90 percent of the funding came from Thailand.

And it's called DlP financing.

little bit more reward than senior, but they have less risk than this equity tranche.

We're not doing a great job managing money.

The program, in a sense, is an example of behavioral finance on steroids how we could really use behavioral finance.

It has social and psychological aims family, friendship, commitments, society, participating in the life of that society.

Well, anyway, let's continue with the compound interest before, because we need to be able to finance our cult.

You're more senior than even the senior guys.

But definitely until about 2006.

last year when he graduated.

This is in the area of politics, where pundits, the ClA, Ml6 always get it wrong.

A tranche is just a bucket, if you will, of the asset.

Or private placements in some way.

And this new loan is the most senior loan.

So I use it essentially just to build a big vault, right?

Let's say some of these borrowers start defaulting.

Central among them, a commitment to exclusively peaceful means.

For me personally, the most critical lesson of all is this

We know that to be able to come on the bandstand and play music is a blessing.

So a lot of times when you look at income statements for companies, if you go to Yahoo!

But anyway, I'll try to move on without my pen.

Essentially these were private equity sales.

You just feel richer.

Boy, Sal, that sounds amazing.

An ongoing free press investigation turned the attention to who owns the voting machine companies.

So the assets essentially it becomes kind of the bankruptcy court takes over, and they hire some investments.

So as for that second sphere, not of work, but of love encompassing family, friends and colleagues it, too, takes work and commitment.

Let me wrap with two key messages.

Thorium's actually a little bit more down to earth.

Less than three percent of a very sophisticated audience.

And I go to these parties, and I start explaining to people because it's very exciting.

And then this top tranche, you could call it the most junior tranche. it's sometimes called the equity tranche.

You pay this guy 21 million or this group of guys or gals 21 million.

So we've got these challenges, and what Richard Thaler and I were always fascinated by take behavioral finance, make it behavioral finance on steroids or behavioral finance 2.0 or behavioral finance in action flip the challenges into solutions.

And, of course, at Kleiner we, kind of, apologize and say the second best way is to finance it.

And maybe they give this tranche, and I'm making up things, but maybe they give it a AA rating.

And they think that means that they are so incredibly busy and productive, but the truth is they're not, because we, at the moment, have had brilliant leaders in business, in finance, in politics, making terrible decisions.

So out of the 100 million every year, 24 million is going to go to these guys, 21 million is going to go to these guys, and then whatever's left over is going to go to the equity tranche.

I took 100,000 of it, turned it into cash, and just went on a great one year long vacation.

But you might be surprised to know that one of the careers that he encourages people to consider, if they have the right abilities and character, is to go into banking or finance.

So once again we have verified, by taking the present value of 110 in 2 years to today, that its present value if we assume a 5 discount rate.

So with that in mind, I decided to take a little bit of a hiatus from the core math and physics videos, and actually do some accounting and finance videos.

And this is going to be part of a whole new series of presentations, because I think what's happening right now in the credit markets is pretty significant from, I guess, a personal finance point of view and just from a historic point of view.

And since I've already gone down this compound interest track, let's just keep going so that I can put these videos in both my mathematics and my finance playlists.

And my question to you and this is a fundamental question of finance everything will build upon this is which one would you prefer? and this is guaranteed.