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 this is my liabilities.

Well, this is New York State, Art. You'll write her a check for half of everything.

liabilities.

So the value of my assets go down by 50 .

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

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

So far they look very, very identical.

Howard Winklevoss founded a firm whose assets are in the hundreds of millions.

So its assets.

But that's not the case.

That assets, A for assets, is equal to

So I have 100 plus 300 plus 250 so it's 100.

My uncle is possessed of great wealth.

My uncle possesses great wealth.

Bank B has borrowed money from Bank C.

Remember the shares are split of the owner's equities not the split of the assets

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.

And this was a home equity loan.

I don't want to draw this box.

And rich, eh?

I'll do that in yellow.

So in this situation, the company is worth what?

They are very intangible at this point.

It should start to make a little bit of intuitive sense

Malibu Equity and Investments. Roger Van Zant.

The kids make up the names of the countries some are rich some are poor.

She has some money of her own.

It's not like when you go into bankruptcy the company just disappears.

Actually, let me draw a couple more assets here just to show you this is the stinkiest of them all.

I have a 1 million house on my balance sheet.

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.

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

So what's our new balance sheet, after we've unloaded a

So they sell them and they only get 1 billion for them.

He is a man of wealth.

He's a wealthy man.

Or across the street from each other.