The Conversation is about an audio surveillance worker who becomes obsessed with this conversation that he recorded between this young couple. He listens to the tapes over and over again, and particularly fixates on the phrase "he'd kill us if he had the chance." He believes that this means that the couple are in danger, so he refuses to hand over the tapes to The Director, the man who hired him. His obsession with the tapes, combined with the guilt over the death of people involved with a previous surveillance case he worked on, makes him go a little nutty. He starts having bad dreams, and starts seeing things including blood gushing out of the toilet, and the young woman's murder, which turns out to never have happened. He is so convinced that they are in danger that he fails to see what is actually happening, which is that the young couple were planning to kill The Director.