And, of course, as I mentioned, this cost has corresponding benefits.

It describes it right over here the change in equity, sometime the change in retained earnings, or just change in equity, that is going to be the 200 in net income that the company got over that time period.

Remainder

And a significant minority of those 500 million people

The loan bears an 8 interest.

This can is from a surplus disposal run.

Are the profits exclusive of taxes?

Afterwards, we have about a dozen or so binary rules.

Before Interest and Taxes.

Cannot calculate the remainder on 0.

That is the resource that I'm talking about.

So that's 105.

The rewards would be... enormous.

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

Then Bob selects his private random number, say 13, and calculates

It's also important to think about what the benefit is.

Either stolen or war surplus.

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

I know my law. DEVLlN

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

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

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

It is to his advantage.

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

Our interests clash with theirs.

Energy is all around us, but we don't mean the current coming from the socket in your wall.

They decide what to do.

Other data

Other metals

Other Metal

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

I mean, these are state assets.

And you could guess what the next line is going to be, given that this says pre tax.

Kill the goose that lays the golden eggs.

Whatever you think, probably the inflation rate.

Maybe it was 4 , or 3.5 .

Money lenders are enjoying a profitable period.

I think that has been a big savior, even now.

And that's my dad found that.

A benefit to both our worlds.

In the remaining time, I'd like to tell you two features of them.

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.

There are also real business benefits.

Look at the people in these photos I've been showing you.

(Laughter)