Generic Stock Market Rebuttals

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GENERIC STOCK
MARKET REBUTTALS
JORDAN BELFORT
GENERIC STOCK MARKET

REBUTTALS

*DISCLAIMER: The names, businesses and financial examples in these scripts are fictitious and made up for these
examples - replace all names and company information with your own
DON'T LIKE (STOCK)/1

________, I appreciate the fact that you don't like ________________. . . You
wake up every morning for a reason: to make money. If they didn't pay you to
show up, I'm sure you wouldn't even be there today, that's in your active
business, creating active income. I'm in the business of creating passive income.
And I know when you see the stock show you _____ to ______ percent
in______, your concerns will no longer be whether or not you like the idea, it
will be the percentage that I make you.
DRIVE HOME/1
______, we’ve been on the phone for some time now. You obviously like the
idea. If you didn't, you would have hung up on me 20 minutes ago. The reason
why you're not buying the stock is not the money. _____. It's the fact that you
don't know me. You get a ton of these calls every single day. Every one of them
sounds like it's the best one in the world. And you and I both know all of these
great ideas don't work.
However, I drive home every night and ask myself the question: How do I get
people who don't know me involved in my program? I don't have a crystal ball,
and I can't promise you that the stock goes higher. You and I both know I'd be
© 1989-2015 Jordan Belfort and/or Global Motivation, Inc. All rights reserved. www.JordanBelfort.com
JORDAN BELFORT
breaking the law. But I can do the next best thing. I'll bring you a (example:
multi-billion dollar company, time it with a catalyst, if you will, in this case, a
potential buyout by _____.) I don't care how much you buy or how much I
charge you to buy it, all I'm saying to you is this: Why is ________working so
hard to get you, _______, to buy the stock?
(Answer) I'll tell you why. You don't know me, but if you get involved small
and you give me 30 to 45 days to watch this thing go, the next time out, when
you're more liquid, and more importantly, more comfortable, that's when we'll
work in size. Give me the shot. Believe me, you will not be sorry.
THINK ABOUT IT/1

Whether you buy antiques, a painting, real estate or any other investment, there
are only two requirements you have to satisfy to make money. First, you have to
get a good value, and second, you gotta buy at the right time. Now, based on
everything I’ve explained to you so far (resell three core points), it’s crystal clear
that ______ (stock) is a good value. And in terms of timing, if we felt that we
could make this investment 30 days from now, we would have contacted you 30
days from now. The timing on ____ is such that we cannot overlook this
opportunity today at these levels. Let me make a suggestion to you …
THINK ABOUT IT/2

Mr. _____, the reason why my clients do well is because they move when I tell
them to move. I’m not a rookie who opens accounts for a living. We like to deal
with the more substantial investors in the country, and service only a certain
caliber of clients. We prefer to deal with people who can realize an exceptional
opportunity, and make a decision. Let me say this …
THINK ABOUT IT/3

As a successful businessman yourself, you know that some of the greatest
mistakes in this world are made by people who procrastinate. Now, Mr. ____, I
have the highest respect for your time, and I only called you because I knew we
had something very special. Let me say this …
JORDAN BELFORT
THINK ABOUT IT/4
_________, I’m busy, and you’re busy, so I really prefer not to play telephone
tag here. I sense we are going to make money here. I would just like to show you
performance. I don’t care at what level we start, just give me your confidence in
a small way. So do this …
THINK ABOUT IT/5

Let’s not kid each other. I didn’t just pick up the yellow pages and dial your
number. I know you’re man of substantial size or I would have been off the
phone with you 15 minutes ago. Groping for reasons not to do this serves
absolutely no purpose. Let me say this …
THINK ABOUT IT/6

I’m not asking you to make a quick decision here. In fact, before you’ve even
seen this idea, our top analysts and investment bankers have done a detailed
examination of _____. They’ve ripped apart the financial statement, the
company’s management team, and the industry, so we know this stock inside
and out. Our decision was reached slowly, step-by-step, after careful thought by
our research department. What I asked you to do is listen to the results of that
thought, and you’ve already told me you agree with our thinking. And now I’m
asking you to backup the judgment you’ve already made by taking an action. So
why don’t you do this …
THINK ABOUT IT/7

Yes—I want you to think about it—very hard. But especially I want you to
think about the results. Clearly, the decision to buy the stock is not a major
decision. For you, Mr. ____, the difficulty will be when to sell it. That is going
to be the most difficult decision for you—WHEN TO SELL IT! Let me say
this …
THINK ABOUT IT/8

I can understand that this is an important decision for you to make, so just to
clarify my thinking, what is it specifically that you would like to give a little
more thought to? There must be something I’ve left out of my presentation that
is important to making your decision. What have I left out? (Then transition
into the three tens)
JORDAN BELFORT
THINK ABOUT IT/9
If you have to think about _____ shares, then let’s start at a level small enough
for you to feel comfortable enough giving me one shot. You see, the true
beauty …
THINK ABOUT IT/10

Thinking about it isn’t going to change the fundamental idea that based on
everything I’ve said to you, this stock is a screaming buy. In fact, let me say this:
the true beauty of …
THINK ABOUT IT/11

Honestly, if there were anything at all left to think about, I wouldn’t have gotten
on the phone with you right now.
THINK ABOUT IT/12

Please understand, my job is doing due diligence on my recommendations. I’ve
done my homework for the last six months with this.
THINK ABOUT IT/13

You know, if we were talking about a 2-year, $1 million investment, I’d INSIST
that you think about it longer. But what we’re talking about here is a few
thousand dollars over a couple of months. So let me ask you ask an honest
question: what’s the worst that can possibly happen here?
THINK ABOUT IT/14

Last time we spoke, you told me you weren’t satisfied with the returns you were
seeing in the market, and right now I’m asking you to let me show you how to
change that, but for this to work, MY timing is essential.
THINK ABOUT IT/15

The only thing I’ll ever ask of you throughout our entire relationship is that you
work on my exact pricing and timing; the size of the investment is always up to
you
JORDAN BELFORT
THINK ABOUT IT/16
The best time to make a decision is when you have all the facts fresh in your
mind.
THINK ABOUT IT/17

Procrastination is the biggest thief of profits. I have seen more money lost in this
market from indecision, than any bad one.
THINK ABOUT IT/18

_______, I think it makes good sense to check and see if my information works,
but my firm has serviced thousands of investors, and we wouldn’t be in business
today if we hadn’t done a satisfactory job. If you want to watch our performance,
you can read all the major business magazines.
THINK ABOUT IT/19

______, we don’t operate like a wire house with a universe of 1,000
recommendations. We only call you a few times during the course of the year,
when on risk/rewards and time and price, we’re going to our institutions with
something exceptional.
THINK ABOUT IT/20

_________, we have to overcome the discomfort of starting a new relationship
today, not put off making you money! Level with me. What’s holding you back
from giving the firm with the number one performance history on Wall Street
your vote of confidence in some small way, this one time?
THINK ABOUT IT/21

____________, it’s almost like Déjà vu.
One day I recommended _____ to my best client at ________. He told me “it’s
not going to move just yet, I’ll call you in two days, I want to think about it.”
_________ went up _____ that day. I blame myself. Could this situation take
six months to work? Yes! Could it take three months? Absolutely! But, just as
easily, _________, tomorrow could be too late as well—and I’d hate for that to
happen to you. In fact, I’d rather see you own less at the right price than more at
the wrong price.
JORDAN BELFORT
NOTE: That was an example, so you must only use one that has happened to
you. If this has yet to happen – DO NOT USE IT! DON’T LIE TO YOUR
PROSPECTS OR CLIENTS.
THINK ABOUT IT/22

______, I want you to think about it, all right. I want you to think about the
RESULTS. Clearly, the decision to buy this company has already been made. I
am asking you to place your trust and confidence in me this one time. I’ll never
have to ask for it again. Do this, ______: pick up …
QUICK STATEMENTS
Believe me, your sincerity sticks out.
Institutions pull the strings on the marketplace.
Give me this very small window of opportunity I'm looking for.
If I’m right, I don’t think you’re going to sell your business and move to the
Islands.
Before you run, you have to walk; before you walk you have to crawl.
Right now, we're crawling.
____________, you hit the nail right on the head.
It’s survival of the fittest.
________, you’re going to thank me all the way to the bank.
There is no better feeling than being up in your position before the check even
hits.
Where there’s smoke, there’s fire.
JORDAN BELFORT
In any way, shape, or form.
________, work with me here, test us one time; The result will speak for itself.
_______, I want you to make me a commitment, when I show you that I

am right, right on the dime, we don't work this small again, you don't
question my expertise again.
It’s a documented fact, not a question of yes or no.
I promise you I’ll let you go. One question …
I’m not looking to have you buy anything …
If I were asking you to buy anything, I’d tell you to hang up the phone ...
Not a problem …
Let me saying one thing before I go …
Put buying aside …
That’s okay, _____, no problem. I sent you out some information.
No, no, don't misunderstand me. Do me a favor, put your

checkbook away. I made a commitment to get back to you one time.
What you do with the information is your own prerogative, you

