And that's my dad found that.

You should work in the interests of humanity.

People do not enslave people to be mean to them.

This is really important to pay attention to, because so many people say, oh, a company made this much.

And you'll hear these numbers, gross and operating profit and net profit and pretax profit, and it's very hard to understand that these are actually very, very different things, because they all have the word profit, and what does gross and operating and all that mean?

I mean, these are state assets.

All right, all right, all right.

The reason this is happening boils down, in my mind, to one basic problem, which is our inability to perceive the difference between public benefits and private profits.

They buy more of your service and they tell more of their friends, which leads to more profit.

And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

To go to war, to free people from an outside aggressor, is noble

Utilities are still rewarded when their customers waste energy.

He acted in his own interest.

All right, all right, all right.

But here you see it means very, very different things.

All right, all right.

And I don't have enough time to talk about all of them, but think about self interest.

He is acting on his own behalf.

And I won't go into all of the details of an income statement, but any income statement you look at will have this operating profit line.

Kill the goose that lays the golden eggs.

All right, all right.

And when people talk about earnings of a company, this is what they're talking about.

So you've probably heard not only the term earnings, you've probably also heard the term earnings per share.

I realized that for the greater good, I had to let him go.

Sloan began manufacturing targets on his own for profit years ago.

This is what the owners of the company get before they pay the government.

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

Our interests clash with theirs.

Also, in the interest of security and public safety...

He would do anything for gain.

And that's what these brands did.

So, whatever wasn't used in the expenses would end up being profit, and then all of that went back to that one household as income.

This is 350,000 of net income.

Okay, this morning I'm speaking on the question of corruption.

Let no one appropriate a common benefit.

The pie's getting bigger because these are real investments that are going to benefit my village.

And then if you subtract your costs from your revenue, or if you just add these two numbers, because this one is negative, you have your gross profit.

And let's say, assume if I inherited this million dollars, I didn't finance it.

I'll just abbreviate that as Nl.

People tend to place a much higher value on losses than on gains.

But go to war to defend the interests of the USA,

The word arbitrage sounds very fancy, but it's actually a very simple idea.

So, it was not necessarily a bad thing.

So, let's see, you have to do 1.85.

Quick example from the corporate world.