So glamour can be dangerous.

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

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

Gross national product is a nation's total output of goods and services as measured in monetary value.

We stand at the crossroads right now.

We know there's a million shares.

I wonder if it's worth it.

We're saying that the books of this company are saying this company's worth 8 million.

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.

But the present value, what does that mean?

Not so in Italy.

You have 12 share times 10,000 shares

So the market cap, or what the market perceives the value of this equity is, the market capitalization, is these two numbers.

Gross national product is a nation's total output of goods and services during a given period of time as measured in monetary value.

How is she gonna be valuable?

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

What is the probability of a positive test result?

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

A book worth reading is worth reading twice.

We just made it explicit.

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

Worth zilch.

It's worth twice as much.

It is.

And the same thing is true of Jason's company.

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.

And I'll put it to all of you, what you already know, that no problem worth solving is that simple.

Next thing I learned from Steve Jobs is

It's the share price times the number of shares.

They are often quite egalitarian.

Enter simple value

And I'll do a bunch of videos on margins in the future.

So in the last lecture, you remember the business model canvas, all the 9 components of a startup.

So this is real estate, or building.

This is 5 million.

But, are we comfortable with that?

The next element is the fact that

What values do you use to judge?

It's really not worth it.

Worth fighting for.

Worth dying for.

Worth killing for.

The money's worthless.