They said, this is a good asset class.

Then more and more people liked this asset class.

This is all just a single class. Congratulations. That's really awesome.

The class is too large to be taught by a single man.

So the 1 million asset would really become an 800,000 asset.

It's the same asset.

So that's the asset.

So it's an asset.

That's an asset, right?

That was way beyond anything I ever taught students at Stanford in a single class.

That's its asset it has.

So it's an illiquid asset.

This is a real asset.

Why is cash an asset?

The entire asset was his equity.

It's derived from the original asset.

That improves my return on asset.

So I would revalue the asset.

So cash could be an asset.

So that's what an asset is.

He would be a great asset.

But anyway, the whole point of this video is, is when you have these asset bubbles, like in real estate, and you have this downplaying of risk, and this psychology that an asset class can only go up.

So when you have an asset, if the asset is cash, the rent on it is interest.

So it's like 3rd class, 2nd class, 1st class.

There's a lot of things to learn way too much than I can offer in this single class.

And so you create a derivative asset.

I have a 5 return on asset.

He's getting this great return on asset.

I'm getting this crummy return on asset.

So my return on asset is 7 .

I have one asset in the world.

So for example, cash is an asset.

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