In our first session we:
👉 If any of these ideas are new to you, don’t worry — review them, and please ask questions in the next session.
The “Holy Trinity” of financial markets:
All investment decisions balance these three dimensions.
Risk definition: Be ready to explain in your own words what risk means.
We will go over:
Transcript has already start.
Start.
Hey.
Why I have done this? I don’t know, but now all things that I’m saying are being not recorded because I’m not recording this meeting, but are being transferred, yes.
So all this information.
It’s not just going somewhere. Stay in there. What does it mean? It’s being recalled. Now second thing I I promise there used to be a computer. There is no computer.
OK, anyone have a Spanish phone number?
No, no Spanish citizens. No, it’s because I have already started. There is a phone there.
I want to say they are in the hole. The hole there is one telephone.
And if you can, there is one number, I think it’s 1111 or 113 or 11. If you can take the phone and follow you are in the car, this is and someone from the stick or I’m going to.
But again, I’ll Room 312 He can know your another.
Because I want you to join our WhatsApp group, but coming back to what I have said and this this is oh, this conversation is being recorded by myself. So because this is being recorded. **, **, **, yes.
You don’t need to worry, I am the worst.
Yep. OK, I see.
Please.
Switzerland and no, no Switzerland and Sweden, Sweden, Switzerland, Sweden, Sweden has the oldest central bank. I don’t know the name, but it’s something like Risbanking.
Prince Banker is the oldest central bank in the world. They issue the Corona and they have printed first notes. We will talk about this for our class. Central banks are important, yes.
She said she was from Mexico.
OK, it’s because I oh, you are from today. I also teach in NYUNYU. This afternoon I have class in NYU Madrid in your university Madrid. I misunderstood Switzerland and Sweden.
And I don’t want to learn which is 1 and which is one. I don’t misunderstood to lame and NYU.
No politics are allowed. No religion is allowed. No drugs is allowed. Once I have said this disclaimer and why you and you blame.
You are laughing a little. You are laughing a little. Oh, oh, oh, sorry. And last year I had two students from Israel. Year before I had two students from Israel. I took the list and I worked before the Israeli students and I didn’t have it.
Missing that. I mean, it’s your work two different students. So I have four in total, total three women. Yes, I have say you. It’s a religion, no.
How do you say the religion is another religion? I’m not gonna ask. I don’t care, but I I care just about one thing. There is just one thing that I care. Just one and he’s taking care.
Taking care. What does this mean? That I am so careful trying not to hurt anyone but.
But I will not stop something that is in my head to go out of my mouth because so.
Pisi politeness. Correct. Pisi. You understand what I’m saying? Yeah, yeah. So happy. I was going to say Mexican that my friend makes my. What is your name?
He said, he said. I will try. I mean, thanks, he said. I was going to say Mexican. Then I thought about walks. Walk. I I thought walk, walk, being a wait, I say in the morning. I thought about walks then.
See, he not about you. I mean, in general, see, he he transgender people. I say, Powell, the wall. You know what wall I’m talking about.
All these you can. Sorry, sorry, it’s too late. Sorry, you cannot go.
I know, I know, I know. Oh, you are so smart. Where are you from? United States. That that is to be too late. But New York? Yes. OK, I’m.
I don’t know. I don’t know. I mean, this is an experiment. I have to turn on the transcript. That is your computer and I have to talk about central banks. There are people, Finland, Switzerland, but I am dyslexical and I misunderstood Sweden with Switzerland and Ireland.
That is a tax header or is not a tax header. But when I look at her, I feel invited like if she were from Delaware.
Delaware state from the States. You are from Miami. You are saying yes, I know Delaware.
EC has to do with I I have say you they you you you.
The red one is. Oh, no, you’re not from New York. No, you’re from the States.
From New York, but from Tulane. Tulane is an university. Sorry, Tulane is a university that is somewhere in New York is New York and Tulane is like in New York. There are more people, more more diverse.
If you go to a Tulane class, sorry, you go to an NYU class, New York, there are people with a lot of different colors of skin. And if you go to Tulane, Tulane, 95% or 90% of population is black.
A lot of people is black in no in Tulane, no in New Orleans. There are black people, but all of you are blonde. There are, I can’t say black. I know that I can. There is one word.
There are 4 letters word, 4 letters word, 4 letters words. There is one one OK from anyone from whatever.
No, you’re in another. No. Yeah, no, no, you’re in. See. OK.
I was not lying. I promise that. Hold on. You you know me for hold on 10 years. If 10 years is the first time that there there is no computer in one book.
But.
We will be drunk in the future and do you remember the day and we will talk about it. There is no computer.
Welcome to Spain.
He’s asking me if I can go with you without the computer and I have asked him if he has doubts of me.
Thank you.
I don’t know what I’m going to do with the, but it’s perfect. I need.
Anyone here has what’s up?
Anyone from to people from Tulane has a WhatsApp group or you’re from Tulane? Yeah, you have a friend. Thanks.
Here. Who is your? You have a was a group with anyone up here? Who has a was a group with one here? Anyone of you have a was a group with someone?
No, no, the group is already great and I have the QR, but I want whatever I.
Hey.
Classes will not start this way.
Management. No, Ikade Finance 2004, OK.
Oh, this. OK, this is still blue.
I anyone has a QR let.
Anyone has the QR connected? I I need all your mobiles. I’m going to just be with 1-2 the sooner I have three or four.
