But, actually, it's suddenly come to me after years working in the business, that what we create in advertising, which is intangible value you might call it perceived value, you might call it badge value, subjective value, intangible value of some kind gets rather a bad rap.

42 million in adjusted dollars. That's minus payload, of course.

When the Model T was launched and this is, by the way, all the figures that are adjusted to 2007 dollar prices

So I asked the Minister over dinner,

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

The value is entirely sentimental, maintained by a supply, demand and advertising.

It will make longer lasting products.

And I see the newspaper ads and TV ads and...

So what is this TEDx?

Now what's our mantra of this day and age I wonder?

So everyone's already gone.

And the answer is no, it isn't. It is somewhat inconsistent.

Advertising.

So that's where it comes from.

There's really no point in replacing it with a term that no Dutchman would ever use.

And that, I think, is an idea worth spreading.

Sucking up to ad execs.

The results will look much better.

I now multiply these 2 things together to get my non normalized probability of having cancer given the plus.

Cash converter and calculator

ANNOUNCER ( soft theme playing ) NARRATOR

From laughs to tears this is one of the older tobacco commercials.

How the website is financed?

As it grew, users faced new challenges.

A currency converter and calculator

That's a massive sum. We never got that kind of money back then.

I wonder if it's worth it.

For us, a ride on a metro.

For the advertisements.

It was an advertising agency.

When you lower the interest rate, the present value of this future payment goes up.

Just like we did here.

What I want to think about in this video is how we can do it another way.

The reason why it is not efficient is that value slowly propagates from the end towards the beginning.

let me just scroll down so let's say that one year so today, one year so we figured out that 110 a year from now, its present value is equal to so the present value of 110 is equal to 104,76.

I get it, I understand who my customers are, and then I figure out what earned and paid media

And when I say book value, that's just a fancy way of saying this is what our accountants say that we paid for the stuff.

The value to convert

This doesn't really make sense what we would do with this.

But the present value, what does that mean?

Not so in Italy.

And in 1917, Sears I want to get this exactly right.

Go ahead and roll it.

Warren Advertising.

I'm in advertising.