We expect rapid growth of the utilities sector.

This is really important to pay attention to, because so many people say, oh, a company made this much.

But here you see it means very, very different things.

And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

Our interests clash with theirs.

Minus 500,000.

More than 80 percent of Ivory Coast's development went into the modern sector.

An African economy can be broken up into three sectors.

This is what the owners of the company get before they pay the government.

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

Robert got a small proportion of the profit.

Kill the goose that lays the golden eggs.

Departmental

A benefit to both our worlds.

I'll just abbreviate that as Nl.

Go ahead, eat.

And when people talk about earnings of a company, this is what they're talking about.

And that's my dad found that.

In fact for 30 40 years this was the canonical model for how to build startups and we'd say marketing, well, we understand.

And that's what these brands did.

FDlC insured.

The rewards would be... enormous.

So you've probably heard not only the term earnings, you've probably also heard the term earnings per share.

They buy more of your service and they tell more of their friends, which leads to more profit.

All right, you cannot develop Africa by ignoring the informal and the traditional sectors.

And let's say, assume if I inherited this million dollars, I didn't finance it.

The reason this is happening boils down, in my mind, to one basic problem, which is our inability to perceive the difference between public benefits and private profits.

It is from advertising that a newspaper earns most of its profits.

This is 350,000 of net income.

Why make this thing?

All the profits go toward Phillip's hospital bills.

The taxes will be 153,000.

I'm not a charity commissioner.

We are assuming a very simple world, were the is no taxes, we have no debt, we have no intrest or things

It's also important to think about what the benefit is.

So now look at the different lens.

Peter The greatest benefit to all.

There is the modern sector, there is the informal sector and the traditional sector.

And so they were building the sales organization so again and at first customership, if marketing was going to drive demand they were jut going to have a sales curve that took off because the revenue plan said so.

Science comes first, but business comes a close fucking second.

I forget to tell you, I was state champion in skeet.

It is to his advantage.

We're better off without the TPP

There is no doubt about what they have done.

And this is, I think, a perfect example of what Robert Wright was talking about in those non zero sum things.