know that. Now, I'm tracking ...
The information I have is valuable, and believe me, you're going to appreciate it
that I got back to you.
Take a step back, __________. When you realize why I really called
you, believe me, you're going to thank me. And let me tell you why…
JORDAN BELFORT
With all due respect …
Can I say this …
Can I say one thing …
Understand something …
Let me tell you something …
I’m not looking to butt heads with a potential client, but …
You know something …
Honestly …
The bottom line is this …
At the risk of sounding a bit forward ...
Don’t misconstrue my enthusiasm …
Let me explain one thing …
Correct me if I’m wrong …
Can I be frank with you?...
In all sincerity…
As things look right now…
That’s okay…
I’m not going to waste your time…
JORDAN BELFORT
My information is very accurate…
I have a stock going to…
I’ll tell you exactly what’s going on…
Pay attention, my name is…
Here’s something most people don’t know…
I can appreciate that…
Realize this…
Follow me on this…
I’ll spare you the pitch…
Let me say this…
The true beauty here …
Institutional money is usually smart money, and even when it’s not it’d be
enough to fuel the market anyway.
You know what it is…
Quite frankly…
Very sincerely…
Let me ask you a question…
My point to you is this…
JORDAN BELFORT
SMOOZE/1
My clientele consists of high-net-worth investors, very influential people like you.
SMOOZE/2
If you have any questions about ______ , or the market, or anything that you're
holding, feel free to give me a call.
SMOOZE/3
If I have anything that warrants your attention, either myself or a member of my
staff, will get in touch with you. Have a great day …
IP0/1
_______, if you're on the phone with me for __________ , you’re missing
the point. My firm gets involved in 3 to 4 IPOs a year, and not only has every
single one of them been up a minimum of ____ percent, but they're also all
still in business today. What I'm trying to explain to you is the reason why
you're opening this account is to see if I'm right. Because I can't call you up in
a month to get you involved in my next IPO unless you're a client of
mine. Let's go with a base hit today, and when my next IPO hits, you and I
will then swing for the fences. For now, work small, and I'm telling you, I
won't let you down.
I DON’T LIKE THE MARKET/1

I don’t like the market either. I agree with you. Let me ask you something.
What do you do for a living? Why do people do business with you? That’s why
people come to ______ and do business with us, because we are experts. I’m not
asking you to buy _______ shares of ____. I’m asking you to buy _____ worth
of _______ brains.

Look—what do you think is going to happen when this market turns around?
What will happen to everyone who has waited on the sidelines? What do you
think they get? Mediocre returns. I’m not interested in mediocrity. I’m
interested in major percentage gains. So let’s take a position right now. The
number of shares is not important to me—I’m asking you to give me your
confidence.
JORDAN BELFORT
The profits from these levels should be very significant. Profits from near the top
will be very small.

How often have you wished you’d bought while others were selling?

I don’t like the market either. But I’m not asking you to buy ____ (Market)
calls, am I? I’m asking you to get involved with a special situation that regardless
of what the market does should trade higher. And if I’m wrong, and it doesn’t,
that’s why we’ve got downside protection.

Obviously anyone can make you money in a bull market, so the last thing you
need is a bull market broker. But, if I can show you something in a bear market
when everyone is hiding under their desk, I can be a valuable asset to you on
Wall Street. Give me 30-90 days in any market, and I’ll show you exactly what I
can do for you

Very rarely do you see 5-10 points on such a conservative idea …

Let me read you a quote from the most successful money manager of our time,
Sir John Templeton “you must do something different from the majority. The
time of maximum pessimism the time to buy, and the time of maximum
optimism is the time to sell! Therefore, the only way to find bargains is to buy
what most people are selling. Profit is made by focusing on value, not outlooks
or trends.”

We have been speaking about optimum value both in the company we’re buying
and the relationships we’re entering.
JORDAN BELFORT
I DON’T BUY INDIVIDUAL STOCKS OR BONDS. I ONLY BUY
MUTUAL FUNDS/1
That’s fine, and some time in the future I would love to discuss some particulars
with you in that arena. However, what that statement really means to me is that,
after a fair amount of searching, you have never found someone in my business
that you feel you can really trust! True? Let me ask you a question: does the idea
make sense to you? Do you like the idea?
Your search has ended. My goal is for this to be the best relationship you have
ever perceived of having in the market.
STOCK DOWN/1
Rule #1: Don’t follow the stocks on a day-to-day basis. That’s the most
important thing. I’ll let you in on a secret … your stocks are going to go up and
they’re going to go down. When they’re up, you like it and you like me. When
they’re down you may not. If a company goes up 30% the day after we buy it, it
doesn’t mean I was right about the long term, and if it’s down 30%, it doesn’t
mean I’m wrong. The truth is—if you’re smart you focus on sales, earning and
cash flow, and you begin to realize that day-to-day, or even month-to-month
fluctuations don’t always reflect reality.
STOCK AT OR NEAR ITS 52-WEEK HIGH/1

It’s been proven that stocks trading at their highs tend to make new highs and
stocks that are at their lows tend to make new lows.
I DON’T BUY STOCK THAT HIGH/1

Some people think that it’s easier for a $10 stock to go to $15 than it is for a
$100 stock to go to $150. Reality is the exact opposite. A stock is at $10 for a
reason, and so is the stock that’s at $100.
MARKET TOO HIGH, LOW, VOLATILE/1

_________, we’re not talking about investing in the entire market. We are
talking about one company which we have studied very carefully, and which we
consider an incredible opportunity right now. I’m sure you’re aware that not all
stocks follow the general trend of the Dow, especially growth stocks, wouldn’t
you agree?
JORDAN BELFORT
MARKET TOO HIGH, LOW, VOLATILE/2
The way to make money in the stock market is to buy low and sell high. That’s a
widely used and simple statement. However, most investors who wait for a good
market miss the opportunities, which occur when the market is down. Adverse
and volatile markets have often presented the best opportunities for gains.
MARKET TOO SPECULATIVE/1

_______, my philosophy is to take a conservative approach to speculation. I try
to focus on issues that have met certain criteria:
1. The stock must have unlimited upside potential with limited

downside risk.
2. The company must have the ability to grow almost independently of the
general economy and market conditions.
3. The third, but most important criterion: The company must be
relatively unknown to Wall Street.
Because, __________, I think that you'll agree with me, once everyone knows
about the situation, the big money has already been made.
MONEY, BROKERS NOT MAKING/1

These days you have to sift through a hundred brokers until you find one that
consistently makes you money. Believe me, I know exactly what you're going
through. Plenty of my clients had gone through the same thing before I came
along.
TRACK THIS ONE/1

