'Cause you may need to dilute it to award shares to new investors. I love working with business majors.

Peter The greatest benefit to all.

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.

Foul stench. Dirty creatures.

Minus 500,000.

The air is rare on high mountains.

This is the one place where the Cold War never ended.

PUMA has 2.7 billion dollars of turnover, 300 million dollars of profits, 200 million dollars after tax, 94 million dollars of externalities, cost to business.

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.

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

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

I'll just abbreviate that as Nl.

Today the ozone layer is thinning.

Go ahead, eat.

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

Our interests clash with theirs.

The company announced a profit of 200 million after tax.

That is the notion of investment.

But business is not philanthropy.

I don't know what the exact equation is gonna look like, but it's gonna be downward opening.

As you go up higher, the air becomes thinner.

Kill the goose that lays the golden eggs.

The taxes will be 153,000.

I'm not a charity commissioner.

A benefit to both our worlds.

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

And maybe most important, they have a big effect on other companies.

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.

By directing that industry, so that the industry in control of that individual actor in such a manner, as its produce may be of the greatest value, he intends only his own gain.

We'll be able to make use of all that to evaporate more seawater and enhance the restorative benefits.

So that's a nice thing to keep in the back of your mind, this return on asset concept, and it's very closely tied to operating profits and the actual assets of a firm.

And that's what these brands did.

FDlC insured.

And that's my dad found that.

The rewards would be... enormous.

When we climb that staircase, self interest fades away, we become just much less self interested, and we feel as though we are better, nobler and somehow uplifted.

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

The company went out of business after many years of declining profits.

If we sell two items at that price it'll be 2 times 5 or we'll have a profit of 10.

Or if we just wanted to round to the nearest penny, since we're talking about selling something, this optimal profit, this optimal profit, will happen at a selling price of 23 and 30, 23 and 33 cents.

Before Interest and Taxes.

The higher we go up, thinner the air becomes.

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.