Leverage.

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

And this is what you probably read some articles about, these hedge funds with these computer models to value their mortgage backed securities.

You're gonna make more money if a crop fails.

If you're an engineer, you have to create something that's unique and valuable.

Central Europe, unsecured.

Word is that davis' fund has taken some big hits on mortgagebacked securities.

And you end up with a mortgage backed security.

Not so in Italy.

We would create incentives for securitization.

I wonder if it's worth it.

Was it a correct decision?

In the middle of the routine, because stored memory is precious, they stored things in 16 bit numbers.

I have a whole video on mortgage backed securities.

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

It's worth twice as much.

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.

So just in kind of our everyday personal finance world, your mortgage is actually secured debt.

But the present value, what does that mean?

But, are we comfortable with that?

A book worth reading is worth reading twice.

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

This is 5 million.

The next element is the fact that

It's really not worth it.

Uncle stefan, this girl you came back for.

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

I have 4 billion in residential CDOs, collateralized debt obligations.

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

To us it seemed worth protecting.

How is she gonna be valuable?

You can either live in a world which is poorer, which people in general don't like.

What if there's actually negative equity here?

We cannot rate the picture highly enough.

I think that's 10 shares. Well that's my intention.

I wouldn't give you two cents!

Sure. Just not your reality.

He is nothing!

A book not worth reading is not worth buying in the first place.

We just made it explicit.

Is it worth it?

So these shares each of these one million shares this is a mortgage backed security.

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

Worth zilch.

It is.