Again, excellent strategy, but understand this, I’m not some wire house like Big
Broker or Bigger Broker, who’s going to call with a flavor of the week. I deal
with 4 or 5 core recommendations a year. Are you going to have a problem with
a broker who’s going to call you up to 5 times a year to buy a stock? OF
COURSE NOT!
JORDAN BELFORT
WATCH STOCK/1
_______ let me say this, watching a stock go from _____ to ____ is a worthless
academic exercise. Nobody makes money watching stocks. _______, we both
know that the only thing that will establish a track record for me is a buy
confirmation at _______, and more importantly, a sell confirmation at
_________.
WATCH STOCK/2
I can appreciate that, ______ but the fact is this, you’re a busy guy and I’m a
busy guy. Chances are there are a hundred stocks out there you should be
watching. We both know you barely have enough time to watch the stocks you
do own much less the ones you don’t. Let me say this (sell three tens, then …)
and that’s why I’m telling you; let’s track the stock together, with my name and
your name down together on paper. Start small, crawl before we walk, walk
before we run. So do this …
WATCH STOCK/3
Let me ask you this. How many calls do you get from brokers a week? So that’s
about ____ calls a month. I’m asking for 90-120 days. So that’s about _____
calls and recommendations over that time frame. Honestly, do I sound that
good, or do you like this idea that much, that this is the only company you’re
going to be watching? I have to believe you’re too busy for that. If you’re
watching all these companies, who’s looking over your business. How are you
making money? Understand something; all I’m looking to do is place you
alongside some of the smartest money on Wall Street …
WATCH STOCK/4
_______ I can appreciate the fact that you like to watch the stock. However,
honestly speaking, let’s face the facts. You barely have time to watch the stocks
you do own, let alone the ones you don’t.
WATCH STOCK/5
You probably have 100 stocks out there you’re supposed to be watching as we
speak. Fact of the matter is, the only way you’ll watch it is if you own it.
JORDAN BELFORT
WATCH STOCK/6
I could give you a couple of stocks to watch, call you back in 8-10 weeks and
have you open an account then. However, any rookie broker can bring you
stocks that go higher, just like any professional can bring you stocks that go
lower. Even when my stock works out, you still don’t know me any better than
you know me right now. That’s why we start out small and get to know each
other. Let me say this …
WATCH STOCK/7
Let’s just say this stock does go to (target) like I think it will. Does that mean
you’re going to jump blind into my next idea? Of course not! You know the
saying, “Past performance does not guarantee future results.” You need to judge
each one of my recommendations on its own merits, not on those of the
recommendations that came before it!
WATCH STOCK/8
Watching stocks is worthless academic exercise. Nobody ever makes money by
watching stocks. All that allows me to do is say “I told you so” and that’s not my
style! The only things that will build up your confidence are a buy confirmation
at one price and sell confirmation at a higher price.
WATCH STOCK/9
You don’t have to watch it; you want to follow my advice. You want me to
make you follow my advice and perform for you.
WATCH STOCK/10
Let me say one thing to you; I’m not a supermarket. I don’t pick a stock-of-the-
day. That’s not the type of program I run over here. When you say you want to
watch ____, watching______ go from $___ to $___ doesn’t put any money in
your pocket. Now, as far as the size of the trade, believe me, it will always be up
to you. I don’t know how deep your pockets are, but if they’re deeper than 3
inches, there is no question that, I think, you should get involved in this
company.
JORDAN BELFORT
WATCH IT/11
I want you to watch, but I want you to watch in and out. The stock right now is
at _______. If it goes to _____ by the next time we speak, it could be right back
to ______, maybe even lower, then you’ll tell me I gave you a loser. Give me the
shot in a small way, so you can judge me in and out.
FOLLOW IT/1
Following the stock is useless and you’ll never track it as closely as the ones you
own.
FOLLOW IT/2
Too many brokers call you, and you certainly can’t follow every
recommendation ... even though you honestly thought you would. Am I right?
Of course.
FOLLOW IT/3
I just called a gentleman to whom I recommended _____ at __$____ ____#of
weeks___ ago … the stock went to ____ in ____ weeks, and he didn’t even
remember my name. Now he’ll never begin that relationship he’s been looking
for with a broker… for years.
Follow it as an owner… work small now, and when I’m exactly correct, then
we’ll work in size.
TALK TO MY WIFE/1
I’m sure you make a lot of important decisions every day. Decisions that you
couldn’t and wouldn’t consult your wife on, and she’s okay with that because
she trusts your judgment, right? Now, if this was about transferring your entire
portfolio or taking a million dollar position in ____, that would be one thing,
but that’s hardly the case here. What we’re talking about is giving me an
opportunity with less than 1% of your assets to show you that I deserve to
handle the other 99%.
TALK TO MY WIFE/2
Let’s face it. If you go home and tell your wife that you want to invest with a
broker whom you don’t know very well, chances are you’re getting hit with a
JORDAN BELFORT
frying pan and spending the night on the couch. However, once she sees the
brochure on my firm and the dossier of information that I send you in that Fed-
Ex package, c’mon what do you think she’s going to say? Besides, it’s a lot easier
to beg for forgiveness than it is to ask for permission. Right?
TALK TO MY WIFE/3
Excellent strategy, I’m sure you would agree with me. If there were more
individuals like you there would be a lot less divorces out there. HOWEVER,
this isn’t a major decision. We’re talking about a minor decision. If you were to
put 5-10k into this idea would you be sleeping on the couch? That’s why I’m
asking you to work so small on # of shares.
TALK TO MY WIFE/4
Excellent strategy. However, if I were telling you to take 100,000 shares by all
means I’d be the first one on a plane. I’d put my arm around and your wife and
we’d rip apart the balance sheets. However, we’re not at that level here. We’re
talking about a schoolboy trade # shares. For now do # of shares, speak to your
wife and if she decides to take more, over the next week providing the stock
doesn’t run away from us. I’ll do that for you commission free. FAIR
ENOUGH!!
TALK TO MY WIFE/5
Let me say this, your business is _______ am I correct? _______, if I came to
you with cash in hand, would you have to call your wife to ask her if it's okay.
TALK TO MY WIFE/6
________, I’m calling you today because you’re a successful individual. Your
success is the result of making the right business decisions over the years, am I
correct? I’m sure your wife respects your investment decisions.
TALK TO MY WIFE/7
Well, let’s do this, let’s pick up _______ shares, and when your wife finds out
what a great opportunity the ________ is, I’m sure she’ll want the other
______ shares. ________ is interested in starting a relationship with successful
decision makers like you.
JORDAN BELFORT
REPORT, SEND/1
___________ does not mass mail reports to ten thousand people across the
country. By the time you receive one of those pre-packaged reports, the printer
has read it, the printer's family has read it, and the stock has risen 4 or 5
points. We prefer to accumulate our stock quietly before anyone else recognizes
the value we see.
REPORT, SEND/2
I'm sure you know when _____ sends out a report, it tends to have a beneficial
effect on the price of the stock. We prefer to accumulate our stock quietly before
anyone else recognizes the value we see. I want you to own ____ at the current
price before it moves out of our buying range.
REPORT, SEND/3
What are you looking for in a report? What questions do you have? I will be glad
to send you a report. But it will just flow over your desk. I’ve seen it
happen. You’ll delay your investment decision until the opportunity has
passed. Our single most important asset is our reputation, and the fact that
wealthy people in America have trusted us for over _____ years. While we’re
aggressive with some of our capital from time to time, we never gamble with our
reputation. Before we come to you and tell you what I've just said about ______,
we spend months and hundreds of thousands of dollars to make sure the company
does not embarrass us.
INFORMATION, SEND ME/1

Let's face it, last year's balance sheet and corporate report is not what's going to
convince you to buy this stock. That's why the stock is trading at __________
right now, on the fundamentals of how the company did 8 months to a year ago.
What’s going to take the stock to 75 short-term is because of what's going on
right now.

If I thought we had the luxury of time in a situation like this, I would’ve called
you the last few Sunday afternoons at your leisure. The guys that do call you
back and "discuss ideas” 3 or 4 times, after sending you information packages
that you file under "g" most of the time, those are the same guys that'll show
JORDAN BELFORT
you 5 to 10 percent on blue chips, some of them might show you no
performance at all, and some might even lose you money. I’m not that guy.
We're both very busy.

By the time you get done reading the corporate report, we could be chasing the
stock up 5 to 7 points. I know that doesn't mean much to you, but it means
something to me. I'm not a discount broker. I'm asking you to work with me
on my pricing and timing. Reaching for it a few days from now, or whenever
you feel like getting back to me, is going to be more risky and expensive than
taking a position at this level.

_______, I am your information! That's why you retain me, to read between the
lines. We've already done hundreds of hours of research on this stock, because
you don't have time to read 50-page reports on fundamentals on the last few
years of this company's history. You probably have 20 other things on your
mind as we speak. Everything you need to know and think about we've already
thought about. I've done 5 months’ worth of research on this company before I
started putting my clients into it. All the technicals and fundamentals are in
your favor more than ever before.

__________, How much junk mail do you get a day? What're the chances
you're going to take an hour out of your busy day of running a multi-million
dollar company to read about a stock you don't even own from a broker you
don't even know. You probably don't follow half the stocks you already own,
much less read about them in detail.

If I was asking you to own 5 or 10k shares of a pink sheet bullshit company with
negative earnings, I’d tell you to hang up the phone, call your local broker, and
short the stock. I wouldn’t expect your business. I’m bringing you a 60-year-old
billion dollar company on the verge of a landmark FDA approval. On
just_______ shares of a company like this, we both know the only reason I’m on
JORDAN BELFORT
the phone with you is to start a relationship based on winners. It really is that
simple.

________, a box full of information would have already been there if I was
opening up an IRA account for a 70-year-old man or a long-term trust
account. I would have come down there and discussed a detailed history of the
company, and outlined a plan of holding this stock for the next 5 or 10 years.
This is a very conservative stock and might even warrant that type of situation.
That’s not the case here. I'm basing a relationship on the performance of this
stock over the next two months.

When was the last time you got a recommendation from a broker, asked for
information, spent hours reading it, then called him back a few days later and
bought the stock? Chances are you never did it. Even though you wanted to
read it, and had every intention of calling him back, you were running your
business and had many more compelling things on your mind. You never did it
in the past, and you're not going to start doing it now. Because you know that’s
not how you make money in the stock market, by reading general background
information about an established company. We both know that buying before
the stock moves is the only thing that matters. I haven't been in this business
this long by having my clients read outdated information after the fact. It's
frustrating, and it does not work. _____ is ready to move, and I’d rather you
own less stock at the right price than more stock at the wrong price.

What specifically do you want to know about this company? I've done 5 months
of research. I can't lie about the fundamentals. What's going to be the difference
if you see this in print? Boring corporate reports only contain detailed
fundamental information. They don't contain the information that excites us,
and what usually takes the stock to much higher levels. That's the type of
information you don't read about until after the fact. And that's what's going to
be hitting the tape over the very short term.
JORDAN BELFORT
What you’re really telling me, _______, is that I haven’t given you all the
information that is necessary for you to make the decision today. What
specifically do you need to know? What exactly is it that you want to see?

What is it you do for a living? If you’re doing my job who's going to do yours?
That’s what you hire a broker for. Take my lead, do the _____ shares and my
commitment to you is I will not call you back for another nickel of your hard
earned capital until _______ trading is up. FAIR ENOUGH?!

I will do that, whether you buy or not, but let’s face it, you could like the
information and the stock could still go down. On the flip side, you could
dislike the information and the stock could still go higher, am I right? (Pause) I
want your confidence this one time and as time goes on I’ll never have to ask for
it again.

I could probably send you enough information to choke a horse, quite frankly,
and luckily, we’ve looked at the income statements, and fundamental and
technical factors. We’re not a supermarket of stocks. This firm follows a business
plan, and that plan is to work small in the beginning and, over a series of
winners, work bigger and better.

_________, we both know that timing is critical. If we pick up _______ shares
now, I’ll have Fed-Ex on your desk tomorrow morning with all the information
of ________ in black and white, so that, before you send a dime, you’ll have all
the facts. Fair enough?

I will do that, whether you buy or not, but let's face it, you could like the
information and the stock could still go down. On the flip side, you could
dislike the information and the stock could still go higher, am I right? (Pause) I
JORDAN BELFORT
want your confidence this one time and as time goes on I’ll never have to ask for
it again.

