The reason why you are willing to pay a higher Price to

Corporate earnings for the first quarter were disappointing.

The management tended to be too concerned about short term improvement of the bottom line to have any long term design for the future.

But it might be to explicitly control the yield curve further out, so that the borrowing cost for longer debt goes down, so that the yield curve looks something like that.

If they have to pay for it, they use it.

Profitable.

I put photography as my life.

Company A made 1 per share. 1 of EPS.

Company C is trading at 100.

So a plus b have to be equal to 50.

We do not need to destroy.

So those three actors.

Because to some degree, rental is kind of the earnings on a home.

They're paying 400 the next month

The company's profits soared.

We don't know.

Books that might sell 100 copies a year, 1,000 copies a year.

Corporate earnings in the first quarter improved sharply.

So let me draw a yield curve right over here.

When incentives don't work, when CEOs ignore the long term health of their companies in pursuit of short term gains that will lead to massive bonuses, the response is always the same.

More than likely we'll make money from royalties and commercial licensing, etc.

We are assuming a very simple world, were the is no taxes, we have no debt, we have no intrest or things

Yep, that's right.

So let's look at them over the course of one year.

So notice.

Invest financial assistance, but also management assistance.

Because during conflict economic policy typically deteriorates.

In fact, if you've got good enough governance, there is no resource boom.

And so it's a short term solution.

We really like the human being story a lot.

Maybe Abby made 50 and Ben earned 0.

And we can eyeball it right here.

Because when someone says earnings, are those the earnings last year?

So while we want to make economic profit for ourselves and our customers, we are willing to do it with a long term view, and we like to have a wider definition of profits than just the economic profit in the next quarter.

Net income is also earnings.

And what's left over for the equity?

So let me switch colors just to ease the monotony.

And they were male and female 18 30 and they were casual fans.

When? I said it's time to monetise the site.

The condition might go on for a long time.

My point is this

And so with patient capital from Acumen and other organizations,

Those who carried on an independence movement in the colony 51 years ago were put on the wanted list for terrorism

And we add back the interest, at least in this example, we get to an operating profit number.

The earnings I just said, this is actually what happened to the company.