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.

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.

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

And it's legitimate monopoly of means of violence, administrative control, management of public finances, investment in human capital, provision of citizenship rights, provision of infrastructure, management of the tangible and intangible assets of the state through regulation, creation of the market, international agreements, including public borrowing, and then, most importantly, rule of law.

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

So 26 minus 23 is equal to 3.

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)

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

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.

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.

Like its agriculture,

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

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.

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

And there's only 10 shares. So they're valuing the assets at 500,000. And this is of course the market value of the assets.

That's part of the free market system, Obama continued.

And it's where the idea of partnership becomes so important.

And we'll introduce debt later, because that's another variable that a lot of people don't think about when they

Market capitalization.

But our total assets, or the market's perception of the total assets of the company, are essentially what it's willing to pay for the equity plus the liabilities, so the market is saying that Ben's assets, the assets in that company are worth 220,000.

And 3.00 per share times half a billion shares, that's a 1.5 billion dollar market value of its equity.

I shouldn't have crossed it out, let me write it again. 4 billion, the 2.5 is what the market was saying.

He made a killing by investing in the stock market.

Well I would have 50,000 left over.

The troll market! The troll market?

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

We know there's a million shares.

This is the market's guess of the value of this company's equity.

We're willing to say that the market value of your equity is 210,000.

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

But when the market value, or the market cap, is below the book equity, that's the market just saying, hey we're calling your bluff.

And their policy prescription is to make government more accountable, focus on the capital markets, invest, don't give anything away.

And so, using patient capital money that they could raise early on, that actually got below market returns and was willing to go the long haul and be combined with management assistance, strategic assistance they've now created a company where they purchase from 7,500 farmers.

So in summary, the questions you want to ask are how big can this be, how much of it can we get, what's the growth rate of the market, is the market itself declining or is it in flux or is it taking off? and most importantly here is talk to customers and the sales channel, and next important is you can get some pretty good market size estimates by competitive approximation if it's an existing or resegmented market, or even if we're going to clone a market outside the US.

That assets, A for assets, is equal to

But we'll do a whole playlist on that.

So I made 50 off of this trade.

And there's a whole methodology to how one would account for that.

And the good news is and bad news is that there are no competitors on day 1 it's pretty lonely.

Maybe if I do it on a small amount,