Our liabilities are still 3 billion.

Now what's our mantra of this day and age I wonder?

This data is of no value now.

Your word isn't worth a lot at the moment.

Well, we said let me do that in a different color.

I'm like the value has gone down.

Second, what economists call opportunity costs.

Now, it will end another way.

Hopefully we added value.

But, actually, it's suddenly come to me after years working in the business, that what we create in advertising, which is intangible value you might call it perceived value, you might call it badge value, subjective value, intangible value of some kind gets rather a bad rap.

The Dow Jones average posted a gain of two points today.

You certainly earned your fee this time.

I wonder if it's worth it.

Let me tell you about a truly magical algorithm called value iteration.

It is.

because he doesn't belong to us, and we don't know where the evidence is going to lead us yet.

Next thing I learned from Steve Jobs is

let me just scroll down so let's say that one year so today, one year so we figured out that 110 a year from now, its present value is equal to so the present value of 110 is equal to 104,76.

But the present value, what does that mean?

Not so in Italy.

A book worth reading is worth reading twice.

So once again we get into this what is the company worth right now?

So it equals 104,76.

And this value, this is called a well in general, whenever you're valuing anything, it's called a valuation.

That's what we started off with.

And I'll do a bunch of videos on margins in the future.

So this is real estate, or building.

This is 5 million.

The next element is the fact that

The money's worthless.

It was worth a try.

It's invaluable, sir.

What if there were a way to say

If a thing is worth doing it is worth doing badly.

What's also interesting, if you look at products that have a high component of what you might call messaging value, a high component of intangible value, versus their intrinsic value

Data will be of little value.

The newspaper is of great value in the world today.

Later it came up on Ebay again!

Now we're going to change and look at the level of per capita income.

How is she gonna be valuable?

They are often quite egalitarian.

That would have been the market value per share.

And then to get its present value, its value today, you divide that by 1.05 again.

Because of my internal pain from my childhood.

Uniqueness on the vertical axis, value on a horizontal axis.