But this I just want to show you some data here.

I know I've overdrawn this picture a little bit too much.

The yield on the bond is 6 .

You're not a homeowner until you don't have debt.

The probability of reaching S prime given that we started state S and apply action A.

It was 1.6 million in bearer bonds.

Discount rate

Now what can we do ?

Interesting.

And that makes sense, right?

liquidate it.

Or the other way to view it is, assets minus liabilities is equal to equity, right?

60 off.

Bonds together with some money was stolen.

The money was stolen along with the bonds.

There might be different debt holders who have different

I, uh, I was just going to say I've been cashing A lot of bonds lately, haven't I?

Do it anyway. Who's moving the bearer bonds?

We could have also done it other way.

What do you mean exchange of custody ?

These are 30 percent off.

Well, its assets are let's see one plus 21, 25, 26 billion in assets and its liabilities are 23 billion.

Bonds, you become part lender to the company.

They said, wow, this is great.

And it just depended on how the mathematics work out.

Another way to kind of just talk about this is to get the present value of 110 a year from now, we discount the value by a discount rate.

We could have said Let y equal the discount

5 minus this 2.

So what happens when you go into bankruptcy?

when the sale has a certain percentage ?

Morningstar type.

They go to 0.

You could do it with corporate debt.

Oops.

Nevertheless, we will be eventually heavily rewarded from doing this.

This is better than buying treasuries.

So for example, if you by a well I'll just say a face value bond of, let's say it's a thousand dollars, and there's a thousand people who do that.

And just to contrast this with bonds, because they are often used in the same phrasing, oh I'm going to go buy some stocks or bonds, or I deal with stocks and bonds.

And to stop it crashing over the last two to three decades, we've expanded the money supply, expanded credit and debt, so that people can keep buying stuff.

And this one that was in Kenya, they went around and distributed to people vouchers, discount vouchers.

Free coupons. Discount Discount coupons.

Well, I don't give group rates, you know.

You can kind of view this as the liabilities of which debt is one of them.

You ripped off his bearer bonds.

Are there special evening rates?