only been running a week?
Oh, I did, Bill. But that...
That means that on a
ten-billion-dollar fund,
you're looking at a profit of
four point one four billion a year.
Thereabouts.
You can see why we've decided
it's time to bring
in more investment.
We need to exploit
the hell out of this thing
before anyone develops
a clone strategy.
Perhaps now would be a good
time to show you VIXAL-4 in action?
Jean-Phillipe.
Oui.
Ah, bon?
to the polls today,
for what could be a historic
moment of change for the country
As the second-round
votes are counted,
there are rumours and
speculation in the capitol,
that this could be the end
of an eight-year reign
for the political party
and incumbent President.
Columbian Presidents are
elected for four year terms,
using a two-round system.
Well this voting year
as a new candidate
received a majority of
the vote in the first round.
A run off has been held,
between the top two candidates.
Hugo, you're concerned.
No, not concerned. Curious.
It'll drop. Let
the others panic.
If it drops any further,
it's going to be our money.
The election results will start
coming in, in about three hours.
If it still hasn't changed
then you can be concerned.
I hope you're right. I am.
Okay. You're the genius.
Goodnight professor.
Hi. I'm staring at the most
ridiculous picture of myself.
We'll put it up in the bathroom.
No, we will not.
No-one should ever see
their face this big. Ever.
How's it going down there?
It's okay, I think.
I'm almost home.
I'm leaving soon.
Okay. Love you. Love you.
See you soon. Bye.
Columbian officials
have announced
that the incumbent president
has maintained power
in the most tightly
fought political contest
the country has ever seen.
This unexpected result
defied early poll predictions
and sent shockwaves
through the country.
Agricultural policies
will no longer change,
affecting millions of
people in rural areas
who were expecting
ownership and economy
to be placed back in the
hands of local farmers...
- Hi!
- In here.
Hi. Hmm? Thank you.
Thank you.
I've wanted this book
for such a long time.
I didn't get you this book.
What?
Nope. You must have
dropped hints to somebody else.
Not me.
Who do you think it's from?
Erm...
I don't know. There was no name.
There's no note. Erm...
This book is so fascinating.
It's Darwin's third book.
He would use galvanism to
induce an emotional reaction
from his subjects. It's amazing.
Oh! Okay. That's hideous.
Can you put it away
while we eat please?
Erm. Yeah. Sorry.
Hugo.
Fine. Shouldn't
have doubted you.
What?
What? You're not
checking the figures?
You were right about Columbia.
Thank you for the book.
What book?
The first edition Darwin.
I know Gabby didn't buy it.
And no-one else knows
I'd be interested in it, so...
First edition? Absolutely not.
I would never spend
that much money on you.
Seriously? You didn't buy it?
No. Probably a grateful client.
I've wanted this
book for a long time.
So, VIXAL knew
about the election.
Speculated.
Speculation could
be worth ten million.
So, we go short
on Vista Airways?
That's what it's
telling us. Right.
I'll authorise it now. Bonsoir.
I'm going to go up.
Five minutes. Okay.
"Fear. Terror.
"The word fear
"seems to be derived from
what is sudden and dangerous.
"And that of terror
from the trembling
"of the vocal organs and body.
"I use the word
terror for extreme fear.
"But some writers think it
ought to be confined to cases
"in which the imagination is
more particularly concerned.
"The frightened man
stands like a statue,
"motionless and breathless."
"Or crouches down
as if instinctively"
"to escape observation."
Evening. Oh, shit.
That was a long five minutes.
Sorry...
I got distracted.
So it's the right
time of the month.
Oh, I know.
Do you want to? Yes, please.
Oi, you. Time to shut down.
You're not the only one
with a big day tomorrow.
Sorry.
How are you feeling?
Erm, fucking terrified.
It's so exposing.
It is.
You're the bravest
person I know.
I have a good feeling
about tomorrow.
You're going to sell everything.
Police, please.
I might have an
intruder in my house.
My name is Alexander Hoffman,
an alarm should
have been triggered.
