But again, fun is not enough.

You can probably guess.

But this idea is not always that intuitive.

And so you're almost ready.

So there's all sorts of things you can do.

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.

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.

Now we can do another notion, and that's return on equity.

Most of the sugar plantations were focused around the North, and obviously, the more plantations, the more profit.

Kill the goose that lays the golden eggs.

let me do that in that same color and they both have 20 thousand dollars of equipment so their assets are the same the things that are actually generating the revenue and the profit are the exact same thing we're assuming that they are also renting in very similar locations that's what would have to happen for them to have such similar economics.

Not tying, winning.

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.

So this is your profit before all of the other expenses that a company has to incur, like the taxes and the CEO's salary.

That's actually greater than the direct benefits of the person choosing to get education.

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.

Once you add it all up, though, and with Keller, the revenues are almost 10 less than was actually received.

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

Essentially when the market price of my asset dropped, all of that value came out of my equity.

Well, it's always useful to write distance is equal to rate times time.

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.

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.

It's that they weren't putting me at the top of this list they were actually it got so sophisticated to the point where they gamed all of the top 21 places to spell mARBLECAKE.

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