And it's called DlP financing.

We're not doing a great job managing money.

Well, what then happened over the last 50 or 60 years, is that goods have become commoditized.

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

You're more senior than even the senior guys.

It's about supply and availability.

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

And this new loan is the most senior loan.

last year when he graduated.

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

And to talk about that, I'm going to go back to the beginning, because in the beginning were commodities.

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

And it takes a little bit of nerve to dive into those primal, terrifying parts of ourselves and make our own decisions and not make our housing a commodity, but make it something that bubbles up from seminal sources.

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

They just care about three things and three things only price, price and price.

It's beans right? It's coffee beans.

Let me wrap with two key messages.

Less than three percent of a very sophisticated audience.

And then you extract them out of the ground, and sell them on the open marketplace.

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

We can't afford to eat anything except beans that is, our housing has become a commodity.

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

Many technologies, at that point, displace another technology, and that's another important point.

As they get cheaper, the premium brands, the Sonys and such, are losing market share, and the no names, the Apexes, are gaining them.

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 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.

Long distance telephone service sold on price, price, price fast food restaurants with all their value pricing and even the Internet is commoditizing not just goods, but services as well.

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

But over the past 10 or 20 years, what's happened is that services are being commoditized as well.

In order to do what I do, you have to understand what causes waste in the building industry.

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.

But then along came the industrial revolution, and then goods became the predominant economic offering, where we used commodities as a raw material to be able to make or manufacture goods.

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.

In fact, you can look at how each of these economies developed, that each one has their own business imperative, matched with a consumer sensibility.

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 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.

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.

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.