Near the end of fifth episode in the second season of The Newsroom entitled "News Night with Will McAvoy" we are whisked into the world of high finance. Or consulting. With AIG? About macroeconomics? INT. UNIDENTIFIED MIDTOWN SKYSCRAPER - CONFERENCE ROOM- NIGHT
CONSULTANT 1: You're not making a rational expectations argument.
CONSULTANT 2: I am. Expectations insofar as they're informed by predictions are essentially--OK, look: if the the prediction in..
CONSULTANT 1: (interrupting) Alright you're making a rational expectations argument but you're not being rational.
CONSULTANT 3: There's no risk here. What're we talking about?
CONSULTANT 1: It's not pure frictionless arbitrage.
To be sure, those are all words. Here's another version with other, equally meaningful words:
CONSULTANT 1: According to my model using Angus Maddison's data, we could expect a 47 basis point shift upward in our growth trajectory if...
CONSULTANT 2: (interrupting) Excuse me? Your model? You mean your two-column Excel spreadsheet right?
CONSULTANT 1: No--it has pivot tables, too. Trust me on this one. I tinkered with the assumptions for hours until the results made sense. Plus this time series goes back to 11 AD.
CONSULTANT 2: But what about Knightian uncertainty?
CONSULTANT 1: But. (pause) This one goes back to 11.
CONSULTANT 2: You can't have frictionless arbitrage if prices are sticky!
CONSULTANT 3: What're we talking about? If my ten years in this business have taught me anything it's there's no risk here. Now let's leverage up and do this thing.
This dialogue would have also worked.