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Videos uploaded by user “Understanding Finance”
What is an Annuity and Perpetuity? James Tompkins
 
02:50
This is an "Understanding Finance Nugget." I now move from the only single cash flow formula that exists in "time value of money" to multiple cash flows. Specifically I describe what is meant by an annuity and perpetuity.
Views: 5992 Understanding Finance
Levered and Unlevered Beta, James Tompkins
 
28:26
This is an advanced topic and will likely make more sense if you already understand the six "Corporate Finance" series lectures. In this "mini-topic" I explain what I mean by the levered and unlevered beta and then derive a relation between the two. I also develop the formula for the debt tax shield, which is relevant to the levered and unlevered beta derivation.
Views: 26186 Understanding Finance
Exchange Rate Communication and % Change Calculations, James Tompkins
 
26:28
This is the fifth lecture in the "International Finance" series in which I discuss some fundamentals that are likely part of any International Finance class. For example, what is an exchange rate? How are exchange rates communicated? How do you calculate the percentage change when the exchange rate changes? As always, where appropriate, the goal is to maximize your understanding as opposed to your memorization.
Views: 5993 Understanding Finance
Deriving the Present Value of a Perpetuity Formula, James Tompkins
 
07:55
This is an "Understanding Finance Nugget." A perpetuity is a set of equal cash flows between equal time periods that go on forever. For a given effective periodic rate, it is possible to calculate one single value that is mathematically equivalent to the infinite number of cash flows.
Views: 5039 Understanding Finance
Sustainable Growth Rate, James Tompkins
 
27:27
This is the second lecture in the "Advanced Corporate Finance" series in which I discuss a firm's sustainable growth rate. Imagine I have a lemonade stand that can only produce a given number of sales, and the sales in turn produce a given number of profits, and from the profits I pay out a given amount of dividends, and I finance the lemonade stand with a fixed ratio of debt and equity. If in addition to this, I only go to the external capital markets for debt capital, is my lemonade stand limited by the percentage which it can grow every year? In this lecture I illustrate the answer to this question and in in turn derive the formula to what is known as a firm's sustainable growth rate.
Views: 7964 Understanding Finance
Allow Me to Introduce Myself, James Tompkins
 
06:20
This is an "Understanding Finance Nugget". You could completely skip this and not lose any understanding in finance. The only reason I have posted this is that if you have watched any of my lectures or nuggets you might be interested (or not) ☺. In addition to introducing myself, I talk a little about my teaching style.
Balance of Payments, James Tompkins
 
01:22:11
This is the fourth lecture in the "International Finance" series in which I discuss how the dollar is impacted by different types of transactions between foreigners and Americans (or American entities including business, people and Government). These transactions are documented in an accounting statement called the Balance of Payments. An understanding of the relations that exist within the Balance of Payments leads to some interesting discussion. For example, the United States is currently living beyond its means, how is this possible and for how long can this go on? A "trade deficit" is generally thought of as bad news, but what is a flip side, what is an argument that could show a positive side to a trade deficit? What does it mean that the U.S. dollar has safe haven or reserve currency status and is this good or bad? This is another lecture in which the goal is to deepen your understanding (not memorization) of why the dollar goes up and down in value.
Views: 9729 Understanding Finance
The Capital Structure Decision and Perfect Markets, James Tompkins
 
31:31
This is the third lecture in the "Advanced Corporate Finance" series in which I begin to discuss the firm's capital structure decision. Does the decision on the percentage of debt or equity (or other financial securities) a firm chooses, would you expect this to impact the value of the firm? Miller and Modigliani show given some specific assumptions, that how a firm structures its capital neither affects firm value or its stock price. In other words, subject to these assumptions, the capital structure decision is unimportant. Hence to the extent that the capital structure or financing decision is important, it must be because of one or more of the assumption constraints. I explore this in the next two lectures.
Views: 7682 Understanding Finance
Deriving the Present Value of a Growth Perpetuity Formula, James Tompkins
 
13:30
This is an "Understanding Finance Nugget." Whereas a perpetuity is a set of equal cash flows between equal time periods that go on forever, in a growth perpetuity, the cash flows are not equal but grow at a constant rate. For a given effective periodic rate, it is possible to calculate one single value that is mathematically equivalent to the infinite number of growing cash flows.
Views: 4537 Understanding Finance
Introduction to Corporate Finance, James Tompkins
 
