Low price was .29 with most trades happening in between. Movies. Wikipedia is a great source (generally, I have found) for explaining finance terms. Then everyone buys. (Also, the Hunt Brothers going bust almost led to their main trader going bust, and folks were worried the reverberations of people owing other people would've led to some bigger scalps getting taken.). ANDANTE CANTABILE From K-465 by Wolfgang Amadeus Mozart Performed by Murray Adler, … Trading Places What happens when you combine the comic genius of Eddie Murphy with Dan Akroyd and director John Landis? So a better estimate of their profit based on your figures is: (122 cents/pound - 37.5 cents/pound) * 15000 pounds/contract * 20000 contracts = $253,500,000. It is strongly implied that they purchased additional futures on margin and made dozens (or hundreds) of millions more, since a lesser amount would not bankrupt the Dukes. The stock market trading curbs (at least in the US) didn't get enacted until after the 1987 crash. Trading Places (1983) Full Cast & Crew. Trading Places Prime offers various benefits and discounts for exchanges and rentals. You can understand why- if somebody drives the price up 10 cents by themselves, they either know something (and they will spend the better part of their lives in prison) or they are setting themselves up to be bankrupt. A contract to sell, say, 1000 pounds of FCOJ at $1.50 per pound in February merely indicates the seller's obligation to provide and the buyer's obligation to purchase the product at the specified price and time. Unlike conventional stock, futures contracts can be sold even when the seller does not yet own any of the commodity. As a word of caution, please don't trade commodities if you are reading this. The math you used was correct, but the numbers you supplied were wrong. To that end, you should know that many or all of the companies featured here are partners who advertise with us. Thank you for using my photo taken from yinnxp's flickr. Commodity futures are (now) subject to the same rules, so if the price of gold dipped from say $1,000 to $930, there'd be a halt in trading for 15 minutes. Dorado, PR 00646, Metro Office Park So in practical terms every contract is for 15,000 pounds of OJ at $1.45/pound. Trading Places isn’t exactly a traditional Christmas film. 3. Faos pointed out that the "climax" scene in Trading Places was "when Jamie Lee Curtis took her sweater off.". 2. However, it seems likely that Billy Ray and Lewis were trading on margin, since that is the only way to turn $500k into F-U money for 5 people. Trading Places (1983) Soundtracks. Learn more about how we make money. How did Dan Aykroyd and Eddie Murphy win at the end of Trading Places? Trading Places location: the Winthorpe house: Delancey Street, Philadelphia. Trading Places is certainly a goofy and over the top comedy, but one that remains funny more than 30 years later. Thankfully I put the right search terms into Google to find this post! 4. The protagonist prevails uncovering the crime ring of nastiness and exonerates her brother. They start selling contracts at $1.42 (a $4,260,000 if it was a 200-1.42 April). The pawns in their game are a smart-mouthed street hustler Billy Ray Valentine ( Eddie Murphy ) and an affluent investment executive Louis Winthorpe III ( Dan Aykroyd ). The best movie quotes, movie lines and film phrases by Movie Quotes .com Set mainly in Philadelphia, where ‘legless’ Billy Ray begs in a wintry Rittenhouse Square, at 18th and Walnut Streets, to the southwest of the city centre. The people working in or associated with a business or industry: writers, editors, and other members of the publishing trade. I suppose I am boring but I did think that the climax scene would be about finance. Trading Places, a 1983 comedy film directed by John Landis, stars Dan Aykroyd, Eddie Murphy and Jamie Lee Curtis.. Louis Winthorpe III (Aykroyd), a privileged commodities broker in Philadelphia, has a nearly-perfect life: he lives in a big house owned by his rich employers, has a beautiful rich fiancée, and exclusive country club memberships. I just said "ohhhhhhhhh!" Trading on margin: For stocks this means you must have 50% of the value of the stock in cash and the brokerage will lend you the other 50%. I have seen this movie at least 7 times and NEVER understood how they "won" at the end. The fact that the Dukes were trading on margin is independent of whether Billy Ray and Lewis do. Offers may be subject to change without notice. There are no carolers or large family gatherings. They are not buying at 1.42 and selling at $0.22 exactly. For ease of calculation, we can think of it as them trading on average at $1.22. End Explanation of the movie Trading Places. Where did I miss something? If you have $500,000 you could buy $1,000,000 worth of stocks. Trading Places: How Winthorpe and Valentine Pulled It Off. It is safe to say that the trading places ending explained is an art. 4. The business of buying and selling commodities, products, or services; commerce. Trading commodity futures is also a terrific way for individual investors to end up as broke as the Dukes at the end of the movie. Thanks! I was watching Trading Places a while back, for about the seventh or eighth time, and it occurred to me that I still didn't know exactly how Winthorpe (Dan Aykroyd) and Valentine (Eddie Murphy) did what they did to make a gazillion bucks and simultaneously break Duke and Duke. Ultimately the choice is yours. I'm reading one of Jim Cramer's books and he is talking about that now. The contracts they are buying and selling are for 15,000 units each. Disclaimer: The links and mentions on this site may be affiliate links. OVERTURE, MARRIAGE OF FIGARO By Wolfgang Amadeus Mozart Conducted by Elmer Bernstein. So what really ends of happening in the movie is this the Dukes' broker buys contracts like crazy believing that the crop is bad (less oranges coupled with same demand means higher prices). Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools. thanks! Can I DIGG this story? Menu. I mean why did they start buying knowing the price is continuously going down? tnx for the clarification, i been wondering the same questions ever since i watched the movie... You beat me to it on point 4], about the trading on margin. kindly contact me with my email as provided. After seeing the movie "Trading Places" (1983), starring Eddie Murphy and Dan Aykroyd, for the thousandth time during the holiday season, I decided to write a quick post explaining what happened at the end of this movie that gets so many people puzzled … So, they are left with an obligation to buy millions of units of FCOJ at a price more than a dollar per unit higher than they can sell them for, bankrupting them.". Contents1 The key skill of trading places ending explained is the ability to hear others.2 The gift of persuasion.3 Strategy and trading places ending explained. Also -- even in 1980, the (I'm guessing) out of the ordinary trading patterns for Duke & Duke/Duke personal accounts would've attracted *some* attention, and since the Duke brothers were no longer major movers and shakers, they might not have been able to buy their way out of CFTC/state investigations. Trading Places is the farthest-reaching FREE vacation rental & timeshare exchange network. The math is a little off in the examples but the ideas are right. So if JuiceMan thinks, at harvest, oranges will be more expensive, say $75/1000, he can collect his 1000 oranges, pay $50 and then sell those oranges to MinuteMaid for $75 and pocket the $25. Lots 81-82 Street C you couldn't borrow as much), they were ruined. ‘Tis the Season to Maximize Rewards For Holiday Shopping, A Credit Card That Adapts to All of Life’s Unexpected Changes, What Really Goes into Creating a Credit Card, 3 Tips to Get a Bigger Kick out of Your Rewards Programs, Tips to Maximize Credit Card Reward Earnings. (Paramount/The Kobal Collection) It's been 30 years since Trading Places came out. Now there are two ways that the contract can be satisfied- deliver 3,000,000 pounds of oranges OR buy another contract for 3,000,000 pounds of oranges at a different (preferable lower price). Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Aykroyd and Murphy steal a report that will cause the price of orange juice to fall, and replace it with a report that says OJ prices will rise. P.S. You've put to rest one of those lingering unanswered questions I've always wanted resolved...and I'm NOT joking!! But when the crop turns out to be normal the "fit hits the shan" for the Dukes but not for the good guys. However, by way of a fraudulent report, the Duke brothers are led to believe that the orange harvest would be less successful, necessitating greater demand for stockpiled FCOJ in orange products in the coming year, thereby driving the price up. out loud so hard while reading your second paragraph. So we can think of their average buying price as $0.375. : Don’t try this at home. ... Lots of stuff in Trading Places, including insider trading, is illegal. But in order to get the money to pay for the rice on Jan. 1 he sells his ticket (contract). Contents1 The key skill of trading places ending explained is the ability to hear others.2 The gift of persuasion.3 Strategy and trading places ending explained. 1401 John F Kennedy Blvd Philadelphia, PA 19102. Lots of stuff in Trading Places, including insider trading, is illegal. With FCOJ futures, every contract is for 15,000 pound of orange solids. Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. I can't tell you how many nights I have laid awake (only after every viewing actually) trying to figure out how they busted the Dukes. Click here to learn more about Trading Places Prime. Ad Practitioners, LLC Wise Bread is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. Opinions expressed on this site are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Trading Places quotes: the most famous and inspiring quotes from Trading Places. Now to real life; this could never happen because it would cripple an entire industry, country, world economy, etc. Its true you wallstreet guys are wicked smart. trade (trād) n. 1. It does not matter how or where the seller gets the product, as long as, one way or another, he is able to provid… Trading Places is, by some measure, one of the funniest films ever made, and certainly one of my absolute favourite movies of all time – but it is also, undeniably very, very wrong. Trading Places: 1983 The 1983 film Trading Places includes an external shot of the towers (at the plaza level) where Dan Aykroyd and Eddie Murphy enter the COMEX commodities trading floor in 4 World Trade Center which is featured in the climax of the film. but it was a good read anyway. This happened in 1979 and 1980 -- Tiffany's even bought a full-page ad in the New York Times complaining about this. Market St & N 30th St, Philadelphia, PA 19104. A major firm like Duke & Duke going bust would've required their positions in gold, silver, oil, cocoa, and other futures to get liquidated (or at least offloaded) and give a slight bump down to those commodities (depending on how quickly they were sold). He is hoping he can turn around and sell it to grocery stores for 40 cents a lb a few days later. Once the price gets to a high point, and the whole market thinks the price will only go up, Aykroyd calls out a promise to sell OJ at that high price in the future. How do I make an exchange with Trading Places? Then, when the price falls as a result of the release of the real crop report indicating a good harvest, Winthorpe and Valentine buy futures at roughly $0.22 per unit. I learned earlier trading on inside information wasn't illegal until Dodd-Frank, unless (I suspect) the government found out there was chicanery going on about stealing the report. Also, this is NOT the "stock market". In the movie, they have to settle for "$394 million" due to the margin calls. I should probably edit the title, but now I kinda think it is funny so it stays! Now I don't feel so alone in my confusion. Release Calendar DVD & Blu-ray Releases Top Rated Movies Most Popular Movies Browse Movies by Genre Top Box Office Showtimes & Tickets Showtimes & Tickets In Theaters Coming … haha i thought you were going to talk about something kinky too and was kinda disappointed. This would've been in people's minds at the time of the movie. ... Trading Places is the greatest Wall Street movie ever made. So let's look at one trade you can hear which is "200- $1.45 April!". Investors make money when they buy low and sell high. I just watched the movie again for the umpteenth time, and your explanation moved me closer to understanding the deal than any of the others. Moving to the big scene, the Duke brothers, through their trader, starts buying OJ futures. I GET IT!!! 3. Why didnt billy ray and lewis just wait for the price of FOJ to drop at its lowest before they start buying? It is safe to say that the trading places ending explained is an art. Last week, we celebrated the 30th anniversary of Trading Places, the greatest movie about finance ever made, with an oral history of the film. The contract is called a "rice ticket." I tried to reason it out: let's say merchant A has no money but signs a contract to buy 1000 lbs of rice on Jan. 1. Many companies featured on Money advertise with us. Thanks Paul! questions. So now he has money to pay for the future debt--but he no longer owns the product. Could you break it down even more? If you don't, we will not be compensated. By capitalizing on this knowledge (and the Duke brothers' missteps), the protagonists are able to profit by manipulating the futures market as follows: Unlike conventional stock, futures contracts can be sold even when the seller does not yet own any of the commodity. The price of a commodity will be stopped if it ever fluctuates more than 10 cents (either direction) during one trading day. The Dukes didn’t. Simple. And, to be honest, I never really understood what happened at the end of that movie. FINALLY!!! Add more and vote on your favourites! this link is to an external site that may or may not meet accessibility guidelines. OTOH, I'm not sure who'd have talked as Billy/Louis were beyond extradition, Beeks wouldn't be made available for at least a few weeks, and the Duke brothers weren't going to volunteer information. (Beeks since he was carrying non-public government information, would've been in a bit of trouble himself.). Netflix Last week, we celebrated the 30th anniversary of "Trading Places," the greatest movie about finance ever made, with an oral history of the film. I hope that clears it up the movie. They do this because they know their enemies, the Duke brothers, will trade on the phony report. Also, the cash they hand on hand didn't really matter, as they were trading on margin. Thanks for the thought, though. Essentially he is making a bet that the price will fall. When they are selling, they start selling at $1.42 and stop selling when the crop report is announced, where the price is at $1.02. 2. There are some pretty good documentaries on Netflix explaining commodities trading (which is now done online because the "pits" are gone). I used to work for a commodities brokerage and retained exactly nothing from it because it seemed like imaginary number in math...made no sense to me. A branch or kind of business: the women's clothing trade. What I can't understand is how those scribbled pieces of paper actually obligate people to honor this "contract" months down the road. Dead end. Maybe we'll revisit it around Christmas, when they tend to play this movie nonstop. This helped me understand the movie.. My professor told us to watch this movie and when that scene came out, I was like...what the hell is going on? Thank u! The police (and hopefully the reader) believe the gang to be responsible for the murder. There are so many unforgettable moments. It's been 30 years since Trading Places came out. Someone needs to. Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page. Trading commodity futures is also a terrific way for individual investors to end up as broke as the Dukes at the end of the movie. Guaynabo PR 00968, Sign up to receive the latest updates and smartest advice from the editors of Money. When it's equities being traded, selling what you don't have in anticipation of buying the equity at a lower price and then delivering it a few days later to receive the higher price is called selling short, just in case anyone wanted to know that tidbit. Trading Places does offer an upgrade fee-based membership, Trading Places Prime. TRADING PLACES tells the story of greedy, wealthy Wall Street brothers Mortimer (Don Ameche) and Randolph (Ralph Bellamy) Duke, who wager on whether environment or heredity defines a man. See Synonyms at business. Basically, he buys a lot of orange juice for very cheap, and sell it for a lot of money. 7 calle 1, Suite 204 =). (He knows it will because he’s read the report.). In the film, Philadelphia's City Hall is featured in a climactic court scene. You all know enough now to ruin your financial lives if you believe for one second that you can do this. Trading Places is a goofy movie that makes a clear, crucial plea: by 1983, it was well past time to let go of racial bias. Been watching for years and never understood how in the hell they did it...great movie one of all time favorites, Thanks a lot! In fact, Billy Ray and Lewis deliberately do not trade with the Duke's trader, so that they will be left holding a bunch of expensive "buy" contracts at the end of the day. They are buying and selling at the market rate, which changes as a consequence of their actions. Thank you for using my photo ( oranges @ yinnxp's Flickr ), kindly contact me at the email provided :). wouldnt they make more money if they bought the commodity at the following trading day where the price is at its lowest? That was the fricken best explination ever. In March 1980 when the COMEX (main commodities exchange) put a new rule about buying silver on margin (i.e. You got the highlights correct, but missed some key points: 1. Thanks a LOT! Moving to the big scene, the Duke brothers, through their trader, starts buying OJ futures. Weird thing is, I thought I was the ONLY one who didn't know what the heck was going on either!! I always assumed that they moved 20,000 contracts based on Winthorpe saying "20,000" at one point. Find out where Trading Places is streaming, if Trading Places is on Netflix, and get news and updates, on Decider. The biggest mistakes you never noticed in Trading Places (1983). Feeling good. Soundtrack Credits . Thanks for explaining it in a way I can finally grasp! Lucky for me, Wikipedia has the answer: "With the authentic orange crop report indicating a good harvest of fresh oranges, frozen concentrated orange juice (FCOJ) would be less important to food producers and so would be likely to drop in price once traders heard the news. ‘He has also recently turned commentator on India's business and economic scene and indeed social and political arenas.’ ‘In the tough, macho arena of rock climbing, one woman has beaten the boys at their own game.’ ‘He did not seek to enter the political arena which is where you would seek to place him, with all its attendant risks.’ Thus, for every future unit they had previously sold at $1.45, they purchase a matching amount for only $0.22, resulting in a profit of over $1.20 per unit (over 545%). Witness. Here Are 8 Smart Money Moves You Can Make Now, Bad Dogs: These Breeds Are the Worst for Your Home Insurance Policy. It does not matter how or where the seller gets the product, as long as, one way or another, he is able to provide it at that price at that time, even if it results in a sale at a loss to him. Eddie Murphy's Trading Places is one of my favorite movies of all time. Open in Google Maps; 3. Your estimation was that $2.7 million changed hands but here's the real math: High price was $1.45. The purpose of this disclosure is to explain how we make money without charging you for our content. But it still left me wondering how this all started? He agrees to buy the warehoused rice at a certain price, say 20 cents per lb. I've read that it began in Japan in the 17 the century with buying and selling "rice tickets." Explore different travel destinations. You get a timeless comedy classic laced with sidesplitting, satiric humor. Looking to watch Trading Places? In English that means that the person A is promising to buy and seller B is promising to sell 3,000,000 pounds of orange solids at $1.45 per pound due in April (a $4,350,000 transaction). When it turns out that the leaked report they were given was fraudulent and the true report is revealed, the price begins to plummet before they are able to sell off their contracts. For more information, read. Either way, they make a lot of money. Explanation of climactic scene See also: Short (finance) With the authentic orange crop report indicating a good harvest of fresh oranges, frozen concentrated orange juice (FCOJ) would be less important to food producers and so would be likely to drop in price once traders heard the news. If you choose to interact with the content on our site, we will likely receive compensation. Or would the CFTC/exchanges put in safeguards about extreme price fluctuations after the Hunt Brothers tried to corner the silver market? A great movie with a fab cast, and my limited knowledge of the stock market stumping me as to how buying for a high price and selling for a low price would make money. Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. In Trading Places, Eddie Murphy and Dan Aykroyd sell high and then buy low. But I still don't get it. Leave it to the pros. Directed by (1) Writing credits (2) Cast (101) Produced by (4) Music by (1) Cinematography by (1) Film Editing by (1) Casting By (1) Production Design by (1) Set Decoration by (2) Costume Design by (1) Makeup Department (3) Production Management (2) Couple that over several tens of thousands of contracts and Billy Ray and Lewis could conceivably walk away with BILLIONS in gains. I still don't get "future's". I'll take a rain check on the Digg. Thank you for the explanation!! I know that's long, boring (to most of you), and a little confusing but I hope that sheds some light. This is commodities trading. And, to be honest, I never really understood what happened at the end of that movie. The value skyrockets. How To: Remove Items From Your Credit Report, How To: Boost Your Credit Card Approval Odds, Procrastinators, It's Not Too Late to Refinance Your Mortgage and Save Thousands, Making Over $65K Per Year? Once the crop report is announced, they wait a bit and then start buying at $0.46 and keep doing so until the end of trading, when the price is at $0.29. haha. At the same time, the Duke brothers purchase enormous quantities of FCOJ futures, even at relatively high prices, because they incorrectly expect that the crop report (falsely suggesting a greater need for stockpiled orange juice) will create a demand at even higher prices, securing them a profit. Explain EVERY single step of the Japan rice selling and then tell how it has evolved to today's futures trading? You see, here's my deep dark secret: I don't really understand what happened during the climatic scene at the commodities exchange! I couldn't get my head around that. There are so many unforgettable moments. The climactic scene is between the protagonist and a gang member who is involved in that activity. A contract to sell, say, 1000 pounds of FCOJ at $1.50 per pound in February merely indicates the seller's obligation to provide and the buyer's obligation to purchase the product at the specified price and time. It starts with some insider information. But they do not affect the actual opinions and recommendations of the authors. To find out more about our editorial process and how we make money, click here. However, I have always felt a twinge of guilt when I watched the movie with other people. "Trading Places" resembles "Tootsie" and, for that matter, some of the classic Frank Capra and Preston Sturges comedies: It wants to be funny, but it also wants to tell us something about human nature and there are whole stretches when we forget it's a comedy and get involved in the story. In this case, Winthorpe and Valentine first "sell" FCOJ futures at roughly $1.45 per unit, a price inflated by the Dukes themselves (the Duke Brothers' buying leads other traders to believe that the Dukes are trying to corner the market, causing a buying frenzy). That means that in the example they made $90,000 on their first trade and $3,480,000 on their last. Thank You !!! Though it is not stated in the movie exactly how much they make, if they invested roughly $500,000 from a combination of Winthorpe/Valentine's investment, the Duke's money from buying the "fake" report from a fake Clarence Beeks (Paul Gleason) and Coleman's and Ophelia's savings, they would have turned it into over $2.7 million. It was well past time to level the playing fields between races and classes. :-D. It has bugged me for years. Example they made $ 90,000 on their last companies featured here are partners who advertise with US out about. Have to settle for `` $ 394 million '' due to the big,... Director John Landis talking about that now was going on either! sold even when the seller does yet! Their enemies, the Duke brothers, will trade on the phony report )! The Duke brothers, through their trader, starts buying OJ futures felt a twinge guilt. 'S even bought a full-page ad in the film, Philadelphia 's City Hall is featured in a way can! Way, they make more money if they bought the commodity Places quotes: the 's. Of it as them trading on average at $ 1.22 to the margin calls an exchange with Places. Combine the comic genius of Eddie Murphy and Dan Aykroyd sell high ’! In or associated with a business or industry: writers, editors, and we believe transparency critical! 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Do I make an exchange with trading Places more than 10 cents ( either direction ) during one day... Really understood what happened at the end of trading Places is on Netflix, and news!, products, or services ; commerce, editors, and sell high and then tell it! Have $ 500,000 you could buy $ 1,000,000 worth of stocks 15,000 pounds of OJ $.