It’s not the info I can send you; which I will of course—You’re just not
convinced… let me re-introduce myself…

By the time the information hits your desk, it’s probably in the garbage and the
opportunity is most likely lost.

I once heard a story about a Gold Mont Blanc pen… A few years ago, a manager
gave a broker a Gold Mont Blanc pen. He told the broker to use it the next time
someone called him back to buy a stock. Two years later it was still in the case.

I could send you enough info to choke a horse…

I could be like everyone else that you hear from on the street but:
A- That’s the easy thing for me to do

B- You don’t want a guy like that working for your money; at least I wouldn’t!

You want someone aggressive and decisive, someone who knows what they’re
doing, that can put you into the market at the right time and more importantly,
take you out at the right time and hopefully put some money in your pocket in
the process.

You and I both know how this industry works, I get one shot to make you
money, if I’m right, I’ve got some credibility, and if I’m wrong I usually don’t
get a second shot.
JORDAN BELFORT
I'm willing to base any future business relationship that we will have together on
this one trade. I'm willing to work small and discount my fees to the minimum.
ASK YOURSELF-- WHAT'S MY MOTIVATION?
FAX INFO/1
I could fax you enough information to choke a horse. However, that’s what you
hire me for. My analysts have been ripping apart this company’s balance sheets
for the last 6 months. In order for you to make an intelligent business decision
you’re going to have to research this company for at least that long. The research
has been done, that’s why I’m on the phone with you right now.
RESEARCH/1
(Go Into Self)
Information Reb.
Let me ask you this:
For how many years have you been investing? Okay so I’m not going to teach
you anything that you don’t already know about stocks. You know as well as I
do, that you could look at a report and like what you see. That doesn’t
necessarily mean the stock is going higher, and on the flip side, you could look
at a report and hate it, well that doesn’t mean the stock is going lower either.
What’s important here is getting involved before the institutions start running
this stock.
RESEARCH/2
That’s great, but let me reiterate;
There’s nothing you’re going to find about this company that my research staff
hasn’t already found even if I spend extensive time and money researching this
particular stock. Like I told you before, I’m a Financial Consultant. I don’t
come to you with an idea every other week. Respect me for that. I call my clients
5 or 6 times a year with a core recommendation only after I’ve spent extensive
time and money looking into the company. Anything you want to know about
the company, if I can’t answer it, don’t buy the stock. I do this for a living. You
JORDAN BELFORT
know your business. I would never try to tell you how to run your company, but
believe me, this is my area of expertise. I want you to own the stock on my
pricing and timing, and my research. That’s why my client’s retain me. The time
it’s going to take you to research this company only to find out what I already
know, you’re going to pay higher for the stock. Own the stock here, give me the
shot to show you what I’m all about, give me 60 to 90 days and believe me,
you’ll be very impressed.
RESEARCH/3
________, I appreciate the fact that you want to research this idea. If I were
asking you for $50k or half your net worth, I would almost believe you. I'm
asking you for a small vote of confidence on a limited time frame to show you
I'm worth your time. Give me a shot.
SEND REPORT/1
________, do you always read a report before you a buy a stock?
SEND REPORT/2
_______, I can appreciate why you want a report … to get more specific
information, am I correct?
SEND REPORT/3
________, I’ve got a due diligence file available. What information, specifically,
are you looking for? Annual report, 10k, 10 Q, proxy statement, S&P, value,
line, etc.?
SEND REPORT/4
_________, how recent do you think that information is? That’s yesterday’s
news.
SEND REPORT/5
_________, what we’re doing here is coming to you with a buy
recommendation. Our top analyst put together a detailed analysis of _________.
JORDAN BELFORT
SEND REPORT/6
_________, we don’t operate like a wire house, we don’t mass produce reports.
When Big Brokerage House prints a report, it takes time at the printer; it takes
time in the mail; and it sits on your desk … if it doesn’t wind up in the circular
file. By the time you’ve gotten around to reading it, on average, the stock has
moved and the opportunity may be gone.
SEND REPORT/7
Honestly, you’re probably too busy to read research.
SEND REPORT/8
________, we want to bring you performance, not inundate you with
information. At _____ we work on strategy of building positions quietly. We
don’t want everyone on the street to know what we’re buying. We want to make
you money and buy _______ at no more than $______, before it moves out of
our buying range.
BROKER/1
I realize you have enjoyed a long-term relationship with your present broker,
and it's my goal to establish that same kind of relationship. Put me in
competition with him, and down the road, based on performance, you can make
the decision who you want to invest with heavily.
BROKER/2
I'm sure your goal is to maximize your profit potential, isn't it? __________,
the most astute investors understand that diversification is the key to
success. What I'm suggesting, __________, is for your own financial well-being,
you need another perspective; and I can provide that prospective for you.
BROKER/3
Good, because I prefer to work with qualified investors.
BROKER/4
I think you’ll agree that no one broker has a corner on the entire market.
JORDAN BELFORT
TALK TO MY BROKER/1
You know what your broker is going to say even though he hasn’t studied this
company for the last 4 months like I have? It’s not a bad idea but I’ve got
something else for you. It could be the greatest thing since sliced bread, your
broker’s gonna turn you off. Or, he’ll say look, if you like it so much buy it
through me. This way he gets a commission and a winning idea added to his
track record. That’s not what we’re all about.
TALK TO MY BROKER/2
Asking your broker about me is like asking your wife about your girlfriend.
TALK TO MY BROKER/3
You are probably judging your broker on 10 to 20 positions. I’m asking you to
judge me on 1 position. At the end of 90 days, you’re either going to work with
me bigger and better in size, or you’re gonna take my card and file it in that
round file on the side of your desk. I realize that, my worst nightmare is to lose
money for my clients. I’m risking a 10-year relationship on this one trade. But if
I’m half right, you’re going to want to work bigger and I’ll want some referrals
from you. But only after I’ve earned it. Fair enough?
TALK TO MY BROKER/4
I don’t want to be your local broker, I’m not going to buy you CD’s, I’m not
gonna handle your retirement money. This is what I do 5 or 6 times a year. I
find a situation with a huge upside that I feel can make you money. I’m not
asking you to fire anybody, but I can make you money. (BE HUMAN) I’m a
great guy and I’m a great golfer, but I’m a business man, I know everybody calls
you for money, I’m not looking for the majority of your money. (CLOSE)
I HAVE A FINANCIAL CONSULTANT/1

We had to assume that you were working with one or more people and I’m
certain you’re in good hands. However, I’ve got to believe if we can increase
your net worth by an additional $_____, for your other advisor to invest, he’s
not going to be too upset and neither are you! When you do invest…
JORDAN BELFORT
I HAVE 9 BROKERS AND YOU’RE THE 3RD PERSON WHO CALLED
ME TODAY/1
You are specifically the type of person we’re looking to work with. You are
obviously a value player, and because you’ve heard from everyone else on the
street, you’re someone who will really appreciate the ideas we bring to your
attention! When you do invest…
CPA/1
___________, my CPA handles my taxes and some other business for me, but I
give him investment advice. I'm the professional in this field.
IPO WRAP/1
____, have you ever been involved with an IPO?
YES (continue)
How did it work out for you?
NO
Was it because of lack of ability or lack of interest?
BAD
Well, as you know, the right ones tend to be very lucrative
My firm, _____ has been involved with some of the most lucrative IPO’s on the
street. The last deal that we did, a company by the name of _______. We got
our clients involved in it at ____ dollars a share with warrants attached last
summer. In ____ it opened up at _____ by _____ the stock traded as high as
_______. That’s ____________ % in a matter of a few months, just imagine
what sort of an impact that can have on your portfolio. My senior broker will
get into that with you.
I’VE BEEN BURNED BEFORE/1

The reason why you’ve been burned is because you probably invested in
companies that you knew nothing about with no earnings or revenues. If I came
to you with some penny stock losing $5 a share, do you know what you’re
supposed to tell me? “Get the hell out of here!” That’s not the case here. I’m
coming to you with ______, earning $___ a share on $___ in revenues.
JORDAN BELFORT
I’VE BEEN BURNED BEFORE/2
Law of averages states you’re going to have to sift through hundreds of brokers
before you find those 1 or 2 guys; who will make you money on a consistent
basis. I pride myself in being that guy; the only problem is you don’t even know
it yet. That’s why I’m asking you to work so small. For now judge me on %
gains on # shares and don’t ever make me work so hard on such a small trade.
THIRD PARTY STORY/1

You sound like one of my biggest clients out there. In fact, he sent a broker ½
mil on the first trade and next thing you know, the things worth nothing. That’s
why he’s dealing with me today because I’m one of the best in the business, in
fact you probably get some of these calls when a broker calls you up and asks
you for 100k. Just for future reference, whether you open an account with me or
not, don’t walk away from these guys, you run away from these guys. That’s why
I’m willing to work so small. Wouldn’t you agree? Best relationships are built in
a small way.
I DON’T FEEL COMFORTABLE/1

