Welcome to “From the Trader’s Desk” for the 2nd Season of Billions! The original concept of these posts was to recap of 2-3 episodes from my point of view as a trader, and to help with any confusion with “fin speak”. However, “Risk Management” was so meaty; I had to dive right in. So now, without further ado….
”Trading is gambling, legalized gambling.”
source: Showtime
Those are words I spoke to Damianista on our first meeting. I think she asked me how I got into the financial industry, and I told her I loved to gamble, and found a way to do it legally.
How fitting then is it that we open Season 2 with Axe sitting at a racetrack! Now, I’ll admit, I didn’t know it was Yonkers Raceway. I thought it was Belmont Park, a place my grandfather would take me to as a kid. Axe tells Bach “this place made me”, and I totally understand. Continue reading “From the Trader’s Desk: “Risk Management”, Episode 1 Season 2 of Billions”
As we get ready to enjoy the second season of Billions, we thought we would introduce our upcoming new series “From the Trader’s Desk” with my review of Season 1.
“From the Trader’s Desk” will be my take on what’s going on in the show (and a little fact checking) from the point of view of a Wall Street trader. I hope you enjoy reading it as much I enjoy writing it! Now, without further ado…
“Those who can, trade; those who can’t, prosecute.”
source: Showtime
That phrase came to mind once I knew the synopsis of Billions. Hedge Fund Titan (Bobby Axelrod) vs. the US Attorney (Chuck Rhodes). It’s a scenario that’s been playing out on Wall Street for some time. The players change, but the song remains the same.
And you may ask yourself, well
How did I get here? – Talking Heads
Damianista often visits New York, and when she does, we try and get together to chat and catch up. On one of her Spring visits, on a subway ride home, she asked me how I became a fan of Damian Lewis. I told her the story and her reaction was: “You should post that on the blog!” When I finally wrote up my story, Damianista came up with the brilliant idea of getting stories of how others became fans of Damian Lewis and posting them on the blog. How interesting it would be to read everyone’s stories and to see just how we all became a happy, FUN community! Damianista sent the word out, and the response was amazing!
Bobby waves Mafee into his office, but Mafee stays where he is. Bobby is perplexed until Wags explains Mafee wishes to talk about BioLance so has sent Wags in to get permission because Bobby told him he would be fired if he brought that up. Mafee thinks that they are about to lose £400+ million and is basically saying Bobby has this one wrong. Since he is executing the trade, Mafee fears if he does not speak up now, he’ll be fired after they lose the $400+ Million. Bobby sees how this could be a sticky one.
Bobby loves Mafee though so permission is granted.
Mafee has been losing sleep over this BioLance trade and he sleeps like a bear. Axe does that thing he does and asks Mafee what type of bear he usually sleeps like.
There is a special announcement call about BioLance in 9 minutes and Mafee is uneasy. Bobby, however, is giving Mafee no leeway when it comes to the actual information as Bobby understands the risks and has done the homework. So, despite the fact that the other analysts agree with Mafee and him being so loveable, Mafee is the one standing in front of Bobby and Mafee is fired.
He tried.
He is still there 9 minutes later when the announcement is made that BioLance has not gotten FDA approval. What does this mean? It means that Mafee would be perfectly entitled to jump up on the desk and scream “I told you so”. However, Mafee looks genuinely disappointed by the announcement. If he is fired, why does he care that Axe just lost $430 Million dollars for being an over confident and dismissive ass? Mafee might just be a team player.
The news has hit Bobby like a ton of bricks, but it is not really the fact that he just lost $430 million that is bothering him or that he really owes Mafee an apology. It is the realisation he has lost his mojo. He was wrong. Him! Bobby Axelrod.
A warning for those just starting to watch Billions in the UK, this blog will contain spoilers for all of season 1.
To know who Bobby Axelrod is means having an understanding of where he has been and how he has gotten to here. At the moment we just have ‘the here’ with a couple of anecdotes thrown in. Granted the 9/11 reveal was fairly big, but in the end just added more questions.
The simple view of Bobby Axelrod is a husband, a father and the owner of Axe Capital. Digging under the surface the clear picture starts to blur.
His wife loves him and is loyal to him yet it is clear there are things she does not know about him or about how he will react in certain circumstances. In Magical thinking Lara tells her sister Lu that she needs Bobby “to give her something” i.e. she needs him to share with her. It probably hurt her knowing he was off sharing his feelings with Wendy. In ‘the Conversation’ we see the first slither of doubts cross her mind even as the words she speaks say the opposite. I found it interesting that Bobby decided to leave all that money in the house rather than return it to the bank. Is this a test for his wife? At this stage I wouldn’t put it past him. Lara did not appreciate the inference of having to up and run soon by keeping the money in the house. Nor did she appreciate the affection with which Bobby spoke of Wendy in the same scene. It seems to me Mr & Mrs Axelrod may be about to hit choppy waters. I hope that boat came with life jackets.
Source: Showtime
His boys look up to him but then they are children who still think that dad knows best and are still at the stage where they prefer ‘cool’ dad far better than ‘realistic and responsible’ mum. The reality is that cool dad is not doing himself or his boys any favours. They are childish enough that they thank him for his undermining of whatever their mother says and does. They will grow out of that eventually. Continue reading “Value of Loyalty and Bobby Axelrod’s varying degrees”