27:16
This is the first lecture in my "Corporate Finance" series in which I both introduce myself as well as the structure of the class. The emphasis is on financial principles as it affect firm value with a specific focus on "asset investment" decisions. For example, the decision for Apple to get into the phone business.
Views: 17369 Understanding Finance
Free Trade, James Tompkins
 
01:34:56
This is the third lecture in the "International Finance" series in which I discuss the impact of free trade on a nation's standard of living. I make up a very simple example with just two nations and two items to trade and based on some assumptions look at their standard of living in a pre and post free trade environment. I then critique the simplicity of the example and question whether or not it can realistically apply to the real world. This results in a rich discussion on several issues including why this topic is so fiercely debated, why have both Republican and Democratic Presidents signed free trade agreements, why do some environmentalists oppose free trade and what would be a counterargument? Finally the model concludes with an exchange rate as an outcome of trade as opposed to a condition of trade.
Views: 7045 Understanding Finance
Exchange Rate Changes, James Tompkins
 
29:31
This is the seventh lecture in the "International Finance" series in which I discuss basic or fundamental reasons why exchange rates change. The key is that everything is relative. So fundamentally, if the Germans want more U.S. goods and services than the U.S. wants of theirs, then there would be a relative greater demand for the dollar than the euro, and the dollar, all else being equal, would strengthen. So what are some of the relative factors between nations that impact their exchange rates? In addition, I discuss the impact of the value of the dollar on the price of oil. As always, I emphasize logically understanding the concepts as opposed to memorization.
Views: 4388 Understanding Finance
Time Value of Money: Single Cash Flows, James Tompkins
 
39:16
The second lecture of the Corporate Finance series is actually broken up into two sub-lectures: single and multiple cash flows. If you are going to make decisions that impact firm value, it is helpful to be able to measure value, which we do through the time value of money model. In this lecture I strive for an in-depth understanding (not memorization) of this topic beginning with single cash flow principles. In the follow-up lecture on multiple cash flows I conclude with a challenging "real world" example and suggest that if you understand this, then you truly have a solid grasp of this topic.
Views: 13867 Understanding Finance
Foreign Exchange Markets, James Tompkins
 
01:08:32
This is the tenth lecture in the "International Finance" series in which is I discuss the foreign exchange markets. What are they, why do they exist, how large are these markets and why are they getting larger? These are all questions I address and I further discuss four types of exchange rate markets including the spot, forward, futures and options markets. The reason for this topic is that in the next lecture we will be using these markets as a way to manage exchange rate risk in the short term. Hence an understanding of this lecture is important before proceeding to lecture 11 on foreign exchange hedging.
Views: 13299 Understanding Finance
The Discount Rate for the Asset Investment Decision (WACC), James Tompkins
 
58:02
This is the sixth and final lecture in the "Corporate Finance" series in which I discuss the discount rate for the asset investment decision. An example of an asset investment decision is when Boeing decided to invest in the development and production of a commercial aircraft known as the Dreamliner. Part of their decision-making process would have included conducting a net present value analysis (see lecture 3 of this series). Such an analysis would require both an estimation of the relevant Dreamliner's expected cash flows and their inherent risk. This risk is reflected by the discount rate for the asset investment decision and can be represented by a firm's weighted average cost of capital. As always, my goal is not to have you memorize formulas or concepts, but rather for you to understand their derivation and assumptions so you have a reasonable chance of using sound judgment when applying these principles in practice.
Views: 5502 Understanding Finance
Introduction to International Finance, James Tompkins
 
15:48
This is the first lecture in the "International Finance" series in which I both introduce myself as well as the "big picture" of the class. My teaching style in this series will be to maximize your understanding and not your ability to memorize. There will many issues in this course that intersect politics and economics. My approach will be for you to logically (not emotionally) understand different sides of an issue and then you make up your own mind. My opinion is not important, it is your logical thought process based on understanding that counts. The theme of this class is "International financial principles as it affects firm value". Value is a function of risk and return. The element of risk I focus on, as a starting point, is exchange rates. In particular my goal is for you to understand why the dollar goes up and down in value. I use the dollar as a benchmark for the discussion of other currencies and other types of international risk. In the second part of the class I focus on managing this risk, both in the short and long term. In addition, it is not just about managing this risk, but taking advantage of risk opportunities that exist worldwide.
Views: 36605 Understanding Finance
Two Rates Commonly Used in Time Value of Money Equations, James Tompkins
 
