The yield on the bond is 6 .

You could do it with corporate debt.

Morningstar type.

They go to 0.

The earnings I just said, this is actually what happened to the company.

Bonds, you become part lender to the company.

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.

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

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.

The company called in all the baby food made in July.

And so I'm left with net income of 350,000.

I know one guy who's spent 4,000 just on Photoshop over the years.

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

Well, I'd like to separate the sheep from the wolves.

Interest expense.

Travel agencies' profits soared.

And let's say, for whatever reason, either interest rates went up, or they had a bad quarter or a bad year, and they just didn't generate enough cash, let's say they couldn't pay off one of the debt holders.

The company's profitability improved.

And then about a year and a half ago,

Even after the merger, I'll still be at the heart of things. Thank you. Which means I can hire who I want.

The company's profits soared.

If I'm paying 10 today for 2 of earnings in 2009, the Price to Earnings of 5 for Company A.

And the purchase order for the old 777 he bought through a shell company.

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

The small companies were absorbed into a big organization.

The small company was taken over by a large organization.

And I was part of that.

A bookkeeper computes all the company's income and expenses each week.

This company now is completely delevered.

The company was absorbed into a big business.

The rights of the individual are the most important rights in a free society.

So you know these these are loans to really solvent or very creditworthy companies.

My responsibility is to keep the company solvent.

Hans sold the patent to a company.

Criminals are deprived of social rights.

Small business are often absorbed by a major company.

(New voice) Have they given the green light for the takeover yet? (Walker) That's excellent, Andy.

Bring them onboard.

Got it.

So let's say the short term overnight borrowing for,

So, yield management is actually pretty interesting based on experience, on time, etc.

This is the equity...

And what's left over for the equity?

liquidate it.

It was 1.6 million in bearer bonds.