No.
Well, could you send
somebody quickly please?
Yes. Thank you.
Gabby! Lock the door!
There's someone in the house!
Gabby!
Alex? Alex?
Dr. Hoffman, can you hear me?
My love. Alex? Alex?
Dr. Hoffman. Are you all right?
Oh, my God! You're
really bleeding my love.
Dr. Hoffman. I am
Jean-Phillipe Leclerc.
Do you feel able to
answer some questions?
How long was I unconscious?
Maybe 25 minutes.
We found these in the
kitchen, next to the knives.
Do they belong to either of you?
What the fuck? No I have
never seen them before.
It's possible that the intruder
was planning a kidnapping
rather than a robbery.
Oh, my God.
Are you okay? I'm okay.
He didn't hurt you?
He didn't touch me.
Do you know if anyone
has a grudge against you?
If anyone may have wanted
to extort money from you?
No. No.
He disabled the alarms,
so how did he get in?
What? Through the front gate.
Did anyone, apart from
you know the codes here?
Maurice. Maurice Genoud, yeah.
- Maurice, Maurice Genoud?
- Oui.
He's the head of
security for my company.
And for the house. Yeah.
He took his shoes off.
What? Why would he do that?
His shoes. What shoes?
He left his boots
by the front door.
That's how I knew
someone was in the house.
Sir. Do you remember
what he looked like?
It's very important we show
a description of this man
as soon as possible.
Dr. Hoffman?
I'm all right.
Oh, my God. Careful. Careful.
I'm all right. I'm all right.
Just leave me alone. I'm okay!
Just give me a second.
It's in here.
Someone sent me this
book anonymously yesterday.
That's him, that's
the man I saw.
You know that this photograph
is more than a hundred years old?
Obviously, I'm
aware of that. Fuck!
But that's him.
He looked like that.
Long hair, gaunt face.
Forty-two million Euro.
Yeah, it's a good price.
Because I grew up in
Geneva, you know, and now,
I can't afford that because
I'm living outside
and driving to work.
Come on, let's go.
Just get off me please.
Merci, Inspector.
Bon courage.
Alex, you have to take it easy.
Who are you calling?
Hugo.
He needs to know what happened.
I really don't think he needs
to come to the hospital, though.
Alex? It's 5am.
We had a break in at the house.
What? Yeah. We're all fine.
I just got a knock to the head,
so, we're in an ambulance.
Which hospital?
University. I'll be there.
Ah oui, d'accord.
Gabby?
A genuine patient? Oui.
This is my husband, Alex.
This is Fabian Tallon,
the duty technician.
Do you remember I
told you about him?
He helped me with the scans
for the exhibition. Remember?
Yeah, I remember.
Thank you for everything
you've done for my wife.
Oh, it's been a pleasure.
Now Alex, let's see
what we can do for you.
Alex?
What?
I'm sorry, what did you say?
Can you stand up for me please?
Of course.
It won't take long.
It's going to be okay.
I hate these things.
Have you missed
our conversations?
Yes, I have.
Alex? Alex, can you hear me?
Can you hear me? Yeah.
Okay. I need you to
keep as still as possible.
Alex, stop moving.
Head back up, please.
Please get me out
now! Okay. Okay.
Forget this.
No evidence of
fracture and no swelling
which is the most
important thing.
But you see these tiny
haemorrhages in the brain tissue
Serious? Not necessarily.
But I'd like to do an MRI.
Get a clearer image
of the soft tissue.
Tell us whether or not
it's related to the attack
or is a pre-existing condition.
How long will that take?
It depends when the
scanner's available.
We might be able
to use it around noon.
As long as there's no emergency.
Sorry, is this not an emergency?
There's no immediate danger. No.
- Then I'd like to be discharged.
- No, no, no.
You are having this scan.
Monsieur.
Anyone who's been
knocked unconscious
as you have
should be kept under
observation for 24 hours.
You just said there
was no emergency,
so, there's no immediate
danger. Correct?