04:57
In this "Understanding Finance Nugget" I define both the effective periodic rate and what is known as the nominal or stated or advertised or annual percentage rate. It is important to know these definitions since one or both are applied to all time value of money equations.
Valuation of Stocks and Bonds, James Tompkins
 
01:00:19
This is the fourth lecture in the "Corporate Finance" series in which I talk about both the concept and the valuation of financial securities. For example, what do I mean by Apple "stock" and why is it valued at $X per share. Many textbooks will emphasize stocks and bonds, but in this discussion I highlight the fact that there is in fact a whole spectrum of numerous different types of financial securities for the investor that range from relatively low risk (eg IBM bonds) to higher risk (eg IBM stock). However, no matter what type of financial security you are talking about, what it is worth today is in theory related to future expected cash flows and the risk inherent in those cash flows. Many textbooks will have some fancy names applied to these "valuation" formulas; however, they are nothing more than fundamental time value of money formulas with different assumptions about expected returns and risk. The sad (perhaps) truth is that in the end, if you buy a stock and expect to get "filthy" rich, it will not be because you understand this lecture or time value of money formulas, but rather, because you believe you can do a better job than the market of estimating the future expected cash flows/returns and/or risk inherent in the cash flows/returns of the stock. As always, my goal is not memorization, but an understanding of these principles.
Views: 11693 Understanding Finance
Deriving the Only Single Cash Flow Formula that Exists, James Tompkins
 
09:55
This is an "Understanding Finance Nugget." When learning "Time Value of Money" with single cash (for example what is $10 worth in two years time), there is only one formula that exists. Many textbooks will rearrange this formula algebraically and want you to memorize what may appear to look different. However, in the end, these variations are all derived from the same single formula. In this nugget I illustrate that you already "understand" (not memorize) this time value of money formula. Hence as long as you can algebraically rearrange the formula, you should not memorize other variations.
Economic Exposure, James Tompkins
 
40:08
This is the twelfth lecture in the "International Finance" series in which I discuss managing both exchange rate and other kinds of international risk in the long run. In fact, I do not just discuss managing these risks, but taking advantage of "risk opportunities" that exist throughout the world. It is a viewpoint in which instead of being threatened by the competitive differences that exist throughout the world, that in fact these differences can be celebrated and be an opportunity for multi-national corporations.
Views: 7617 Understanding Finance
Introduction to Advanced Corporate Finance, James Tompkins
 
20:56
This is the first lecture in the "Advanced Corporate Finance" series in which I both introduce myself as well as the "big picture" of the class. My teaching style in this series will be to maximize your understanding and not your ability to memorize. Hence I will often ask questions in these lectures and pause to give you a chance to think of a response. You may need to manually pause to give yourself more time. I think of "Advanced Corporate Finance" as a sequel or part 2 of "Corporate Finance". Whereas my "Corporate Finance" series was about the asset investment decision, (for example the decision that Apple made to get into the phone business), the "Advanced Corporate Finance" series focuses on the financing or capital structure decision. For example, why do some firms load up with debt while others avoid all debt? Why do some firms consistently pay dividends while others have never paid a dividend?
Views: 6955 Understanding Finance
Domestic vs  International Finance, James Tompkins
 
42:56
This is the second lecture in the "International Finance" series in which I examine three key principles or foundations of "domestic" corporate finance and how these principles become relevant in an international setting. The three foundations include market efficiency, value, and arbitrage.
Views: 15646 Understanding Finance
Understanding Profitability Index, James Tompkins
 
12:40
This "Understanding Finance Nugget" not only shows you how to calculate the Profitability Index, but also provides an in-depth understanding of what it means and how to apply it when a company is deciding on a major asset investment or capital budgeting decision (e.g. Apple investing in a new iPhone.) In addition I discuss circumstances in which its application may be useful above and beyond a net present value analysis.
Views: 1031 Understanding Finance
The Capital Structure Decision and Taxes, James Tompkins
 
