But I think you get a sense of what's happening.

Just have a look at the demographics in the U.S. here.

The capital for this plan was prepared.

That assets, A for assets, is equal to

But we'll do a whole playlist on that.

You really trust him?

That right? You a standup dude?

You really think we can trust her?

You trusted John Scott,right?

They buy people they can trust or believe they can.

Maybe I can get 20 a year.

They could say, well when I go to my financial planner, they said, oh, it's so inefficient for you to have all of that equity sitting in your house.

You don't trust me? Of course not.

Moody's, were willing to give AAA ratings to more and more, what I would argue, are risky loans.

And what is required is a combination of physical capital, institutional capital, human capital and security, of course, is critical, but so is information.

It should start to make a little bit of intuitive sense

And then on the equity side, because we have no liability, so in this case assets will be equal to equity.

Would you pull the files, please?

They just have it around.

liabilities plus equity.

Let's say today, I could give you 100 and that you could invest it at 5 risk free.

So these people, their financial planner, and their siblings, and their friends at work say, oh, your balance sheet is so inefficient, why don't you take some of that equity and invest it or put it to work.

And if everything was equal, if these companies really were equal, in terms of their capital structure, in terms of how much debt they had, in terms of their growth rate, in terms of their risk, in terms of the markets they operate in, in terms of who are their customers, and how much of a competitive advantage they have.

In a world without leverage so if I didn't have all this

So this is just another visual representation that

less capital intensive that there's less money that's required

It doesn't sound like we borrowed money or anything.

Trust?

Believe?

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

Company x, let's say they have two million shares, and let's say that the equity is really worth 20 million.

But let's say its assets are worth 1 million.

Capitalist country.

We were naturally deferential. We needed hierarchy.

Risk

is

Risk

The nature of the risk and our ability to respond to the risk is much greater in the case of the scenario that might involve

Japanese friends are very risk Averse.

Hopefully they add some value to our economy, and this diagram essentially explains what the financial system does, so in a capitalist economy, you have a lot of people with capital.

And risks are always risks.

I'll do that in yellow.

Let's figure it out. It's equity.

One, what shares are share of

You love your heroes.