My advice would be
to take this to your doctor
as soon as possible. Okay.
Sorry. But, why? Is there
a tumour or something?
I can't say for sure.
That's why you need an
MRI. To rule out a few things.
Like what?
Dementia, MS? What?
You are having a scan and
you are not going to the office.
I will have the
scan. But tomorrow.
You have to get to the gallery.
You've been working on
this exhibition for months.
Okay. Look at me, I'm fine.
You've seen the scan,
there's no swelling,
there's no fracture.
And no bloody common sense.
That wound must be stitched.
And you need to sign a
form releasing the hospital
from all responsibility
if you decide to leave.
Fine.
Well then, professor,
let's get you stitched up.
We don't want that brain
falling out now, do we?
Thank you, Doctor.
Hugo, please.
They said he needs to be
observed for at least 24 hours.
Gabby, I wouldn't dream
of telling Alex what to do.
If he wants to go to the office
I couldn't stop him if I tried.
This pitch is
worth a hell of a lot.
You could always do it.
Oh, no you can't,
cos you're just good at counting
all the cash he makes you.
Dr. Hoffman, are you all right?
Just a minute.
Your CT scan results.
Take it from me,
it is always the unknown
that is most frightening.
See your doctor, Monsieur.
I know when you're not fine.
My love, I really
think your health
is more important than a pitch.
Don't worry, I'll
look after him.
Alex, what's wrong?
Nothing.
I think the anaesthetic
is just wearing off.
It stings a little.
Turn the radio up
will you, Claude.
Bonjour.
Bonjour. May I help you?
Yeah. Inspector
Jean-Phillipe Leclerc.
I am leading the investigation
into Dr. Hoffman's attack.
Any progress?
Yeah. Working on it.
Try not to worry.
We're quite busy today,
so I'll make sure Dr. Hoffman
calls you as soon as possible.
I'll see you in a
couple of hours.
You look after yourself, okay?
Can I give you my card?
Oui. Yeah.
Thank you.
Now this little group of
investors we've put together
could buy out all our other
investors five times over.
Good morning, gentlemen.
Morning, Claire. Claire.
I need to go find Genoud.
All in good time, Alex.
We can't afford to assume we've
already got their investments.
Let's not be complacent.
I'm not complacent,
I'm confident.
And, Hugo. I'm serious.
I'll be at Gabby's opening.
Till then, do your worst.
Now let me talk you
through who's coming.
Eight investors,
all existing clients.
Four institutions
and two family offices.
Now they're due in an
hour-and-a-half, right?
So, I'll introduce you.
You walk them through
the basic principles
in a language they'll
understand please, professor.
And after that we'll
show them the hardware
and I'll make the pitch.
And last but not least,
we'll take them out to
lunch at the Beau Valais.
By which point I'd like us
all to be five billion better off.
But I'll settle for
four point five.
Commission of two
and twenty, all right?
Ah! Monsieur Genoud! A word.
Best system money can buy.
That's what you said.
So, you're responsible
for security, Genoud,
at the office and at our homes.
This building is as well
protected as any in Geneva.
As for your home, the
system wasn't breached.
The intruder must
have known the codes.
I do the best I
can, Dr. Hoffman,
but no security system in the
world can protect against that.
Yes, but, apart from
Alex and Gabby,
the only other person who
knew those codes was you.
None of my staff have
access to those codes.
And if they did
they wouldn't be
able to decipher them
because they are encrypted.
No leak came from me.
I guess we'll just have to take
your word for that, won't we?
All right, until
this man is caught
the priority is arranging
proper protection for Alex, yes?
A permanent guard
is already at the house.
When Dr. Hoffman leaves
this building for his home.
I would suggest he is
covered by a security guard
with counter-terrorism training.
Counter-terrorism?
Yes, if you or Gabby
were kidnapped,
you'd command a
pretty high ransom,
so I say let's do whatever
it takes to protect you.
All right. But I want Gabby
to have whatever I have.
She's worth more than me.
That's all for now, thank you.