56:33
This is the fourth lecture in the "Advanced Corporate Finance" series in which I begin to discuss the role that taxes play in the firm's capital structure decision. Do companies issue a lot of debt because interest payments shield them from corporate taxes? Is this a driving force that underlies their decision to have debt or are there other more important issues? In this lecture, I look at not only the implication of corporate taxes, but also personal taxes and their respective importance on the firm's capital structure decision.
Views: 7814 Understanding Finance
The Asset Investment Decision (Capital Budgeting), James Tompkins
 
02:10:42
This is the third lecture of the Corporate Finance series in which I discuss what I call the "Asset Investment" decision or what is more commonly referred to as "Capital Budgeting". For example, the decision that Apple made to spend money developing the iPhone would be an asset investment decision. I begin by assuming the "relevant" cash flows for the asset investment decision and discuss analytical techniques including net present value, payback period, internal rate of return and profitability index. I then discuss other issues such as the optimal time to make such a decision and "equivalent annual cost". I conclude with a determination of the "relevant" cash flows for the asset investment decision. As always, my goal is not to have you memorize a bunch of formulas, but rather to understand both their derivation as well as the pros and cons of their application in real life.
Views: 13165 Understanding Finance
Foreign Exchange Hedging, James Tompkins
 
02:00:36
This is the eleventh lecture in the "International Finance" series in which I discuss how corporations and other entities can protect themselves from unexpected exchange rate movements. So far this class has been about obtaining an in-depth understanding as to why and how different currencies move up and down in value. To the extent that unexpected exchange rate movements are a risk, we now look at managing this risk. In particular, in this lecture, we look at managing this risk in the short term. My approach is to use a very simple example, and for the same example explore different alternatives to hedging including the use of forwards, futures, options, money market hedges and others. The goal is not only to understand how each hedge works, but the advantages and disadvantages of each.
Views: 24401 Understanding Finance
Relevant Cash Flows for an Asset Investment, James Tompkins
 
31:20
Net present value, internal rate of return and other analyses pertinent to the asset investment decision (capital budgeting) are applied to a timeline of cash flows. But how do you calculate these cash flows? This is what I explore in this video.
Views: 2203 Understanding Finance
Political Risk, James Tompkins
 
23:56
This is the thirteenth and final lecture in the "International Finance" series in which I discuss Political Risk. What is it, how is it measured and how can multinational corporations protect themselves from or manage the political risks they face? For example, when Disney decided to open Eurodisney in France, they could have owned the entire operation outright. Instead they designed the financing and made other arrangements that significantly protected themselves from political risk. In this lecture, I discuss the logic underlying various measures that companies can take to manage their political risk.
Views: 3657 Understanding Finance
What is the Asset Investment Decision (Capital Budgeting)? James Tompkins
 
08:36
This is an “Understanding Finance Nugget” in which I argue that what a company spends its money on, for example Apple spending money to develop the iPhone is arguably the most important decision a firm makes. I refer to this decision as the “Asset Investment” decision and it is also known as Capital Budgeting. For a deeper understanding of not only what it is, I also get into the importance of the asset investment decision. Some would argue this is the most important decision a firm makes.
Mergers and Acquisitions Public and Private Company Valuation, James Tompkins
 
02:17:34
This is an advanced topic and assumes an understanding of all lectures in the “Corporate Finance Lecture Series” playlist on this channel. I begin by setting some themes. For example, do financial principles (e.g. risk and return) apply equally to both public and private companies? Is there is a logical minimum and maximum price when a target is bought by an acquirer? What are the impacts on these prices when the target is not liquid and/or there is a change in control between the target and acquirer? Next I tackle the big picture concepts of valuing the target considering valuation issues in both a public and private company setting. Is public company information relevant and useful to private company valuation? What are some other approaches to valuation beyond discounted cash flow? I explore these and other issues using “real life” data when Media General announced its acquisition of Meredith in September 2015.
Views: 8216 Understanding Finance
The Discount Rate for Financial Securities (Risk and Return), James Tompkins
 
