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

And the equity holders get wiped out, the old equity holders.

I think that's 10 shares. Well that's my intention.

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)

Our liabilities are still 3 billion.

He'll be impaired a little bit.

So if we believe all of these numbers, and we know that

Not so in Italy.

JA I'm not sure about the incident.

If they have to pay for it, they use it.

And I think this is very obvious to you, but let me write that down.

It's actually horrible.

Obviously a 6 Price to Earnings of 20 times 2013 earnings isn't as good as a 6 Price to Earnings of 2010, because earnings in the future aren't worth as much as earnings today.

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.

I was working on a very interesting technology at MlT, but it was a very long term view of how to develop technology, and it was going to be a very expensive technology, and also it would be patented.

And anyone doing that is helping to reduce the volatility in the stock.

60 now or 50 in a month?

Stock Chart

I put photography as my life.

This is just a graph showing the results that I just suggested you would show if I gave you time to respond, which is, people find that the subjective value of 50 is higher than the subjective value of 60 when they'll be delivered in now or one month, respectively a 30 day delay but they show the reverse pattern when you push the entire decision off into the future a year.

Had there been no egoism, distrust, malicious behaviors, and dictatorships with no one violating the rights of others

If you believe all of the numbers on the company's balance sheet, the company is worth 3 billion.

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.

We do not need to destroy.

So those three actors.

So this is this 3 billion of equity divided by the number of shares.

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

Here is the critical difference between these

The Dow Jones average posted a gain of two points today.

We always make reduction for our permanent temporary guests.

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

Neoconservatism had the philosophy that you go in with a supply led approach to impose democratic values from the top down.

Make sure you lie three times a day.

We don't know.

She was cheated into buying worthless stock.

Well, Arthur C. Clarke, a famous science fiction writer from the 1950s, said that, We overestimate technology in the short term, and we underestimate it in the long term.

I'd like to know...

How did the stock offering go?

So, for example, at this situation, you'll sell it, you'll sell it at current trading pricea, of 50 dollars

So that means if all of these numbers are correct, then the stock of that company is worth 6.00 per share.

So we lost 1 billion of our book value.

Well, what's the market cap?

It has 500 million shares.

Manhattan that they bought 50 years ago that they have it on the books for 0.50.

Because actually, never mind the actual intrinsic value of having gold jewelry.