Dr. Hoffman, I know Leclerc,
the detective leading
this investigation.
Okay.
May I ask, have you
told him everything?
Of course.
Absolutely everything?
Yes. What are you implying?
That's enough now, Maurice.
What the hell's
he talking about?
Look, I need you
to start focusing.
Do you trust him?
If he wanted to do
something to you or Gabby,
if he wanted to steal from you,
he would have done it already.
And he would have
been very good at it.
I could do without the lunch.
We've waited a year for this.
Remember the end game.
Yep.
Now maybe take a
shower and comb your hair.
They want brilliant
and eccentric,
but not completely mad.
Jesus!
I did knock.
I just wanted to know if you'd
like anything done before I go.
Oh.
You keep a record of...
the security codes for
my house, don't you?
Yes, Dr. Hoffman.
Where do you keep
them? On my computer,
but I can't open the
file. Only you can do that.
Does anyone else have
access to that computer?
Certainly not. Not
even your husband?
My husband died last year.
Yes...
I'm sorry. I...
Someone broke into
the house last night
and they... The police say the
intruder had the codes... I'm...
I'm sorry. That's okay.
If you'd like anything
else, let me know.
Okay.
Fuck!
- Goede morgen.
- Rosengaarden.
Goede morgen. Do
you speak English?
Yes, how can I help you?
I believe you sent me a book.
My name is Alexander
Hoffman, I live in Geneva.
Dr. Hoffman! Of
course, I remember,
it was a Darwin first
edition. A beautiful book.
Is something wrong? A
problem with the delivery or...
No. I received it. I just,
it didn't come with a
note and I want to thank
whoever bought it for me.
Could you provide
that information?
But, you bought it, Dr. Hoffman.
No, that's...
no, I didn't buy the book.
Dr. Hoffman, I have the
order form in front of me.
You bought the book.
I assure you I did not.
Is there any way you
could have confused
this purchase with another item?
No, no, no. I...
can you tell me how
I paid for the book?
A bank transfer.
How much?
Ten thousand Euros.
Okay. Who did I speak
to when I bought the book?
You ordered by email.
When? May 3rd.
No, I'm looking at my emails now
and I don't see an email to you.
Perhaps you have
another computer?
Could you have
sent it from home?
No.
Are you still there,
Dr. Hoffman?
Yes.
Yes. Do you have an account
number for that transaction?
I'm sorry, but I can't
disclose that information.
Why not, it's my
account, isn't it?
I cannot give that
information over the phone.
But I could send it to the email
address given on the order.
Great. Could you please do that?
Thank you. I'll send
the email. Goodbye.
The tiny haemorrhages
in the brain tissue.
I'd like to do an MRI...
My advice would be to take this
to your doctor as
soon as possible.
Take it from me,
it is always the unknown
that is most frightening.
See your doctor, monsieur.
If they want to go
for eight, that's fine.
I'll call you back. Lin.
I need you to check an
account number for me.
Looks like a Cayman
Island's US dollar account.
Is it a company account?
Forward it to me and I'll
run it through the system.
What's this got to do with?
I just need to know who's it is.
And keep it to yourself. Okay?
All right. Alex, has
Marieme spoken to you?
No. Why?
You authorised a big short
on Vista Airways last night.
It's in direct opposition to the
trend and Marieme's worried,
wants to call a risk
committee meeting.
She's saying our risk
limit's been breached.
Tell her to talk to Hugo, okay?
Okay.
Dr. Hoffman.
They're waiting for
you in the boardroom.
What time is it? Almost eleven.
Are you all right?
Just tell Hugo I'll be
a few minutes, okay?
Okay.
I need a word, now.
Marieme, it'll have to wait
till after the presentation.
It's urgent. Not now.
You authorised a
short on Vista Airways!
Listen, not now! Okay?
Here he is at last,
the president of Hoffman
Investment Technologies.
Well, as I was saying,
it's been nearly eight years
since Alex and I
first set up shop.
And in that time, you've all
seen your net worth increase
by eighty-three percent.