That’s why I’m asking you to work small. I’ll sit here and hit you singles for as
long as it takes, whether it be 1 year or 2 years. It makes no difference because I
know for a fact there will come a time when you’re going to want to step up to
the plate and swing for that home run.
COMPETITIVE ACCOUNT/1
Great! Sounds like you have a money tree growing in your backyard. If another
one pops up are you going to cut it down? (NO!) Exactly, this is what we’ll do.
Set up a competitive account alongside your best brokers out there. Over the
next 30 days, if I don’t absolutely blow them out of the water and I’m not
talking about a couple points. We’ll close the account. But when you do see I’m
the best broker out there percentage wise, start closing out some of these non-
performing accounts. All I ask is that you start sending that equity to the guy
who’s making you the most in the market.
JORDAN BELFORT
CREATE WEALTH/1
______, it’s been proven over time there are very few people that have the
ability to successfully trade stocks on a short-term basis. The fact is the vast
majority literally takes at least a year.
CREATE WEALTH/2
The most successful investors, like _________ _________, buy companies they
like and hold them until all fundamentals have fallen into place. This is where
real wealth is created. This is exactly why more wealth is created in retirement
and pension accounts than in any other type of account—because of the long-
term approach, not short-term greed.
CREATE WEALTH/3
_____, the more money you make, the more you spend. The only way to get
rich is to build equity. That’s our approach – build equity and create wealth.
TALK TO PARTNER/1
_____, I don’t have the luxury to ask for a corporate account. Open up a
personal account, small, when I show you a buy confirm at _____ and a sell
confirm at ____, guess what? You’ll tell your partner about me and we’ll open
up a corporate account and work bigger down the road.
PUSHY/PRESSURE/1
Listen; if you had something in my best interest, I’d hope you’d be as adamant
as I’m being right now.
SELF/CLOSE/1
________, if I was in your office right now, and I told you I could increase your
productivity 30 to 40 percent, and all I asked was that you paid me ______ for
_____ days. And if I did not increase your productivity by the ______ day to
fire me, is it fair to say I’d have a job?
(Yes) That’s all I’m asking you to do today. Work with me here small. Give me
the _____ days, and the next time, you’ll be the guy who suggests we work in
size. Titling the account is a very simple process. I’ve got most of the
information here to title an account.
JORDAN BELFORT
SELF/CLOSE/2
Do you consider your broker as part of your business plan, as part of your net
worth? My clients consider me exactly that, because after 2 or 3 trades, they
begin to see the returns that they always wanted to get out of the market.
Include yourself in a circle of people who consistently make money in the
market. I’ll title the account under your name. Are you going to be in the office
in an hour?
SELF/CLOSE/3
I am not some penny stock, 18-year-old bringing you the cure for cancer or
some crazy idea. I’m _______ years old; I’ve been in the market for ______
years. I could have called you a week after we first spoke with some bullshit
stock with a huge credit to generate a commission for myself. No, I waited until
I had a situation I was totally convinced trades higher. My commission will
come after my performance warrants it, after I’ve shown you a series of winners,
and you feel comfortable, and you start working in size.
SELF/CLOSE/4
Now, I’m a huge broker, I’m well respected by my peers. I work on 4 or 5
carefully selected positions throughout the year. I make a fortune for my clients
I’ve told you; my contacts on Wall Street are extensive. _______ will go to
______ with or without you.
SELF/CLOSE/5
Now, I realize your other brokers aren’t making you money, but don’t hold that
against me.
Do this: pick up a block of ___ shares, give me 4 to 6 weeks, you analyze your
percentage gain over that time period, and believe me, you’ll be very impressed.
What do you say?
SELF/CLOSE/6
When ____ goes from ______ to _______over the next
_______with_____ shares, you’ll make _________________.
________________, I gotta believe that would go a long way toward
JORDAN BELFORT
building a relationship between you and me. Now, I will work with you
for whatever you're comfortable with. The size doesn't matter. The only
thing that matters to me is to have the opportunity to show you
_________ timing. I'm looking for a small vote of confidence from you.
Let performance be your guide. You’ll be impressed with the results.
Would you give me an opportunity to start on the basis of ______shares?
SELF/CLOSE/7
I’m a nice guy and a great broker, but the bottom line is I know how to make
money in the market.
SELF/CLOSE/8
I’ve made a small fortune for a select group of individuals for many years. While
your downside risks look to be a few hundred dollars, your upside potential is
not the few thousand you stand to make here, it’s establishing a relationship
with a huge broker on Wall Street that can make you a lot of money, not
overnight, but over a period of time.
SELF/CLOSE/9
I could be a tremendous asset to you. I think you can agree with me, _____,
that having a broker on Wall Street who can make you money on a consistent
basis is a very valuable commodity few people can live out. ____, I can assure
you that this one trade will not change my life in any way.
SELF/CLOSE/10
But it may very well change yours. To open an account is a very small decision,
yet it could be the biggest one you’ve ever made.
SELF/CLOSE/11
______, please excuse my persistence, but this is why my clients retain me. I
scratch, I claw, I kill for 1/8s and 1/4s. It may not seem like much when you’re
talking about a couple of hundred shares, but when you’re talking about 30, 40,
50k shares, 1/8s and 1/4s are dollars in your pocket.
JORDAN BELFORT
Now, anyone you’re dealing with should, I emphasize should, be able to take
$50k of your money, put it into a blue chip, turn it into $60k, give you a $10k
profit, and a measly 12 ½ percent return on your money.
That’s not what I’m looking to do here. I’m looking to tap you into my program,
get you involved with one of my IPOs, _________, have the stock go from 5 to
10 or 15, take that same $50k and turn it into $100, $150k.
That’s when I’ll have an impact on your net worth. Not overnight, but over a
period of time and a series of successful trades ____, if you knew, I mean really
knew, who I was, you would be picking up 20k shares.
Here’s what we’re going to do. We’ll go with the firm minimum_____ shares. If
the stock doesn’t do exactly what I say it will do, call me up and fire me as your
broker. I’ll sell out the account and have your money sent back. But when I’m
right with ________ and I’ve shown you a couple of winners, you tell a couple
of your buddies about me and we work in size. I’m titling the account in your
name and getting the confirmation out ______.
SELF/CLOSE/12
I'm a successful broker, and I make a very good living. Do you know why? It’s
because my clients are successful. They are successful because they listen and
move on my recommendations. And more importantly, I guide them out at the
right time.
SELF/CLOSE/13
I’m telling you right now, I’m convinced that _______ trades higher and it goes
to _____, without me and without you. There is no way I am letting you miss
this one. I don’t care if it takes 6 months for you to become liquid after a
______ share trade goes from ______ to _______.
SELF/CLOSE/14
All I want is one shot to make you money. Give me 45 days to prove to you that
I’m right and you’ll be a client of mine for the next 10 years.
JORDAN BELFORT
SELF/CLOSE/15
I’m completely convinced _____ is going to be a big score for my clients.
_______, I can’t guarantee results, and I wouldn’t do that! What I can
guarantee you is a level of professionalism and an approach to this business you
haven’t seen elsewhere.
SELF/CLOSE/16
I didn't get to my present position by being wrong too often or by working on
small trades. I know if the stock doesn’t perform the way I say it will, you're
going to call me up and fire me as your broker. Am I right? Of course. I'd expect
you to. On the other hand I also know that if I show you a buy confirmation
today at ___________ and show you a sell confirmation at _____ 60 days from
now, I know you’ll be a client of mine for life.
SELF/CLOSE/17
Give me 1 percent of your confidence and trust, and I'll earn the other 99
percent.
SELF/CLOSE/18
I buy stocks for fundamental reasons. If a technical factor comes along that tells
me to sell, I'll sell the stock short term at a profit. If the stock backs down a little
and I feel it’s right, I'll get back in. But, unless you have blocks, 5, 10, 20k shares,
the only one making money buying and selling is me. My commission in and out
of the stock and back in again is going to offset whatever gain you have unless
you work in size. That's why the average investor never makes money.
SELF/CLOSE/19
I assure you, I am not your traditional stockbroker, coming to you with the pick
of the day... I have a philosophy about the market. Look for the investments in
fundamentally sound but undervalued companies that are trading below their
real value. I will not and cannot achieve substantial results by selecting stocks
that are up 30 or 40 percent at their all-time highs, looking to trade higher.
That's a fool's theory, the sheep's theory. It's the smart investor who buys stock
at the wrong price when no one else is looking at it. We’re buying companies,
not stocks! We’re taking a fundamentally sound situation and timing it with a
near-term catalyst to propel the price higher, in this case _______.
JORDAN BELFORT
SELF/CLOSE/20
One of the reasons why I have so many clients is because I’m able to get that
extra 1/8 to 1/4. I didn’t call you two days ago, and I’m not going to call you
two days from now. I’m calling you today because I feel the stock trades higher
today and substantially higher over the short term, my sense is 2 to 3 weeks. Do
you know how great you’ll feel when you see this stock at ________? Not
because you’ll make a lot of money, but because you made the right decision
and you found a broker who knows what he’s doing.
SELF/CLOSE/21
The most valuable commodity anybody can offer to you is information. I am
telling you that my firm’s sources and connections on Wall Street are some of
the best on _____ and on other LBOs, acquisitions, and private placements. I
can substantially increase your net worth down the road. I propose we work
relatively small on our first trade, use a stop loss to limit your downside to ____,
and to put you at ease. I am offering a blue chip company. You know my
commission is insignificant. I will even lower it below any discount brokerage
rate in the country. I’m obviously very confident in what I’m presenting to you
and find it hard to believe a wealthy investor such as yourself wouldn’t take me
up on my offer.
HESITATION, REAL CONCERN/1

