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

This is the equity...

And this is just definitional.

And in the meantime, it's going to pay me interest.

Interest expense.

And that IOU, you could call that a Sal bond.

Condemning the imperialistic aggression

That's just a definitional thing.

Interesting.

You could do it with corporate debt.

Their balance sheets are identical, except for Jason's Shoes has 100,000 in debt, and Ben's Shoes has no debt.

Morningstar type.

They go to 0.

And I'll go into more detail into how you value these types of things.

This company now is completely delevered.

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

What did you say!

It's degrading.

My responsibility is to keep the company solvent.

So first, a little bit of definitions.

You don't have the base.

So liabilities. Liabilities.

Let's say assets and I'll talk about margin requirements

But you can kind of see a lattice structure.

The former is inferior to the latter in some respect.

Don't fall behind other companies!

Because that's essentially what a credit default swap is, it's insurance on debt.

Junk bond dealers left the market riding on a pillow of air.

Go on...

Let's say that it has, I don't know, 1 billion 1 billion in government bonds,

That exacerbates and continues this model.

And the rest of that story, you know.

And I kind of jumped the gun a little bit.

Now let's say that Company x has also borrowed some money.

They'd start with your bonds preferred stock, and then move on to real estate.

Bonds, you become part lender to the company.

The bankers stayed with their loan recipients.

He is a mean fellow.

Yes, that was stupid.

You contemptable pig.

That is despicable.

The foul fiend!

What despicable books?

You're a wanker, Number 9!

Outnumbered are they.