But I think the truth is the exact opposite.

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

So 26 minus 23 is equal to 3.

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.

We have three critical terms economy, civil society and the state.

And that is the real network effect.

I really do believe that it's a city that cares about its citizens, integrates socially its citizens.

And I think these words really nail it

So what you do is you multiply these numbers to figure out, what is the market value or the market capitalization of the company?

Have any of you seen anybody from the company?

That's essentially the market's sense of what this number really is.

So the third commandment I want to leave here tonight is, a city of the future has to be socially integrated.

What do we learn from that?

Hello everyone.

What about the breakin?

Another way to think about it is, if the market is paying 12 million per share, what's the market cap of the company?

By applying the same price to earnings, we're saying that the market value of this equity is 210,000, while the market value of this equity is what was it? 189,000.

The company has branches in all large cities.

Annalisa Smith Pallotta

Like social justice... Yeah, it's totally incredible.

We've got at least 30 more yards to go

So, yield management is actually pretty interesting based on experience, on time, etc.

Well, a little detour.

Japanese office workers work very hard.

A good exercise, let's say you see a company.

Furthermore, even after the company information session, we sometimes hold company tours.

It's common. It's fresh.

They ended capitalism and built a socialist society.

That company ranks No. 1 in Japan.

liquidity in general.

Well, the argument I'd like to make is that networks have value.

Because when the company needs to raise money, that is used as kind of the fair market value of a company's shares.

There's no suggestion of a relationship there.

So although when you looked back at 2008 earnings, Company

Is all of this, as we go digital, is it going to be public or private?

And that urbanization is extraordinary, accelerated pace.

We need to think about the community of citizens.

This market has hurt even the best of companies.

And the way you get that is, they're saying 3 a share and there are half a billion shares.

It isn't only the number of drugs that are patented.

We get through that, we're in.

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