What's going on in Nigeria? A couple of things.

No matter how bad it was economically, he always got himself paid.

So let's call that market equity.

From the first day, he was complaining about all the stuff. Gray walls, gray desks, gray noise.

I think that's what I wanted a write here, market value of equity.

And then, that gets you to the market value the equity.

So that's a very handsome return.

It's going to be gray.

To Gray

Oh, just a little.

He's grayblue.

Gandalf the Grey.

Xigi is a new community site that's built by the community,

So 26 minus 23 is equal to 3.

This is 120,000 in equity, market value of equity, he has another 105,000 in liabilites.

So, remember, assets are equal to liabilites plus shareholder's equity, so if all of a sudden the market value of the equity, the market capitalization, for Ben's shoe company is 215,000... (That is the equity part right over here)

His head was gray.

It won't be so clear cut it won't be Microsoft versus Linux there'll be all sorts of things in between.

Fine. Grey jacket.

The Grey Pilgrim.

Gray sedan, right?

If it had 10,000 shares, and actually both of the shoe companies had 10,000 shares, then the market is essentially valuing the equity of Ben's shoe company at 215,000, even though the book value of the equity was 135,000.

To the Grey Havens.

It's completely directed.

Gray. A sedan, sort of like one of those rental cars, you know?

Unfortunately, many of us in this room are supporters of capitalist policies and market forces.

So they're saying essentially that the market cap, and that's equivalent to the market value of the equity, or what the market thinks the equity is worth, that's 1 times 500 million shares.

Underhill, yeah.

I am a friend to Gandalf the Grey.

There's people getting drunk building Lego, and you've got to finish the thing before you puke.

They're the share of owner's equity and not of the asset also gives you a good sense of what market cap is

My suit is gray.

My suit is grey.

It's large, flat, and gray.

The suspect is driving a gray Mercedes... registration

He had gray skin... red eyes.

That gray building?

In the gray eastern dawn

But, to get there, the first thing to understand is just the capital structure and how capital markets work in general.

Or another way of viewing it, is that this is the market's guess, or you could call it the market value of the equity.

Like its agriculture,

And then on the equity side, because we have no liability, so in this case assets will be equal to equity.

Old Greybeard.

Although all is gray

His head was gray.