02:28:25
This is the fifth lecture in the "Corporate Finance" series in which I talk about the discount rate for financial securities or what most textbooks refer to as "risk and return". In this field, we assume that when it comes to financial securities (e.g. IBM stock), that investors price it in a manner that reflects both its risk and required return. For more risk, investors require higher returns. I develop the logic that underlies terms like "non-diversifiable" risk and how that is quantified by a stock's "beta", and how it is that this risk maps into the required return for the financial security (Capital Asset Pricing Model). It is easy to memorize formulas and concepts like "beta", but if you truly want to understand these issues, I try to develop each concept on a step-by-step logical basis. You never know...what if your five year old tugs on your sleeve and asks "Mommy...where do betas come from?" Listen to this lecture and you will be ready.☺ Not only that but I also explain how and why this lecture is important to the theory and practice of what I have argued is the most important decision a firm makes: the asset investment decision (e.g. Apple's decision to develop iphones).
Views: 6893 Understanding Finance
Understanding Net Present Value, James Tompkins
 
15:40
This "Understanding Finance Nugget" not only shows you how to calculate Net Present Value, but also provides an in-depth understanding of what the answer means. In addition I discuss strengths and weaknesses of a net present value analysis.
The Capital Structure Decision and Other Issues, James Tompkins
 
01:35:01
This is the fifth lecture in the "Advanced Corporate Finance" series in which I conclude the final lecture related to the capital structure decision. What are the most important considerations when a firm is choosing whether or not to have debt and if so how much? For example, does it matter if the firm is in a high or low risk business, or are there other characteristics of the firm's business that are relevant to the capital structure decision? What about the risk of bankruptcy or financial distress? Can capital structure changes signal any information about the firm? When should a firm consider short-term debt as opposed to long-term debt? What about private debt such as borrowing from a bank as opposed to issuing debt in the capital markets? These are all issues I address in this lecture, and I conclude with a comment by a Fortune 100 company Treasurer as she and the Chief Financial Officer consider their capital structure decisions for the firm.
Views: 7198 Understanding Finance
Interest Rates and Exchange Rates, James Tompkins
 
36:45
This is the ninth lecture in the "International Finance" series. How do interest rates affect exchange rates? Are there situations when an interest rate increase, for example, can sometimes either weaken or strengthen an exchange rate? The goal of this lecture is to add to our understanding of why the dollar and other currencies go up and down in value. Our focus includes interest rate parity which "real world data" strongly supports.
Views: 6789 Understanding Finance
Time Value of Money: Multiple Cash Flows, James Tompkins
 
01:37:58
This lecture follows and builds upon "Time Value of Money: Single Cash Flows" in the Corporate Finance series. If you are going to make decisions that impact firm value, it is helpful to be able to measure value, which we do through the time value of money model. In this lecture I strive for an in-depth understanding of annuities, perpetuities and growth perpetuities. As with all these lectures, it is designed to be interactive giving you a chance to answer questions as I develop the concepts. I conclude with a challenging "real world" example and suggest that if you understand this, then you truly have a solid grasp of this topic.
Views: 14314 Understanding Finance
Deriving the Present Value of an Annuity Formula, James Tompkins
 
18:16
In this "Understanding Finance Nugget" I use the present value of a perpetuity as a starting point to derive the present value of an annuity.
Views: 1435 Understanding Finance
Inflation and Exchange Rates, James Tompkins
 
01:12:48
This is the eighth lecture in the "International Finance" series in which my goal is to develop an understanding of how and why relative expected inflation between two countries can serve as a way to forecast the exchange rate. In addition, I discuss inflation policies for countries. As a country, do we prefer high inflation, low inflation, zero inflation, deflation? Why? The purpose of this lecture is to further your understanding of why the dollar and other currencies go up and down in value. As we continue to develop our understanding to this and other international risks, in future lectures we will look at managing this risk and taking advantage of "risk opportunities" that exist out there.
Views: 7686 Understanding Finance
International Monetary Systems, James Tompkins
 
01:44:40
What systems are in place that determines why, for example, that it takes 7.8 Hong Kong dollars to buy 1 U.S dollar? This is the sixth lecture in the "International Finance" series in which I discuss "international monetary systems". We find out that different systems for determining exchange rates include a varying degree of market and Government forces. We also find out that there are advantages and disadvantages to these different systems. For example, some countries with a history of corruption, when they have the ability to print their own money, may have to give up this power to convince the rest of the world to take the risk and once again invest in their country. In my opinion, this is probably the most interesting lecture in the "International Finance" series. To me, it is fascinating to discuss and analyze where economic and political forces conflict and how sometimes the market (or the people) can be the ultimate disciplining factor. Having said this, as always, the goal is not to try to get you to take a particular side, but rather for you to understand (logically, not emotionally) different sides of an issue, and then you make up your own mind.
Views: 9217 Understanding Finance
Perpetuity Problems, James Tompkins
 
