Well everyone knows that it's not going to be exactly 10 .

So, each of these is an investor.

For a total of 5 billion.

Just changed sex?

less value to this guy.

A little inspiration.

Come. You sneaky bugger.

Job rotation is essential to running a business.

So you know these these are loans to really solvent or very creditworthy companies.

And what is a bond?

Mothers caring for mothers.

But what are your fish eating?

You know, maybe it's time for a change of scenery.

Turn her there. All right.

So these treasury securities, whether they're T Bills, treasury bills, treasury notes, or treasury bonds.

This is the equity...

Is the Bond still negotiable?

You're kind of on the hook for something.

Lets say it looked like this where this over here is 5 .

And of those 20 that default, we have a 50 recovery.

Take tuna, a major drawback.

I'll welcome the distraction.

I need some air

The bankers stayed with their loan recipients.

I don't think it's sustainable spiritually either.

No no, just try it one more time, you will grasp it, keep going.

We're basically a world unto ourselves.

So 0, 1, 1, 1. And then we switch again.

I say we turn about.

And we said, OK on the assets side, had some government bonds, had some AAA corporate bonds, some commercial mortgages.

Let's take a walk for a change.

Let's take a break for a change.

This is a sign of great intelligence.

We need a change of scenery.

And in the meantime, it's going to pay me interest.

What we are going to do is go buy things like highly rated mortgage backed securities, or things like commercial paper, AAA corporate debt, so that those things, the interest on those things goes down.

Year 4, oh my gosh, something changed about the market.

Shall we have some...

You doing a turnaround in new york?

It's dead around here. Let's get a couple of beers.

Interest expense.

Learning about the natural world is one thing

learning from the natural world that's the switch.

For rotation and translation we could use the same matrix for normals that we used for points.

What happens if let's go to that scenario where we talked before 20 of the borrowers just say, you know what?