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.

So this is the more formal definition of GDP

So the bottom line is what the banks do, other than doing all the legal work.

You'd end up with a negative utility.

Not so in Italy.

I'll give you some examples.

Because the alternative to pricing on cost is pricing on value.

So the difference between these two, my assets minus my

Where the product goes and see the box labeled value proposition.

It's invaluable, sir.

We need everyone at the table.

What is it that's worth spending my time on and my life on in this way?

Which is that, actually, first one, all value is actually relative.

So according to the accounting, this equipment is no longer worth 500,000.

Here is the critical difference between these

Yeah, these are kinda cliché. So, but, this one is so much fun, that gt gt gt laugh gt gt gt this one's worth seeing.

In this case, you're saying that the equity in this company is worth 189,000.

It is estimated that all kinds of illegal wildlife trade in Brazil withdraw from nature almost 38 million animals every year, a business worth almost two billion dollars.

Let's say it's um let's say its 10 billion of commercial mortgages.

System integrators, not only supporting, servicing, and integrating your products but potentially tens of others.

It's worth 5 million.

Within a year, you do a survey and then commercial fishing begins.

Worth killing for.

So over here, let's say you did it right at the beginning of the year, the asset's worth 500,000.

You were worth every penny.

And let's say this cash is still cash.

I strongly encourage you to make a rendezvous with Rama.

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

Industrial designers want to make novel things.

Well, what the market is saying in this situation, and this is actually what tends to happen where the market value or in general the market value of a company tends to be higher than the book value, is that the company is saying that this company has some type of intangibles, things that you really can't put a finger on, or touch or feel or hold.

The commodity booms are pumping unprecedented amounts of money into many, though not all, of the countries of the bottom billion.

This book has a certain value.

(Laughter)

This rainfall cycle, this rainfall factory, effectively feeds an agricultural economy of the order of 240 billion dollars worth in Latin America.

This book is worth reading.

Ushahidi, by contrast, is civic value.

Novelty is a concept of commerce, not an aesthetic concept.

And this value, this is called a well in general, whenever you're valuing anything, it's called a valuation.

You're gonna make more money if a crop fails.

So you sell these AAA corporate bonds.

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

On the other hand, if you bid down here, and if c snuck in in between what your bid is and what the valuation is, then you've lost the auction, and you get a zero, but you should have won or it would have been worth your while to win because the price still would have been a bargain to you.

And I think we need to get back to that sermon tradition.

The consumer is demanding it.

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