09:57
This is an "Understanding Finance Nugget" in which apply the present value of a perpetuity formula.
Views: 1075 Understanding Finance
Understanding Internal Rate of Return, James Tompkins
 
20:58
This "Understanding Finance Nugget" not only shows you how to calculate the Internal Rate of Return, but also provides an in-depth understanding of what it means and how apply it when a company is deciding on a major asset investment decision (e.g. Apple investing in a new iPhone.) In addition I discuss circumstances in which its application may be useful above and beyond a net present value analysis. Finally I show it is not just good enough to memorize to do the project if the internal rate of return is greater than the discount rate. Based on “understanding” I show there is more to it.
Views: 1174 Understanding Finance
Annuity Problems, James Tompkins
 
09:58
This is an "Understanding Finance Nugget" in which apply the present value of an annuity formula.
Challenging Time Value of Money Problem, James Tompkins
 
29:27
This is an "Understanding Finance Nugget" in which I do a challenging time value of money problem. In fact, if you can do this problem, in my opinion you have an in-depth understanding (not memorization) of this topic. If this does not make complete sense I recommend in order that you watch my two lectures: "Time Value of Money: Single Cash Flows, James Tompkins" and "Time Value of Money: Multiple Cash Flows, James Tompkins".
Views: 1207 Understanding Finance
The Dividend Decision, James Tompkins
 
46:32
This is the sixth lecture in the "Advanced Corporate Finance" series in which I discuss a firm's dividend decision. Why do some firms pay no dividends while others consistently pay dividends? What are the implications if a firm raises or cuts its dividend? Similar to the capital structure lectures, I discuss different thought processes and conclude with the primary drivers behind the dividend decision. In fact, the thought processes are so similar that this lecture is easier to understand if you have already understood the capital structure lectures. As always, the emphasis is on understanding and not memorization.
Views: 3269 Understanding Finance
Understanding Payback Period, James Tompkins
 
14:21
This "Understanding Finance Nugget" not only shows you how to calculate the Payback Period, but also provides an in-depth understanding of how there is judgment involved in interpreting what the answer means. In addition I discuss strengths and weaknesses of using the payback period as well as circumstances in which its application may be useful above and beyond a net present value analysis.
Another Challenging Time Value of Money Problem, James Tompkins
 
19:21
This is an "Understanding Finance Nugget" in which I do another challenging time value of money problem. This is not quite as hard as the previous nugget (Challenging Time Value of Money Problem), but nevertheless a challenge. If this does not make complete sense I recommend in order that you watch my two lectures: "Time Value of Money: Single Cash Flows, James Tompkins" and "Time Value of Money: Multiple Cash Flows, James Tompkins".
What is the Purpose of any Time Value of Money Formula?, James Tompkins
 
03:19
This is an "Understanding Finance Nugget." Every corporate finance class will likely have a session on "Time Value of Money". But what will any "Time Value of Money Formula" do for you? In this "Understanding Finance Nugget" I address this question as well as why we even need a model to measure value.
When is the Best Time for a Company to Make an  Asset Investment? James Tompkins
 
05:52
Companies do not just make decisions about whether or not to build a new factory or develop a new phone (asset investment / capital budgeting decision), but also when is the best time to make such a decision. In this "Understanding Finance Nugget" I show an approach that considers the optimal time for an asset investment decision.
What is an "Understanding Finance Nugget"?, James Tompkins
 
02:47
I introduce what I mean by an "Understanding Finance Nugget". On my "Understanding Finance" channel, I have a series of interactive lectures in Corporate Finance, Advanced Corporate Finance, and International Finance. Since the lectures build on one another, someone with little prior knowledge in finance could most efficiently watch them in order. They are also focused on understanding as opposed to memorization. However, the lectures are long! Tin contrast, the nuggets are short! They are clips on isolated topics that I teach interactively. Where possible, each topic will be self-contained and where necessary I provide a list of recommended pre-requisite nugget titles. The nuggets will still of course retain a focus on understanding as opposed to memorization.
Views: 1448 Understanding Finance

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