Wolf Street Rulebook

Table of Contents

Table of Contents

• Game Components
• Setup
• Objective
  • In Brief: Managers
  • In Brief: Investors
  • Round Structure
• Game Turn
  • 1. Negotiation Phase
  • 2. Investor Income Phase
  • 3. Manager Income Phase
  • 4. Manager Payment Phase
  • 5. Auction Phase
• End of Game and Final Scoring
• Rules for 3-4 Players
  • Setup
  • Game Turn
  • End of Game
• Credits

Game Components

• 1 market board
• 4 stock price markers (blue, yellow, green, red)
• 4 dice (blue, yellow, green, red)
• 60 investor tokens (10 for each of the 6 investment companies): Bear Paw Investment, Bat Beacon Investment, OctoBank, Bull Market Investment Bank, Crocodile Haven Investment Bank, Aspis Investment
• 39 low-risk investment Company cards (11 blue, 11 yellow, 11 green, 6 red)
• 7 high-risk investment Company cards, marked "2×" (2 blue, 2 yellow, 2 green, 1 red)
• 100 banknotes (1 × 15, 5 × 15, 10 × 30, 50 × 20, 100 × 20)
• 5 auction boards
• 5 dry-erase markers
• 1 rules booklet

Setup

(Example setup shown here is for a six-player game.)

1. Place the market board face up in the center of the table. Place each of the 4 stock price markers on the space of matching color marked "Start."

2. Sort the banknotes by denomination and place them next to the market board. This is the bank.

3. Determine who will be a Manager and who will be an Investor. Players may choose their own roles or assign them randomly by drawing lots or rolling a die. Use the table below to determine the number of Managers and Investors.

   Number of players	5	6	7	8	9	10	11
   Managers	2	3	3	4	4	5	5
   Investors	3	3	4	4	5	5	6

   For three or four players, see Rules for 3–4 Players.

   Important! Managers and Investors usually sit on opposite sides of the table. However, the more players there are, the more likely it is that during the Negotiation Phase they will move around the room to talk to one another.

4. Each player takes 120 money from the bank.

5. Each Investor chooses an investment company and takes its corresponding set of 10 investor tokens. Return the remaining investor tokens to the box.

6. Each Manager takes a marker and an auction board.

7. Shuffle all 46 Company cards to form the Company deck, and place it face down. Then each Manager takes 3 cards from the top of the deck (if a drawn card turns out to be a Company card marked "2×," discard it and draw another). The Manager chooses 1 of the 3 cards received, places it face up in front of themselves, and passes the remaining 2 to the Manager seated to their left. Repeat this procedure until every Manager has 3 face-up Company cards in front of them.

8. Return all cards discarded during the previous step to the Company deck and shuffle it again.

9. Prepare a timer. You can use a phone or any other device.

Objective

Each of the game's 5 rounds begins with a two-minute Negotiation Phase, during which participants bargain with one another. The Managers' goal is to sell shares to Investors as expensively as possible in order to earn the biggest profit; the Investors' goal is to buy shares as cheaply as possible and profit from the difference in value when they resell them on the market. A dice roll then determines how share prices on the market change. Depending on the result, players will earn profits or suffer losses. At the end of round 5, the 1 Manager and the 1 Investor who have accumulated the most money win.

Let them talk about Wolf Street again!

In Brief: Managers

Each Manager's goal is to accumulate the greatest wealth among all other Managers by the end of round 5. Managers earn money by selling their shares to Investors, and they spend it on maintaining the Company cards they already own and on buying new ones.

In Brief: Investors

Each Investor's goal is to accumulate the greatest wealth among all other Investors by the end of round 5. Investors spend money only on buying new shares from Managers, and they earn money when the value of the shares they bought rises on the market. Investors should therefore approach share purchases wisely and avoid overpaying during negotiations.

Round Structure

In each of the 5 rounds, players resolve 5 phases in sequence:

1. Negotiation Phase
2. Investor Income Phase
3. Manager Income Phase
4. Manager Payment Phase
5. Auction Phase

Game Turn

1. Negotiation Phase

Negotiations. Set a timer for 2 minutes, and once all participants are ready, start the countdown. During this time, Managers and Investors try to negotiate with one another and agree on the price at which Managers will sell their shares to Investors. There is no strict turn order in this phase, so participants may propose a price for a share in any order. Either an Investor or a Manager may propose the price.

If the proposed price satisfies both sides, the Manager uses a marker to write it down in the bottom-right corner of the Company card, and the Investor places 1 of their investor tokens on that card.

