Obviously , a machine you can't do all of those things to it, but you can at least touch it and possibly smell and taste it.

You'd have to give up 93 of your net worth.

liabilities plus equity.

And why don't you like them as much?

let me give you that piece of terminology, it just means net asset value.

I use 100 gold pieces.

These are my assets, and these are my liabilities.

Frobisher's net worth is upward of two and a half billion dollars.

So it would be patent amortization.

I guess you can't quantify charisma and good looks.

And this goes back to the very first video we saw.

So this is my liabilities.

Ancillary would be number 2 referred revenue.

Amortization is the exact same thing, but it deals with intangible assets.

So I use it essentially just to build a big vault, right?

It was both Communist and Totalitarian.

I spent 60,000 on Capital Expenditure sometimes it's property plant and equipment .

So its assets.

So this is all equity.

That assets, A for assets, is equal to

Malibu Equity and Investments.

These should be at equal size, and now the NAV per share is going to be 1,800 divided by 10, or 180.

You don't even need the loan.

I don't want to draw this box.

And rich, eh?

I'll do that in yellow.

What's my current state of affairs?

It should start to make a little bit of intuitive sense

Malibu Equity and Investments. Roger Van Zant.

Then you say, either these assets or somehow being undervalued or the company might have some assets that somehow are not captured on the balance sheet, right?

And what I wrote here is, it has 4 billion of liabilities.

So once again, I'm stuck holding this non liquid asset.

He is a man of wealth.

He's a wealthy man.

Or across the street from each other.

So the total assets were 5 billion in assets.

In a world without leverage so if I didn't have all this

So this is just another visual representation that

It doesn't sound like we borrowed money or anything.

Remember liabilities plus equities are equal to assets.

Each share in this case once again, if you believe that the assets are worth 1 million are going to be 1 million.

Now, each of these shares, well the 1,000 is called the NAV, or the net asset value,

But let's say its assets are worth 1 million.

All of the assets needed to start the firm, the pizzeria.

Or they just have a super flush bank account.