I just took the total NAV and I divided it by the shares.

That's what I'm going to talk about here

If some wants to invest in a fund the fund will sell them the share so they're always dealing with the fund itself in a closed end fund once the fund is created it's share pool is fixed and if someone wants to buy or sell a share it happens in the secondary market so they're buying and selling from each other they're not dealing with the actual fund manager

But that probably had you asking

But what it does is, it limits the interactions.

So the big difference open ended fund when an investor wants their money back they have to deal with the fund itself the fund will buy back their share

The amount of money you get.

And so, it was really those lessons that made me decide to build Acumen Fund about six years ago.

If this is an open ended fund, what is a closed ended fund or do they even exist?

Investment

Malibu Equity and Investments.

Well their intention was to take these home equity loans and put that money to work, invest it in some way.

He valued what we already had at 5 million dollars.

They're valuing these assets at 1 million.

Investing in professional development is not a cost.

As investors flee

Investing.

Or I guess you can say that the share structure is locked from the beginning

Malibu Equity and Investments. Roger Van Zant.

And I'll show you why that matters in a second.

Big investors.

Investment in what?

Those can only take funds from certain types of sophisticated investors. and what happens in Pete's fund, and this is going to be an open ended mutual fund that we're showing here, and most mutual funds are like that.

Now, who are they accountable to?

Closed end funds and closed end funds on some level are a little bit simpler

Let me put that.

Just Manic Enough.

Consider it a capital investment.

I want investment.

Did you know that 40 percent of the wealth created in Africa is not invested here in Africa?

And this is the important thing.

So you can imagine, this is the actual amount of cash that

This is the total actual value.

Now how does that work out?

We said before any of this stuff on the top existed, the pre money valuation of just our idea was 5 million.

And so with patient capital from Acumen and other organizations,

But what can happen so you might say well in a closed end fund

By the way before we go forward, this is one point I want to mention.

EBlT in this case would be the operating profit plus this investment income.

(Laughter) Here's some advice from one of the largest investors in the United States.

He invested his money in stocks.

But he said you know Nempo...

We are now faced with these questions to answer.

isn't an unwise investment.

Peter Thiel just made an angel investment of half a million dollars.