Hey everyone! I thought it would be good to create a new, more relaxed thread for members to share and discuss some of their favourite films/documentaries/books which have a commercial or legal edge to them.
Commercial awareness/technical knowledge can be really hard to 'get in to', and sometimes you just need a cursory introduction before you pull out the economics textbooks. I have found that films/documentaries/books, which incorporate aspects of industry, are a great way to get candidates into certain commercial topics and encourage them to learn more about them. Nevertheless, it can be difficult to know where to start - hence, this thread!
Over the next couple of weeks, I'll be looking to post some short reviews of films/documentaries/books which (I think) do a great job of illustrating commercial affairs or giving an introduction to some commercial/technical concepts. These aren't going to be particularly formal reviews, but rather pointers towards some more accessible, 'commercial awareness' learning material - and, of course, to encourage forum members to share their own reviews/suggestions!
Before I kick off with the first 'review'/recommendation, I want to highlight that I'll be staying away from (as far as possible) media that might be in a commercial/legal setting but are not particularly helpful for VS/TC candidates. This is not to say that 'Suits', for example, is an unenjoyable show (my stance regarding that serial is, 'no comment')! Rather I don't think it, and others similar really have a place in this thread.
Finally, as always, I know this is a more informal thread, but let's keep the discussion civil - what might be helpful/interesting for one person might not be for all; nevertheless, everyone has their own individual taste, which should be respected.
So, without further ado...
Here you will find the likes of Zachary Quinto, Paul Bettany, Jeremy Irons, Stanley Tucci, Kevin Spacey, and more, playing soon-to-be sin-stained individuals in a dark, lucrative industry...
...namely, acting as employees of an unnamed fictional investment bank just before the GFC (mid-2007 - 2008/9).
The associate reports this to his superior, and *drama ensues*. Eventually, in the early hours of the morning, a decision is made by the lovely Mr Irons, playing the CEO of the bank, to dump as much of the toxic portfolio as possible, and to do so...all at once...when the markets open that morning. Needless to say, this would compromise the bank's relations with its industry peers and damage the market as a whole. Notwithstanding these warnings, in a few hours time, the firesale goes ahead - *drama ensues*.
The upshot is that the bank has taken eye-watering loses, destroyed their customer/peer relationships but has managed to dump the toxic portfolio. The implication is that this unnamed investment bank was the one that saw the Global Financial Crisis (GFC) coming and was one of the ones that got out early and alive.
It is slightly more advanced than, say The Big Short, because it doesn't really stop to explain anything. Acronyms are used (like MBS), technical terms are employed (like 'leverage') all without any fanfare or explanation. So, if you aren't particularly familiar with these concepts you can treat this film in two ways: (1) watch the film, enjoy it, and note down anything you don't understand, or (2) watch its younger brother, The Big Short, first, and then watch this to 'test' your understanding.
Personally, if you're in the aforementioned position, I would suggest: watch Margin Call and make some notes → conduct some basic research based on your notes (to develop a basic understanding) → watch The Big Short → rewatch Margin Call. Disclaimer: do not do this in a short timeframe! I mean, you can - but I know I don't have enough time to do all of that at once, and it might be a little nauseating to do so anyway!
- Right, I think I'll stop there! If you need more information on the film, you can always do a quick search online, but I think this gives you a decent idea of what to expect! I really do enjoy this film, and I think it is a lot more impactful (albeit less accessible) than its younger brother!
Commercial awareness/technical knowledge can be really hard to 'get in to', and sometimes you just need a cursory introduction before you pull out the economics textbooks. I have found that films/documentaries/books, which incorporate aspects of industry, are a great way to get candidates into certain commercial topics and encourage them to learn more about them. Nevertheless, it can be difficult to know where to start - hence, this thread!
Over the next couple of weeks, I'll be looking to post some short reviews of films/documentaries/books which (I think) do a great job of illustrating commercial affairs or giving an introduction to some commercial/technical concepts. These aren't going to be particularly formal reviews, but rather pointers towards some more accessible, 'commercial awareness' learning material - and, of course, to encourage forum members to share their own reviews/suggestions!
Before I kick off with the first 'review'/recommendation, I want to highlight that I'll be staying away from (as far as possible) media that might be in a commercial/legal setting but are not particularly helpful for VS/TC candidates. This is not to say that 'Suits', for example, is an unenjoyable show (my stance regarding that serial is, 'no comment')! Rather I don't think it, and others similar really have a place in this thread.
Finally, as always, I know this is a more informal thread, but let's keep the discussion civil - what might be helpful/interesting for one person might not be for all; nevertheless, everyone has their own individual taste, which should be respected.
So, without further ado...
Margin Call
Shock, horror, chaos - I didn't start with The Big Short! Instead, welcome to The Big Short's leaner, grittier, older brother (review coming in the next few weeks on The Big Short, of course).Here you will find the likes of Zachary Quinto, Paul Bettany, Jeremy Irons, Stanley Tucci, Kevin Spacey, and more, playing soon-to-be sin-stained individuals in a dark, lucrative industry...
...namely, acting as employees of an unnamed fictional investment bank just before the GFC (mid-2007 - 2008/9).
Plot (SPOILERS)
Frivolities aside, the film depicts a fictional investment bank over an approximate 24-hour period, which makes you feel like a lot of the film is in real-time. Over these 24-hours, an associate at the bank finishes a financial model which is recently-fired supervisor had left behind. The model shows huge volatility in the bank's mortgage-backed securities (MBS) portfolio. Because the bank's position is overleveraged, a drop in the value of the portfolio would lead to a loss greater than the value of the bank itself.The associate reports this to his superior, and *drama ensues*. Eventually, in the early hours of the morning, a decision is made by the lovely Mr Irons, playing the CEO of the bank, to dump as much of the toxic portfolio as possible, and to do so...all at once...when the markets open that morning. Needless to say, this would compromise the bank's relations with its industry peers and damage the market as a whole. Notwithstanding these warnings, in a few hours time, the firesale goes ahead - *drama ensues*.
The upshot is that the bank has taken eye-watering loses, destroyed their customer/peer relationships but has managed to dump the toxic portfolio. The implication is that this unnamed investment bank was the one that saw the Global Financial Crisis (GFC) coming and was one of the ones that got out early and alive.
Benefits of Watching
Okay, so aside from getting to experience Mr Quinto's magnificent eyebrows, Mr Bettany and Mr Irons' gorgeous vocal timbres, and some great cinematic pacing, Margin Call is a great film to get a 'feel' for the GFC, and see, from the perspective of the banks, the catch-22 position they were in. You really do get a feel for the dilemma - is this really the end? Do we really have to bail out now? The losses will be huge, but will this really crash like we think it will?It is slightly more advanced than, say The Big Short, because it doesn't really stop to explain anything. Acronyms are used (like MBS), technical terms are employed (like 'leverage') all without any fanfare or explanation. So, if you aren't particularly familiar with these concepts you can treat this film in two ways: (1) watch the film, enjoy it, and note down anything you don't understand, or (2) watch its younger brother, The Big Short, first, and then watch this to 'test' your understanding.
Personally, if you're in the aforementioned position, I would suggest: watch Margin Call and make some notes → conduct some basic research based on your notes (to develop a basic understanding) → watch The Big Short → rewatch Margin Call. Disclaimer: do not do this in a short timeframe! I mean, you can - but I know I don't have enough time to do all of that at once, and it might be a little nauseating to do so anyway!
- Right, I think I'll stop there! If you need more information on the film, you can always do a quick search online, but I think this gives you a decent idea of what to expect! I really do enjoy this film, and I think it is a lot more impactful (albeit less accessible) than its younger brother!