So, you already know that
bringing your money to us
was the smart thing to do.
About 18 months ago,
Alex and his team made a
technological breakthrough,
for want of better words.
As a result, we had
to hard-close the fund.
Some of you were
very disappointed.
But we had to do it
because we had to
be absolutely sure
that increasing
the size of our fund
would not decrease
our performance.
Well, it pleases me greatly
to tell you that VIXAL-4
is now robust enough to
support portfolio expansion
from our most
important existing clients.
Now I'd like to hand you
over to Doctor Alex Hoffman.
Around 350 BC,
Aristotle defined human beings
as "the animal
that has language."
Language, above all,
is what differentiates us
from the other
creatures on the planet.
The development of
language freed us from
a world of physical objects
and substituted a
universe of symbols.
For over 50,000 years
only humans were "the
animal with language."
But now, for the very first
time that is no longer the case.
We share our world
with computers.
Everywhere we go,
we leave a digital trail.
All that data can be
read and analysed.
But here's the thing.
We still read at the
same rate as Aristotle did.
The average American
college student
only reads 450 words a minute.
A computer can perform trillions
of calculations every second.
There's a physical limit to
how much we can, as a species,
process and absorb.
But there's no such
limit for computers,
as long as we give them enough
processing power and memory.
And on top of that, algorithms
don't have imagination.
They don't give in to
panic, unlike humans.
So, that makes them
ideally suited to trading,
in the financial markets.
With our new
generation of VIXAL,
we were able to isolate, measure
and factor in to our
market calculations,
the element of price
that derives entirely
from human behaviour.
We built an algorithm
that can adapt
its strategy and that's what
gives it a competitive edge.
So basically, this is
just behavioural finance?
You're going to analyse every aspect
of human behaviour in the markets.
That would be impossible,
as you well know.
No.
The solution was to choose
one emotion for which
we have substantive data.
Which is? Fear.
Fear is historically the
strongest emotion, in economics.
Remember FDR during
the Great Depression?
The most famous
financial quote of all time.
"The only thing we
have to fear is fear itself."
In fact, fear is probably the
strongest human emotion, period.
No one wakes up
at four in the morning
because they're happy, do they?
Children leave the light on
because they fear the dark.
We put our money in a safe
because we fear it being stolen.
We act on fear.
With VIXAL, we
are able to correlate
recent market fluctuations
with the frequency
of fear-related
words in the media
and the conclusion we've drawn
is that fear is driving the
world like never before.
The success we've had
at this firm speaks for itself.
The market has endured
two years of panic
which has made
our algorithm thrive,
because humans act
in very predictable ways
when they're frightened.
And we've only gone and found
a way to make money out of it.
So, without further ado, shall
we make our way downstairs?
All good? Yeah.
So, as most of
you will be aware,
the Chicago Board of
Exchange operates what's known
as the S&P 500
Volatility index, or VIX.
It's essentially a ticker,
tracking the price
of options on stocks
traded in the S&P 500
and it shows the implied
volatility of the market
in the coming month.
The higher the index,
the greater the uncertainty,
which is why traders
call it "the fear index."
So, the VIX was
our starting point.
Which gives us a mass
of data going back to 1993
which we then pair with
new behavioural indices
which we've compiled,
and bring that all together
with existing methodology.
And we started with VIXAL-1
now we're up to our
fourth iteration, VIXAL-4.
Is this thing operational?
VIXAL-4 took control of
the entire fund a week ago.
And?
Well, as of last
night, it was up about
seventy-nine
point seven million.
I thought you said it had
only been running a week?
Oh, I did, Bill. But that...
That means that on a
ten-billion-dollar fund,
you're looking at a profit of
four point one four billion a year.
Thereabouts.
You can see why we've decided
it's time to bring
in more investment.
We need to exploit
the hell out of this thing
before anyone develops
a clone strategy.
Perhaps now would be a good
time to show you VIXAL-4 in action?
Jean-Phillipe.
Oui.
Ah, bon?