_______, let’s put this in perspective. All we’re trying to do is build a
relationship based on confidence and trust. I’m just looking for the opportunity
to make you some money. We’re on the same side of the fence. Do me a favor,
level with me, what’s holding you back? What’s your real concern?
HESITATION, REAL CONCERN/2

______, if you weren’t completely convinced I had your best interests at heart, I
wouldn’t want you to buy a stitch of stock. If I couldn’t answer any question
about this situation, I wouldn’t want you to buy a stitch of stock. I challenge
you to be able to duplicate the value and risk/rewards we have here with ______.
I’ll show you a level of professionalism and an approach to this business you
haven’t seen elsewhere. Work with me now, you’ll be very impressed.
JORDAN BELFORT
FIRM/1
We’re not Big Brokerage House, Global Trading Company, and Transnational
Bank. We don’t make 1,000 recommendations a year. We make 5 to 6. And in
the past, when we’ve done this, we’ve been mostly right. In the case of ______,
we believe we’re exactly right. We’re analyzing the balance sheet, fundamentals,
cash flow, earnings. We’ve ripped it apart with a fine toothcomb. Based on
earnings, the stock should be…
FIRM/2
Don’t misconstrue my enthusiasm for salesmanship. Let me tell you the real
reason I’m on the phone with you. It’s not about stock. You can always go to
your local broker and buy stock. You have to get involved with me now for what
I can do for you over the long term.
FIRM/3
We’re one of the most powerful investment banking firms in the country. When
you invest with _____, you’re putting your money next to the biggest money on
Wall Street. I’m sure you would agree that big money is smart money, and even
when it’s not, it’s usually enough to fuel the market in your favor anyway.
FIRM/4
_________, I can offer you a window into the world of investment banking
and access to our extensive institutional and brokerage community relationships.
FIRM/5
The bottom line here is this: _____ is a boutique. We have a niche in the
market that has been making a fortune for a select group of high-net-worth
individuals like yourself, for years. Multiples on their money (not 10 or 20k but
400, 500K, 1M) we don’t deal with the average investor, we deal with wealthy
men who know how to take risks, but calculated risks. And we limit the
downside by analyzing the fundamentals of the company (earnings, assets,
balance sheet). More important than that, _____, is showing you performance.
Let me ask you a question. If we pick up a block of ____ shares—since liquidity
is a factor—and I’m totally wrong, are you going to be receptive to my next
recommendation? Let me ask you another question. If we pick up a block of
____ shares, and I’m totally right, do you think you’re going to want me to
JORDAN BELFORT
listen to my next recommendation? Exactly. If I’m right, I have credibility. If
I’m wrong, I don’t get a second chance.
FIRM-PRIVATE PLACEMENT/1
Dealing with my firm means getting a window seat to the private placement
world, the most lucrative area of the market. Do you know what that is? It’s
when you invest in a company before IPO. My last private placement for my
clients was of a company called ______, (description of company). My clients
saw _____ times their money.
FIRM-SMALL CAP COMPANIES/1

_______, these small cap companies we bring public are in the 5 to 30 million
range. We’ve got them coming to us. I know these companies like you know
your own. That’s how I’m able to affect my client’s net worth on just 3 to 4
major situations a year.
CALL BACK/1
Look, any broker can give you a recommendation to buy a good company.
However, you find me a money manager who can buy you a good company at
the right price. That’s the difference between me and the rest of Wall Street.
That’s why only 2 percent of retail investors actually make money in the market.
Let me say this ….
CALL BACK/2
_______, your intention will be to get back with me. But from experience, I
know for a fact that the last thing on your mind will be ________. You and I
both know on _____ shares of _____, if you end up paying up 2 or 3 points,
which is likely scenario on _____ shares, it’s not the end of the world, because
it’s only a couple of grand. However, down the road, when we’re working in size
30, 40, 50,000- share blocks, these 2 or 3 points will add up to hundreds of
thousands of dollars. That’s when my ability in exact pricing and timing comes
into play.
CALL BACK/3
Let me explain something to you. A good relationship does not start with a client
calling his broker back. Look, I would never insult you by attempting to tell you
JORDAN BELFORT
how to handle your business. I’d be out of my mind. That’s your profession.
That’s why you’re good at it. For you to call back and tell me when to purchase
stock, you’re doing the same thing. You and I both know, _______, the market is
all about pricing and timing. Please, don’t tie my hands and take that away!
CALL BACK/4
The only problem with getting back to me on a situation like this is that the
stock has been trading in heavy volume. We’re waiting for an announcement,
literally any day now, and believe me; we’ll end up paying up for the stock.
CALL BACK/5
________, my job is to step into the market at a very specific price. To be
honest with you, to buy a good company is very, very easy. To buy a good
company at the right time, that’s not quite so easy. That’s why most people lose
money in the market. By opting to call me back, you’re working on your pricing
and timing.
CALLBACK/6
______, your intention will be to get back to me, I know, but the last thing on
your mind an hour from now will be _______ at ______, and ____. I know
this because I’ve been in the market long enough to know. Why? Because you
run a business, and more compelling situations will be at the front of your mind,
while _______ moves to the back. The best time to make a decision, as you
know, is when the idea is fresh in your mind. I know you like the idea.
CALL BACK/7
The last thing you need is a broker who works on your pricing and timing. A
broker who works on call back is weak, someone who needs your business I’m
not a ___________ ___________. I don’t need your business. I value it. And
that’s why I’m retained by presidents and CEOs of the best companies in the
county.
CALLBACK/8
________, I don't take callbacks. I don’t work that way. I'm successful to the
point where I don't have to chase your business. Believe me, I've seen the people
JORDAN BELFORT
who’ll chase your business around, and it's not a pretty sight. I'm moving
aggressively on this situation now, because pricing and timing are critical.
CALL BACK/9
, we're on the phone now! We're both busy men, and we don't
have time to play phone tag. Do this. Own _______ shares now. Lock
yourself in at this price. If you want to increase the order after thinking it over,
I’ll charge you the same ______ commission.
CALL BACK/10
Let me ask you something. What more are you going to know about this stock
that you don't know now? ________, our firm has spent time and money
analyzing every fundamental and technical factor. Believe me, we have done our
own intelligence. It's a buy. This is like shooting fish in a barrel.
CALL BACK/11
Look, _____________don't be like the average investor. The average investor
buys slow and sells fast. He has lead feet and gets involved when the run has
already started.
(Prospect: “my friend’s in the industry of the company you’re recommending. I
want to ask his opinion.”)
CALL BACK/12
Okay, I’ll give you my home and cell phone #’s if you want. But you’ll never call
me back and it’s not because you don’t like the idea or me. Reality is that you’ll
put the idea in the back of your mind and forget about it. You’ve got a business,
a family, and more important things to worry about. What I’m asking you to do
is let me do the worrying.
CALL BACK/13
___________, you can call me back if you want to, but there are two things in
this business that I pride myself on and that’s my pricing and timing. I’m an
avid real estate investor as well, I’m sure you have some real estate. The key
factor with real estate is location, location, location. In this business, it’s pricing
and timing. If I wanted to call you tomorrow, I would have. I called you today
so you can take advantage of my level of expertise, my pricing, and timing.
JORDAN BELFORT
Without these tools, I’m simply an order taker. You don’t need me. If you want
to buy on your timing, you might as well call __________ __________. The
only reason you retain an investment banker like myself is for pricing and timing.
CALL BACK/14
I know you have the best intention to call me back, but let’s face it we’re both
very busy, and you really don’t have time.
CALL BACK/15
We both know you’re not going to call me back. Not because you don’t like the
idea, I honestly believe that you do, but you’re running a business.
CALL BACK/16
All I’ll ever ask you throughout our relationship is to work on my timing; the
size is completely up to you. Always, but the timing ... that has to be mine.
CALL BACK/17
Look we’re both big enough not to have to run around after each other for a few
thousand dollars. I know you can make this simple decision right now. You’ve
done this plenty of times, but you’ve never come across a broker like me.
CALL BACK/18
You’ve never called a broker back, and if you did, that relationship failed.
CALL BACK/19
Let me ask you something. What more are you going to know tomorrow that
you don't know already? Whatever you need to think about we’ve already
thought through, _____. Our firm has spent time and money analyzing every
fundamental and technical factor. They are all in your favor. We've ripped apart
the balance sheet, and based on earnings, cash flow, and assets, this stock is
undervalued. More importantly, I have a philosophy of investing in the market,
and that is to take a fundamentally sound company whose value is not yet
reflected in the price of the stock and then tie in a near-term event, something to
propel the price of the stock over the short term, a catalyst, if you will.
__________________ satisfies that criteria. And let me say this. Whenever
I've isolated a situation as unique as this, I've made money for my clients hand
JORDAN BELFORT
over fist. Do this. Pick up _____ shares, an investment of just _____. Hold this
stock for 30 to 60 days, and I think the only problem you'll have is that you
didn't own more. Fair enough?
CALL BACK/20
If the market teaches us one thing, it teaches the difference between being nearly
right and exactly right. The people, who make money in the market, the
(famous name 1), the (famous name 2), the (famous name 3), don't buy when
the price is right, but when the price is wrong. And believe me, at
_____________ the price of ________is very wrong.
CALL BACK/21
You see, the reason for my call was to give you the advantage of our timing and
to be exactly right. By calling me back, you take this advantage away. And not
working on my timing will work against you. Work with me on my timing. Pick
up the minimum of _______shares, an investment of ______. We can always
add to that position later. But if you own some at this price, and judge me on
your percentage gains, believe me, you'll be very, very impressed. Sound fair
enough?
CALL BACK/22
The best time to make a decision is when all the facts are fresh in your mind,
and by delaying, you simply restrict my ability to do my job. Let me say this …
CALL BACK/23
The last thing I want to do is bump heads with a potential client. But the reason
investors consistently lose money in the market – it's not your broker's fault, it's
not the company's fault, it's not the stock's fault. It's the mentality of the average
investor, who doesn’t focus enough on timing.
CALL BACK/24
With all due respect, you’ll probably end up paying up for the stock. If you align
yourself here at _____, my sense is you’ll be taking the first step to becoming a
client for life.
JORDAN BELFORT
CALL BACK/25
My clientele are the presidents and CEOs of some of the largest corporations in
the country. I don’t deal with every Tom, Dick, and Harry that wants to invest
in common stocks. I deal with people, who are serious about making money, and
we don’t work on callbacks. Now, without the risk of being forward, I would
rather see you own less stock at the right price than more stock at the wrong
price.
1ST TIME, WHAT’S YOUR NUMBER (NEVER GIVE YOUR #)/1