Important! Investors buy virtual shares of companies, but they never take the Company card itself for the share they acquire.

Seeking a Better Offer. Until the 2 minutes run out, a Manager may try to sell a share for a higher price, even if an Investor's token is already on the Company card (exception: if both sides have locked in the terms of the deal, see below). If another Investor agrees to the new terms, the Manager erases the previous price and writes the new one in the bottom-right corner of the Company card, then replaces the investor token on the card with the new one. Until the 2 minutes run out, an Investor may unilaterally cancel a deal and take back their investor token from the Company card.

Locking In the Terms of a Deal. If an Investor and a Manager decide to lock in the terms of a deal, they flip the investor token lying on that Company card to its side showing a lock. From that moment, the terms of the deal are final and cannot be revisited by either side. This means that:

• the Investor cannot cancel the deal and take back their investor token;
• the Manager cannot find another buyer or sell that company's share for a higher price.

The terms of a locked-in deal remain in effect only until the end of the third phase of the current round, when Investors take back their investor tokens from the Company cards (see Manager Income Phase).

By mutual agreement, players may shorten or lengthen the duration of the Negotiation Phase.

End of Negotiations. After 2 minutes, all negotiations stop. The terms of any deals recorded on Company cards become final and cannot be revisited. If a Company card has no price and/or no investor token on it, that company's share will not be sold this round.

The Negotiation Phase ends immediately if the shares of all available companies have been sold and the terms of those deals locked in — this can happen before the allotted 2 minutes run out.

A Concluded Deal. For a deal to be considered concluded, an investor token (either side up) must be on the Company card, and a price at which the Investor purchased the share must be recorded in its bottom-right corner. Deals that do not meet these conditions are considered invalid.

2. Investor Income Phase

The youngest player at the table rolls all the dice, then places them next to the market board so that each die's color matches the color of its track. Move each stock price marker according to the value rolled on the matching die: on a negative result, the marker moves left (the share's value decreases); on a positive result, it moves right (the share's value increases).

Investors then receive income according to the current position of the stock price markers on the market.

High-Risk Investment Company Cards ("2×"). Every high-risk investment Company card bears a "2×" marking. During the Investor Income Phase, players who own shares of such companies either receive double income or must pay double the losses. This doubling applies only during the Investor Income Phase and is ignored during the Manager Income and Manager Payment Phases.

Example: "Bear Paw Investment" owns 4 shares: 1 red marked "2×," 1 yellow marked "2×," 1 green, and 1 blue. In the current Investor Income Phase, the stock price markers are positioned as follows: red at "-20," yellow at "60," green at "10," blue at "30."

"Bear Paw Investment" pays 40 money (20 × 1 × 2), covering double the loss on the red share.

"Bear Paw Investment" receives:

• 120 money (60 × 1 × 2) — double income on the yellow share;
• 10 money (10 × 1) — income on the green share;
• 30 money (30 × 1) — income on the blue share.

"Bear Paw Investment's" total income for the current round is 120 money.

The value of red shares rises and falls fastest on the market. Yellow shares are more stable but yield less profit. Green shares show even greater stability and lower profitability. Blue shares are the most reliable and least profitable of all.

3. Manager Income Phase

Now Managers receive income. A Manager receives money from an Investor for each Company card that Investor's token is on. The Investor must pay the amount recorded in the bottom-right corner of the Company card. Company cards with no investor token on them yield no income.

Managers must receive, and Investors must pay, the amount indicated on the card.

After receiving their income, Managers erase the recorded share prices from the Company cards and return the investor tokens to their owners.

Example: the income of a Manager holding a set of cards for "Aspis Investment," "Bat Beacon Investment" (×3), and "OctoBank" totals 140 money. "Aspis Investment" pays 60 money for the purchased yellow share (remember, doubling is ignored in this phase). "Bat Beacon Investment" pays 65 money total for the red, green, and yellow shares. "OctoBank" pays 15 money for the green share.

Important! In this phase, Investors first calculate the total amount they owe and only then pay the Managers. If an Investor doesn't have enough money to pay all the Managers, they must declare bankruptcy (see below).

Bankruptcy. If an Investor has less money than they owe, they may try to negotiate with one or more Managers to pay less in this phase. The Investor may offer to defer payment, agree to a future deal on more favorable terms for the Manager, or offer any other form of compensation. Only agreements that must be fulfilled immediately are binding on both sides. As soon as the Investor fully pays the amount agreed with the Managers, the game continues.

