When you go long a security, you're buying the security.

But it is just like a stock.

So a security in the equity world is a stock.

But this is, of course, an optimistic scenario. Let's think of other scenarios.

And it really started because this whole process of being able to take a bunch of people's mortgages together, package them up, and then turn them into securities and then sell them to a bunch of investors this was a quote unquote innovation in the mid '90s, or early '90s.

Sell, sell, sell.

So I'll draw a timeline.

A security is essentially something that can be bought and sold that has some type of claim on something, or some type of economic value.

And also, just so you know, as opposed to being short the company, they're long.

So let's say it's 1.05.

The new model will retail for 30,000 yen.

So the person who constructed this whole collateralized debt obligations and who sold these tranches to the public markets, and this process by the way is called securitization, because you're creating securities out of these assets that you sell to everyone, maybe the Chinese, or whoever, sovereign wealth funds.

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

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

Let's say this was for 2008.

And I'm doing this just to show you a point

What do you sell?

1963, James Edward Kilkelly is convicted of stealing a vending machine.

So over here let me draw a better graph than that.

And it wasn't until the mid 20th century when we actually started selling virtual products things that didn't quite exist physically like insurance, stocks and bonds, enterprise softwares, shrinkwrap software start to be distributed through physical channels but they didn't exist in the real world.

And their value proposition, as even they realized later, was pretty unclear.

Well, I won't define the vehicle for you, but I will define the cost for you.

Annual rate of security

Cost of goods sold, well that's just the cost of the goods sold.

Sold

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My dad sells tractors.

Then again for your revenue stream.

This is telling us that if the selling price increases, then this will become a larger negative number so we're going to sell fewer, we're gonna sell a smaller quantity.

Notice that the selling price is written in red.

We call it a select opportunity .

A short sale is when you sell something for less than what you owe on it.

This is the PC guy over here.

Our liquor license!

What's so awesome about a queensize futon sale?

This guy is a Bible salesman.

learning only too late that something was wrong.

You know what equity securities are, and just so you know, what is a security?

Over here, this axis right here is going to be the selling price,

Or by selling shares of itself, or essentially allowing other people to become partial owners of it, and that is equity.

He's like, you know what, we have to match his prices.

And that's better than what you get out of treasury bonds.

So that's what sell side means.

October is inventory time.

Cell phone salesman.