So, it actually works.

And I think you already get the sense that the lower the

And then if you subtract your costs from your revenue, or if you just add these two numbers, because this one is negative, you have your gross profit.

Why wouldn't I just pour all of my money?

So that's a little bit of a taste of why someone might realistically, in this case, pay a higher Price to Earnings for safety.

We don't trust America anymore.

A looked expensive.

But when you lower the Price to Earnings you are increasing the Earnings to Price.

This is a pretty profitable business, more profitable than most.

What computer manufacturers got in exchange was gross margin that they never would have gotten in a low margin business.

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.

Maybe Toyota has an incentive there, but even Toyota is making more money off the luxury cars, and less money off the cheaper cars.

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

Anyway, I want to leave you there.

Minus 500,000.

Our interests clash with theirs.

Let's say that we don't know that they're truly equal.

This is what the owners of the company get before they pay the government.

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

Somebody who treats your product like the simple highmargin commodity that it is.

Interest rate

He's basically worked the cost to PUMA.

Money lenders are enjoying a profitable period.

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

So let me switch colors just to ease the monotony.

I'll just abbreviate that as Nl.

Go ahead, eat.

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

Coupon rate

Market interest rate

I know a little about it because one of my friends is in the nursing program.

Nominal interest rate

Why isn't it on every poster across the third world?

All they care about is profits.

So growth is the other reason why you're willing to pay a higher Price to Earnings ratio.

Kill the goose that lays the golden eggs.

The taxes will be 153,000.

I'm not a charity commissioner.

A benefit to both our worlds.

He's got a good track record.

The reason this is happening boils down, in my mind, to one basic problem, which is our inability to perceive the difference between public benefits and private profits.

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

Are you with me?

No one wants it to go off.

Net profit for the last three months is a new record high!