Sir, I can give you my 800#, my fax #, my home #, but you’re not going to call
me back. You’re a busy man. You’re gonna put the idea in the back of your
mind and forget about (Your name) and (Stock). Let me say this (Continue the
straight line)
I’LL CALL YOU IN A COUPLE OF HOURS (I’LL MAKE A FEW

CALLS)/1
You know what? A few hours either way doesn’t make a difference to you or me,
maybe, but you want to know something? If I put a dollar in a jar for every time
someone was going to call me back, I would have retired 5 years ago. I don’t
work on callbacks specifically because I know you’re a busy executive. You know
and I know you’ve got a hundred other things to do. Employees to take care of,
staff meetings, etc. I’m gonna go on to other clients. Two or three hours
probably won’t make a difference except for the fact that I won’t be able to get
you on the phone and you won’t be able to get me on the phone. My two tools
are my pricing and my timing. Without these, you’re tying my hands behind my
back; I might as well be an order taker at a discount broker. The reason my
clients retain an investment banker like myself, is for my exact pricing and
timing. Buy the stock here, make your phones calls, I’ll confirm the order today;
you’ve still got three days to pay for the trade. You’ll get a Fed-Ex package in the
mail tomorrow; my sales assistant will call you in an hour or two to confirm the
price. Go ahead and make your phone calls, but let’s get the order in now, on
my pricing and timing. Believe me, in 90 days when I call you with my next idea,
you’re not gonna want to make any phone calls. Own the stock here, give me 90
days, believe me, you’ll be very impressed. (Keep Quiet)
JORDAN BELFORT
NO PHONE BUSINESS/ DON’T KNOW YOU/1
Whether I’m your local broker or on the other side of the world, all you should
be concerned with is my ability to make you money. Let me say this: (Sell
second ten, them go back and resell first ten.)
NO MONEY/1
If “yes”, let me say this: liquidity is a relative statement. If an individual is
usually liquid for $100,000 but now he only has $10,000, he doesn’t feel liquid.
On the other hand, if an individual is liquid for 1 million but today he only as
$100,000, he also doesn’t feel liquid. Honestly, Mr._____, for you to write a
check out today for ______ I’m sure, it’s not a question of yes or no. It’s more
which account do you write from…. (Always go back to the pitch)
NO MONEY/2
Fine, Mr. ______, I can understand that. Sometimes the best opportunities
present themselves at the least opportune times. Liquidity is relative. I have
numerous clients and at certain times of the year they’re not liquid, at other
times they’re flush with cash. I understand that when a man of your substance
says he is not liquid, he means he’d rather tie up 50 or 100 grand for 6 months.
No am I looking to tie your funds up. ______ is liquid stock. If you need your
money, it’s back to you in one week in a wire transfer. But if you pick up ____
shares, an investment of ___ due over a week’s time, and hold it for (time frame),
I think you’re looking at a ___ stock and a very good percentage gain over the
(time frame). (Always go back to the pitch)
NO MONEY/3
I understand, and that’s exactly why I called. I know there might be a better
time for you in terms of your particular financial situation. Now, the reality is
Mr./Ms. _____, that if I could time my ideas with your moods or your liquidity,
we could both make a fortune. Unfortunately, my friend, life is not that simple.
So what I would like to suggest is that I’m not talking about you buying a
quarter or a half a million dollars worth of stock. I’m talking about something
exceptional and I am talking about a small step, not a leap, as an initial
investment. What I would like to suggest is to give me (time frame) and, once
you can see on a percentage basis what I do for you here, we will never work on
such a small level again. Fair enough?
JORDAN BELFORT
NO MONEY/4
___, I have two jobs here, one is to make you money. The other is to make you
feel comfortable. In an effort to make you feel comfortable, why don’t you do
this; work smaller.
Pick up let’s say ______ shares.
See, the amount of money that you invest with me today is not important,
______. What is important is that you invest at the right time, and that I can
gain you, as a client while I have something that I’m convinced will show you
results. The _____ shares come to $____. You’ll book less profits, but your
percentage gain should remain the same. If you judge me on that alone, then all
I ask is that next time we work bigger. What do you say? Sound fair enough?
CHECK MY FUNDS/1
You know what? I know what I’m liquid for and you know what you’re liquid
for. I can understand if you need to check your funds if I was asking for a
hundred thousand dollar trade and you have to move some money around, but
on a small investment like this, you know what you’re liquid for. Do this …
LIQUID/1
Level with me, what’s really holding you back? Tell me you don’t like me. Tell
me you don’t like the idea. But don’t insult me and tell me you can’t write a
check for five grand. I wouldn’t even be on the phone with you if you couldn’t
write a check for 20k for that matter. I only deal with high net worth individuals
like you.
LIQUID/2
If you were liquid in this type of situation, you’d get involved with ____?
LIQUID/3
I understand the best opportunities happen at the worst times, they have no
birthday, and you have to squeeze a bit to take advantage of the really good ones,
this is definitely one of those.
JORDAN BELFORT
LIQUID/4
I know where you’re coming from, liquidity is cyclical. Sometimes my clients
have a lot of cash so they can work in real size, but other times they’re not liquid
like you so they take what they can a couple of thousand shares, even a couple
hundred, because they know its gonna be worth it to them.
LIQUID/5
That’s exactly why we’re working so small.
LIQUID/6
I’m not the 1st broker who called you. I’m sure you have a system for weeding
out poor brokers, but I’m not a rookie who hangs up just because you say you’re
not liquid. Hey if I thought that, I’d have never called you in the first place.
LIQUID/7
You don’t want a broker who calls when you’re liquid. You want one who calls
when it’s profitable. That’s me.
“YES” LIQUID
Now obviously I can’t impact your net worth on a small trade like this. However,
if you judge me on % gains, all I ask when I’m exactly right down the road, is
you allow me to impact your net worth in a much more meaningful way. FAIR
ENOUGH?
“NO” – LIQUID
The initial commitment is secondary. It’s not the amount we get started with,
but the fact we do get started. Now, in the past when you’ve seen value in a firm
like ________, and even more importantly, when you’ve seen value in a broker
like myself, and I consider myself to be the best in the business, what do you
normally put towards a first trade basis?
#5k based on what you’re telling me, you want your broker to prove himself in a
small way before making larger transaction –WAIT—
That’s about # of shares of this stock.
JORDAN BELFORT
NOT LIQUID/1
How’s the market treating you? I’m sure you have some stocks out there that are
trading up/down/ or even? Book a profit, book a loss and put your money into a
stock that’s going to perform. Because quite frankly, if you can honestly tell me
that over the next 20 days every one of your stocks is going to move 30-40% …
you now what? You don’t need me. But you and I both know that’s not the case.
It’s that good FOR NOW go with me.
NOT LIQUID/2
Let’s be frank for a second. You and I both know that you could get (Dollar
amount) to (clearing firm) in five business days, if you want to … right?
Okay, what I suggest you do is this: take a look at your portfolio find one or two
stocks that are flatted down. I know you have them. I work with hundreds of
brokers. I know how brokers think. Most brokers are afraid to sell a stock that’s
flat or down because they think if they do, they’re going to lose credibility with
their clients. That’s got to be one of the biggest mistakes in the industry, because
there is nothing more frustrating than sitting in a stock that’s flat or down while
there are plenty of stocks going higher.
Find one of these stocks, call up your broker tomorrow and tell him sell ______
“next day settlement.” What that will do, is get you the funds in two days, you
don’t need to get a check in here for five business days, so there is plenty of time
to make this happen. Work with me on timing on ____ shares. (Close)
NOT LIQUID/3
I consider myself the best in the business you have yet to meet a broker of my
caliber, my tenacity, and preserver when it comes to making money in the
market. Our future business is based on performance. If I’m wrong I don’t’ get a
second chance. When I’m right I know you’re going to be a much larger client
of my firm. FOR NOW.
I have seen more money lost on indecision rather than bad decision. We’re
talking about 10k.
HONESTLY are you going to lose sleep about it?
JORDAN BELFORT
NOT LIQUID/4
I can understand you're not liquid here, ________. Some of the best
opportunities come at the least opportune times. Let me just ask you a question:
does the idea make sense to you? Do you like the idea?
NOT LIQUID/5
Whether you buy 1 share or 10,000 shares, if the stock goes from ______ to
______ like I think it will, your percentage gain will be exactly the same. That’s
all I need to be judged on the first time out.
NOT LIQUID/6
______ I appreciate you’re not as liquid as you would like to be at this point in
time. Realize, I’m not asking for 50,000 shares or half of your net worth. If that
were the case, I would totally understand, but that is simply not the case. I'm
asking for a token trade to build a track record that will serve as a benchmark for
all future relationships. I'll pick the issue, the price, and the time. All I need is
one shot on a small trade to show you my pricing and timing.
NOT LIQUID/7
Understand something; I have a fiduciary responsibility to call you not when
your bank account is at its fullest, and not when I can make the most
commission on a particular trade. I’m obligated to call you when I have a
security that I believe trades higher, right now, over the short term, when timing
is critical.
NOT LIQUID/8
I hear what you’re saying, _______, so put your checkbook away for a second
and let me just ask you a question: does the idea make sense to you? Do you like
the idea?
NOT LIQUID/9
Obviously, I know you weren't sitting by the phone with a bag of cash waiting
for _________ to call you.
JORDAN BELFORT
NOT LIQUID/10
No matter how many shares you own, I’m absolutely convinced you’re going to
make money on this trade and start our relationship off in the right direction.
The only way I can separate myself from many others calling you is to work on
my exact pricing and timing. I would rather you own less stock at the right price
than more stock at the wrong price.
NOT LIQUID/11
I have to believe you and I are in the same tax bracket, and to write a check for
_________is not a question of yes or no; it's just a question of which checking
account to write it from.
NOT LIQUID/12
_______, you know what? I understand you’re not that liquid, although I
believe you can write a check for this amount from 5 different accounts. I want
you to realize one thing: this stock has been trading heavy volume for the past 3
days. Institutions are putting major buy recommendations on the stock, as well
as major wire houses, on takeover rumors alone. Let me ask you a question ...
NOT LIQUID/13
, liquidity is a relative concept. If an individual is usually liquid for 100k but
now he only has 10k he doesn't feel liquid. On the other hand, if an individual
is usually liquid for 1 million dollars, but today he only has 100k he also doesn't
feel liquid. Liquidity is a state of mind. Honestly, for you to write a check out
today for ________, I’m sure it’s not a question of yes or no. It’s just which
account to write it from.
NOT LIQUID/14
Let me ask you a question. If we pick up a block of ______shares (since liquidity
is a factor) and I’m totally wrong, are you going to be receptive on my next idea?
Let me ask you another question. If we pick up _____ and I’m exactly right do
you think you’re going to want to listen to my next recommendation? Exactly, if
I’m right, I have credibility. If I’m wrong, I don’t get a second chance. My
commission here is _____. I make no money on the trade. Do this …
JORDAN BELFORT
NOT LIQUID/15
I understand that you may not be as liquid today as you’d like to be, but let me
ask you a question: If you were liquid, is this the type of situation you see
yourself getting involved in?
NOT LIQUID/16
I know I might have caught you at a bad time, but I call you when the market
tells me to, not when it’s necessarily most convenient for you. I mean, let's face
the facts, for guys like you and me, writing a check for a few thousands over the
period of a week is basically a non-event.
NOT LIQUID/18
Do what you have to do on your end. I'll make sure I can print you at the
cheapest possible fix. Just hold the stock for the next ______ days/month,
through the ___________ and believe me, _______ you won’t be sorry. Sound
fair enough?
NOT LIQUID/19
If I were asking you for 50,000 shares of stock or half your net worth, then what
you’re saying would make total sense you, but that's not the case here. We’re
talking about a very small vote of confidence here, and you and I both know you
could write a check for ___ out of five different checking accounts. You give me
one shot on a 30-day time frame, and believe me; you’re going to be very, very
impressed.
NOT LIQUID/20
________, you and I both know you're holding on to some stocks that just
haven't been performing for you lately. Move out of one of your dogs and buy
this stock!
NOT LIQUID/21
Sometimes when I wake up in the morning I feel like a pauper. But you and I
both know that liquidity is strictly a state of mind. And I know one thing for
sure. If you pick up your [Financial Paper] and see _______ the money you
make here is not what is going to impress you. It will be that I was right. Again,
as far as liquidity is concerned, I don’t care how many shares you buy, as long as
JORDAN BELFORT
you get involved in some way. I’ll show you a winner with a percentage gain that
is absolutely staggering. So the next time, you’ll be the one suggesting that.
NOT LIQUID/22
Mr. ______, I believe you’re successful and would probably not be calling you if
we didn’t believe this to be so. Don’t you agree that most people will find the
money to buy the things they really want?
NOT LIQUID/23
Let’s be conservative and start with a minimum position. Six months from now
I hope you’re going to look back at this first step with great satisfaction. Let’s
take an initial position of _______ shares.
NOT LIQUID/24
Mr. _______, the amount of this investment is much less important than your
seeing our approach. Work with us here on _____ shares. The whole reason for
this call was to give you what we believe to be, the advantage of timing.
NOT LIQUID/25
What’s your favorite sport?
Which stock portfolio are you most worried about?
Imagine yourself the manger of your local ______ team. You’ve just been
offered a change to take on _____, but it would mean you’ll have to let go of a
mediocre player. Would you make the change?
Mr._____, buying ______ shares of ______ may seem like a very big decision,
but really, it’s a small step—although an important step in beginning your
relationship with _________.
NOT LIQUID/JUST PUT MONEY INTO BUSINESS

