They need to understand the external environment and they need to come in.

When the Model T was launched and this is, by the way, all the figures that are adjusted to 2007 dollar prices

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

You say, what's the probability of being caught?

So, don't worry if your assumptions were wrong here on your revenue model.

And the reason you might buy it now is because you care about the environment.

I wonder if it's worth it.

Contrary to widely held assumptions, an emphasis on action provides a special urgency to thinking.

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.

His honesty is worthy of great praise.

But the present value, what does that mean?

Fair.

Fair enough.

Not so in Italy.

The reason why it is not efficient is that value slowly propagates from the end towards the beginning.

How is she gonna be valuable?

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

Consumption tax is the just tax system for globalization.

A book worth reading is worth reading twice.

We just made it explicit.

I want the straight story, and until you tell me, you're worthless to me. I don't give a shit about you. Wait.

I want the straight story,and until you tell me,you're worthless to me. I don't give a shit about you.

And my brother and I were raised with all that you really need

Worth zilch.

It's worth twice as much.

It is.

Don't sit and stare

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

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

Normal sinus.

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

Next thing I learned from Steve Jobs is

And we can test that later.

They are often quite egalitarian.

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

So in the last lecture, you remember the business model canvas, all the 9 components of a startup.

So this is real estate, or building.

This is 5 million.

But, are we comfortable with that?

The next element is the fact that

What values do you use to judge?

It's really not worth it.

Worth fighting for.

Worth dying for.

Worth killing for.