I want to again spend a few minutes on the website that we were on and finance.yahoo.com has a lot of information. Google provides this information, but we want to do more precise, thoughtful stuff. Morningstar is a website, morningstar.com and there a colleague of mine from Chicago has developed ways of measuring things and so on which are very refined because remember its measurement is statistical. I'll give you those resources there are there in the course website, but I just wanted to you to know that there are multiple places you can go. Let's go to this website we saw. The reason I'm going there is simply to show you again how cool finances. We talked about something, we talked about stocks this time. Remember, last time I told you on top, what are they showing? look at the first item. It's S&P 500 and Nasdaq. I think most of you should be able to Google what this means. S&P 500 is a collection of 500 stocks. It's no different from what we did except, it's a portfolio that sets us up very well for risk and return. You'll hear the word portfolio coming up over and over again and I'm very excited about talking about this. In fact, all my research that I have done over the years is on stocks largely. Nasdaq is another index of stocks exchange where stocks trade and there are a bunch of them. The trading mechanisms are slightly different from New York Stock Exchange and so on so forth. It says over here, After May Swoon, Be Wary of Buying Into a June Bounce. I don't know what the heck that's supposed to mean because stories like this just blow my mind. It's almost like the person writing it seems to know what's going on, nobody does. Let me assure you, and finance theory says you shouldn't be able to know what's going on in the future. That's essentially is the basis of market efficiency and random walk. The notion is this, if S&P 500 is 1311 today, It's big for a reason. It's based on what we all collectively know today. How could we know anything different than the 1310. If we did, it would be in the price. That's the notion. Whatever happens in the future is mostly because of stuff we don't know because it hasn't happened. Of course, we make mistakes, but that's not what I'm talking about. Mistakes happen period. I'm talking about patterns. If you go down, then you'll start seeing the exchange rate on the right and stuff like that. Commodities, bonds we spoke about. You can pretty much cover the whole news and here you'll see the most active stocks out there. I don't want to necessarily focus on them, but we saw portfolios. Now you have price of stocks, but let's see what company will be trying to evaluate the strategy off. Remember it was called Microsoft. Let me just assume that it has something to do with another company with soft in its name. If you want to evaluate Microsoft, fundamentally, where do we have to go to figure out the 12 percent rate of return? Let's assume that Microsoft is a company I would pick just because I thought of the word soft in both of them. What do you have here? You have the price of Microsoft is 29 bucks or so. You have previous prices, you have prices at open, close you have bid and ask, bid and ask are slightly different because the person trading has to make some money for the kids. Should they buy it, they are always ready to buy and sell. Just to show you some numbers and then we'll take a take this break. We'll come back to this again is 245.14 billion is the market cap. What does that mean? Market cap means price times number of shares. And that's the total market value of Microsoft, as we speak, $245 billion, a lot of money. This earnings per share is not the earnings per share I was talking about. I was talking about cash flows per share. This is accounting versus cash flows, remember. One last thing I wanted to show you was, and we'll do this next time and we'll go into risk and return and evaluating is there is a key statistics thing. A little link here, where a bunch of stuff is reported in addition to what we just saw. What I'm going to go is to scroll down very gradually and give you some sense of numbers we will do. Look, even cash flows are calculated for you, but I would do these. Just confirm what the definitions are, how are they doing it and so on. I just wanted to show you one number. Look at the debt, you see that 13 billion? look at the market cap 245. Enterprise value is lower than the market cap because the difference is just cash sitting there. It's called excess cash sitting there. The value of the company says 245, let's include the cash, and how much is debt? Thirteen. What is the assumption we made in evaluation till now? Let's just have only equity. Now, do you deny? That's almost true. It's almost 100 percent true. Many companies have no debt. It's not an imaginary thing, but you won't find companies with no equity. Because if you do, that company would have taken the bank for a ride. Because you have every incentive to take risks because you can walk away if you lose everything, but you get all the gain. That's the tragedy of a debt contract. See you next time. Browse this website, but most importantly, I encourage you to do the assessments assignments. If you stay on top of that, you will not need to relearn finance. In fact, if you get tired of listening to me, just take a break and do some problems. They are organized in an increasing difficulty level and doing problems, assessments, not just those in the video where is the only way to learn finance. See you.