Make sure you lie three times a day.

No industry. No capital. Money is worthless.

I have factory tools worth 500,000, and then that cash will go away.

And we'll talk a little bit more about assets and enterprise value, and there's a little bit of a nuance there, but essentially the company itself.

No, that's not true.

Today we talk of people as an asset.

What's also interesting, if you look at products that have a high component of what you might call messaging value, a high component of intangible value, versus their intrinsic value

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.

And what is required is a combination of physical capital, institutional capital, human capital and security, of course, is critical, but so is information.

So I asked the Minister over dinner,

We're willing to say that the market value of your equity is 210,000.

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

So the difference between these two, my assets minus my

And this is the market value of the equity, what the market thinks the equity's worth.

The advantage the country had was human capital nothing else but human capital.

Not so in Italy.

But that's the only place where price matters.

When you take some of your assets and you get the value of the assets that you think they're worth and you pay off some liabilities, it doesn't change the value of your equity.

But bankruptcy plans are usually of one or more varieties.

It's worth 5 million.

How do we take their contributions to their jobs, their communities and their families, and convert that value into reputation capital?

Examine your life experiences.

So it's a very different scenario depending on what our pre money valuation is.

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

And of course the pre money valuation is just you just take the pre money valuation plus the amount of cash they're giving us.

But, are we comfortable with that?

It shouldn't take away from other things.

But the market value or assets is essentially, what is the market saying the assets are worth?

A book worth reading is worth reading twice.

That the market just because of how this guy has capitalized his company if they just apprised a superficial price to earnings of 10 to both companies, it's willing to say that this asset is worth 279,000, and this asset's only worth 210,000, even though they're identical assets!

So what is the value per share?

But this matters a lot, right?

JA I'm not sure about the incident.

We need flat land, we need 300 days of sunlight, and we need to be near a gas pipe.

When they assign a 120,000 market cap there...

And it's essentially, what is the market saying the equity is worth?

We know there's a million shares.

If we have a million shares, then each of them, the market is saying, is worth 3.50, then the equity of the company is worth 3.5 million.

We said before any of this stuff on the top existed, the pre money valuation of just our idea was 5 million.

He is nothing!

So they're saying essentially that the market cap, and that's equivalent to the market value of the equity, or what the market thinks the equity is worth, that's 1 times 500 million shares.

Information like that seems like it could be of a certain intrinsic value.

Wrong! You must not destroy what is inherently valuable.

The price of this book has been reduced by half.