If no agreement is reached, the Investor declares bankruptcy and does the following:

• returns all remaining money to the bank (a bankrupt Investor owes nothing to any Manager);
• returns 1 of their investor tokens to the box (it is unavailable for the rest of the game);
• takes 100 money from the bank as starting capital.

Important! At the end of the game, before the final scoring, Investors must pay the bank 100 money for every investor token that was returned to the box during the game.

4. Manager Payment Phase

Each Manager must pay the bank 10 money for each Company card they own.

If a Manager doesn't have that amount, they must sell their Company cards (for 5 money each) to the bank until they can fully cover the upkeep cost of the cards they hold. The Manager chooses which cards to sell.

Sold Company cards are placed at the bottom of the Company deck.

If a Manager can cover the upkeep cost of all their Company cards, they may not sell any of them.

5. Auction Phase

Using the table below, take the required number of cards from the Company deck and perform the following steps:

1. Flip 1 of the drawn cards face up.
2. Each Manager secretly indicates on their auction board how much they are willing to pay for this Company card. They may write "0 money" to show they are not bidding on this card.
3. All Managers reveal their auction boards. Whoever bid the highest amount pays that amount to the bank and takes the Company card. In case of a tie, the tied Managers indicate a new amount on their auction boards — it must be higher than the previous bid, or equal to 0 money if they no longer wish to bid on the card.
4. If all Managers' bids are 0 money during the auction, return that Company card to the box.

Then repeat this sequence for every Company card drawn from the deck.

After completing the Auction Phase, cross off the next number in sequence on the market board and begin a new round with the Negotiation Phase.

Managers	2	3	4	5
Company cards	3	5	7	8

If there are fewer Company cards left in the deck than required, take all remaining cards and resolve the Auction Phase according to the normal rules.

End of Game and Final Scoring

The game ends after the Manager Payment Phase of round 5 is resolved.

Players count the money they have left. In addition, a Manager receives 40 money from the bank for each set of 4 Company cards of different colors they own.

Example: at the end of the game, a Manager holding two such sets of Company cards of different colors receives 80 money from the bank.

Bankrupt Investors must pay the bank 100 money for every investor token that was returned to the box during the game.

The winners are the 1 Manager and the 1 Investor who earned the most money.

In case of a tie, all players who accumulated the highest amount share the victory.

If, during the game, all Investors went bankrupt, and at the end of the game none of them can pay the bank the required amount for the investor tokens returned to the box, the winner among the Investors is the participant with the smallest debt to the bank.

Rules for 3-4 Players

When playing with three or four players, each player simultaneously acts as both a Manager and an Investor.

Setup

Setup follows the normal rules. In addition, place 4 low-risk investment Company cards (1 blue, 1 yellow, 1 green, and 1 red) in the center of the table. These are companies controlled by the bank.

Game Turn

When playing with three or four players, the same rules apply as with a larger group, except for a few changes:

1. Negotiation Phase. In this phase, participants may only make deals with other players or with the bank (minimum bid — 1 money). They cannot negotiate to buy shares of their own companies.

Terms on Company cards controlled by the bank cannot be locked in. The bank always favors whoever offers the higher price.

3. Manager Income Phase. In this phase, each participant calculates how much money they must receive and how much they must pay to each other player and to the bank. After calculating, they receive or pay the difference.

When playing with three or four players, the normal bankruptcy rules do not apply. If a player cannot pay the difference, they return all remaining money to the bank and return all of their investor tokens to the box. No Manager will receive any payment from them. This player no longer participates in the game as an Investor, but continues to be a Manager.

In rare cases where no Investors remain in the game, the game ends immediately.

5. Auction Phase. Take from the deck the number of Company cards indicated in the table below.

Players	3	4
Company cards	5	7

End of Game

When playing with three or four players, only 1 player wins — whoever earned the most money. In case of a tie, all participants who accumulated the highest capital share the victory.

Credits

• Game designer: Britton Roney
• Artist: Sonja Müller
• Game development: Kitty Wan, Nice Yu
• Graphic design: Reco Lee

Broadway Toys Limited http://www.broadwaygames.com.hk Copyright © 2025 Broadway Toys Limited. All rights reserved.

This transcription follows the Russian-language edition, published by Niza Gams:

• Project management: Alexandra Etonova, Vladislav Pichugin
• Translation (RU): Alexandra Tseytlina
• Editing: Polina Kudryavtseva
• Proofreading: Vladislav Przhigotsky
• Layout: OWL Agency