Understand something; I am dealing with over 200 business owners, all presidents
and CEOs, like you, throughout the country. Many times of the year, they're in a
position like you. They've got a lot of irons in the fire. They're not as liquid as
they would like to be. Other times of the year, of course, they're going to be
JORDAN BELFORT
flushed with cash. Even the ones who aren't that liquid are finding the money for
______ on some level, no matter how small, because they know my ideas work for
them.
Bottom line: I make money for my clients on a consistent basis. Not all of them
are percentage gains like analysts are predicting for. But on a consistent basis,
my clients are pleased with my approach to the market. I tell them when to
move, and they tell me how much to buy. It's that simple.
I’M REALLY NOT LIQUID/1

Listen _______, I’m a big boy. You and I both know that you can write a check
for 10 grand from four different bank accounts.
I’M STAYING TOTALLY IN CASH RIGHT NOW/1

For a fair portion of your assets, I believe that’s commendable. However, you’ve
got to agree, with yields so low on CDs and Money Funds, etc., you owe it to
yourself and your family to invest in other opportunities that will give you a
“raise” in income.
“Remember, cash doesn’t rally!”
REAL ESTATE/1
In real estate, the three most important things are location, location, and
location… in the market, and its timing, timing, and timing! Well, right now,
every technical and fundamental factor is in your favor Mr. _____, I will be
judged on one thing (Pause) On my exact pricing and timing.
(SELF) (FIRM) (CLOSE)
REAL ESTATE/2
Obviously, every portfolio should have its long term goals in some sort of real
estate program ___ whether it be rental units, land, secondary or tertiary homes,
but I’m not looking to tie up your capital for 20 years.
(SELF) (FIRM) (CLOSE)

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GENERIC STOCK MARKET

DON'T LIKE (STOCK)/1

THINK ABOUT IT/1

THINK ABOUT IT/2

THINK ABOUT IT/3

THINK ABOUT IT/5

THINK ABOUT IT/6

THINK ABOUT IT/7

THINK ABOUT IT/8

THINK ABOUT IT/10

THINK ABOUT IT/11

THINK ABOUT IT/12

THINK ABOUT IT/13

THINK ABOUT IT/14

THINK ABOUT IT/15

THINK ABOUT IT/17

THINK ABOUT IT/18

THINK ABOUT IT/19

THINK ABOUT IT/20

THINK ABOUT IT/21

THINK ABOUT IT/22

Believe me, your sincerity sticks out.

Institutions pull the strings on the marketplace.

Give me this very small window of opportunity I'm looking for.

Right now, we're crawling.

____________, you hit the nail right on the head.

It’s survival of the fittest.

________, you’re going to thank me all the way to the bank.

Where there’s smoke, there’s fire.

_______, I want you to make me a commitment, when I show you that I

It’s a documented fact, not a question of yes or no.

I promise you I’ll let you go. One question …

I’m not looking to have you buy anything …

Let me saying one thing before I go …

Put buying aside …

That’s okay, _____, no problem. I sent you out some information.

No, no, don't misunderstand me. Do me a favor, put your

What you do with the information is your own prerogative, you

Can I say this …

Can I say one thing …

Let me tell you something …

I’m not looking to butt heads with a potential client, but …

You know something …

The bottom line is this …

At the risk of sounding a bit forward ...

Don’t misconstrue my enthusiasm …

Let me explain one thing …

Correct me if I’m wrong …

Can I be frank with you?...

As things look right now…

I’m not going to waste your time…

I have a stock going to…

I’ll tell you exactly what’s going on…

Pay attention, my name is…

Here’s something most people don’t know…

I can appreciate that…

I’ll spare you the pitch…

Let me say this…

The true beauty here …

You know what it is…

Let me ask you a question…

My point to you is this…