So I asked the Minister over dinner,

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

42 million in adjusted dollars. That's minus payload, of course.

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

And the answer is no, it isn't. It is somewhat inconsistent.

So that's where it comes from.

When the Model T was launched and this is, by the way, all the figures that are adjusted to 2007 dollar prices

All right, take the inside and pay the outside.

Well, you can cash me in.

There's actually two types of bankruptcy.

I wonder if it's worth it.

When you lower the interest rate, the present value of this future payment goes up.

Just like we did here.

What I want to think about in this video is how we can do it another way.

The reason why it is not efficient is that value slowly propagates from the end towards the beginning.

let me just scroll down so let's say that one year so today, one year so we figured out that 110 a year from now, its present value is equal to so the present value of 110 is equal to 104,76.

And when I say book value, that's just a fancy way of saying this is what our accountants say that we paid for the stuff.

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 what's leftover?

But the present value, what does that mean?

Not so in Italy.

Check, please.

Don't talk, Pat. That's right.

See, we look at this equation, and it looks really complicated, but it's actually really simple.

How is she gonna be valuable?

And then the bankruptcy court essentially just decided to

Maybe we'll do personal soon.

He's going to pay off, isn't he?

Let's put 110, of today's money in last year's money.

A book worth reading is worth reading twice.

We just made it explicit.

He committed suicide to atone for his sin.

You can redeem yourself, Solomon.

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

Worth zilch.

It's worth twice as much.

It is.

And this value, this is called a well in general, whenever you're valuing anything, it's called a valuation.

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

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

Add to memory

Next thing I learned from Steve Jobs is

But it's just like, I'm going to make my own assumptions to figure out what they're worth.

At the current value of his estate, the inheritance tax will be at least six million dollars.

So we have to somehow restructure this side of it.