And now what I’m going to do. Don’t worry, don’t worry. I I love this. It’s like all of you with guns there. Yes, but it’s like, oh, whoa, whoa. I have passed the whole summer. I have passed the whole summer without the students.
Cold Turkey. You know what is the top cold Turkey when you are not hangover. I need one male student.
I need one male. Yes, one thing and too much things to do. Sorry, I’m nervous. It’s because I’m nervous because of what I have thought.
OK, I have serving the WhatsApp group, the QR code. So all of you that are already in the WhatsApp group. So the QR to your neighbor. You understand what I’m saying? I need one male student.
Hey, Miami.
I’m here. Sorry for what I’m going to do. I think it’s not easy, but you are here. Anyone, can you take your mobile? He’s the case come.
Was from. You understand what I’m talking about. You can go back. You can go back. You don’t know, Miami guy. You don’t know what I’m talking about. No, you know what I’m talking about.
Yeah, in the concert. You don’t know what I’m talking about. You know what I’m talking about. I I learn to. You know what I’m talking about. No news to see. It was a kissing cam in a concert.
I will send you through the WhatsApp group. No, no, I don’t know what I will do, but it was a kissing a kisscam. It was sorry a a technological startup. Nobody has heard about this. The technological startup, yes.
It was in a cold play concept. It was cold play. The kissing come. You know what is a kissing come. The kissing come down. You should kiss the kissing come point to two people and the woman goes down.
The men say, Oh no, oh no, life is over. And the day after everyone was we’re talking about the company, the technological company and I’m here in Spain.
And I have seen all the mobiles pointing at me and I have heard all that. Yes, sorry for that.
Crazy the world we are living.
The world we are living is crazy. I want to to see this recording introducing to ChatGPP. I want to see ChatGPP reaction on play. Look for deeply think about all things that I’m saying.
You, you, you guys. Sex, drugs and OK, super nice. Sweden, Sweden.
Switzerland. No, no Sweden. Sweden and Switzerland. Sweden and Switzerland. First central bank in the world. OK, all of you are in the WhatsApp group.
You are in the water group. You are.
I am absolutely on fire without computer.
Call the phone and tell them I don’t need a computer for the whole course. No, I need a computer. I need chat TPT. I cannot run. Do you have a pencil? Anyone have a? Can I borrow this?
Yes.
This you go there. This is the first day for the young ones. This is a notorious Spanish university and there are Spanish students that has come here for the first time. This is for an Academy.
This is funny and it’s a way of saying come here and just whatever.
Aaron, Matthew Kabu. You are Aaron or Matthew Aaron.
Matthews, the surname or is a second name? OK, I will. Yes, perfect. And Aaron is here. Abigail.
Tulane, Tulane, Adam Harrison.
Not Adam Harrison.
Oh, so you are Harrison. Oh, Adam. I’m in Spanish. I mean, and probably I will call you Adam more than one time. So please forgive me. I will try to say Adam.
What do you call yourself?
I will try to say that, but I cannot. I cannot compromise Alfonso.
I said correctly and.
Alphonse. Oh, and you’re from Bath University.
You feel you are a minority.
Where is bathroom?
Have you been sitting there for all?
Oh, you can leave. But do you know where she’s from? The.
We need to see.
At what time do we finish?
At 10, but we are going to take the whole class at 9:30.
9:30 is correct. We will be here at eight, 9:30. We will leave and everyone will be happy.
Wait a minute.
You are OK with that information because no, I mean tennis at the time at which you will start following one.
And between 10 and there is and because we are going to be a day, we will go. I prefer not to have a break and it’s OK now. And this Wednesday, this Wednesday I think that there is no class.
This Wednesday because it’s the I will. No, don’t worry, I will confirm and I will communicate through the WASA group if there is class or not. I’m quite sure that no, because it’s the first, it’s the opening of the academic course. But all Mondays and Wednesday we have class and Wednesday is later.
Don’t remember the exact time, but but you know, if you are here, you know your schedule. Adam is here, Alfonso. So you are from London.
Where she’s from.
What is your name? Ireland. Ireland. So happy to have a no because the more diverse, the better. I’m I’m looking for someone from China.
I I know that. I think I have gone through. I have just looked for Konkuk, Konkuk, who is you, Mission.
Where are you from?
I mean.
Nothing to do with China.
I mean, Chinese one country, South Korea is another country.
Absolutely. And North Korea is a third different country.
But in my head, having you here, beats is like a tick. I’m thinking about Samsung, Samsung. If you were Chinese that you are not Chinese, I know it.
If you were Chinese, I would have say BYB.
All of you know what this stands for. Who does not know this?
I would say yeah for me.
Xiaomi’s What does Xiaomi manufacture?
What does Yomi manufacture?
You know what? That’s, you know, show me.
You don’t know what it’s tell me. Second party. It’s a second company. You don’t hear me.
I was looking for that question and that question is partial. I mean this market market terms is 95% correct, but I’m thinking about what also Xiaomi manufacture.
What else, Xiaomi manufacturers?
Cars. Electrical cars. BYB. I don’t know if it is build your dreams or beyond your dreams, but they manufacture cars. I don’t know any. Oh yes, I know.
Well, I know Korean car manufacturers. I don’t know electrical, 100% electrical Korean manufacturers, but I know Samsung that when thinking about Samsung, I’m not thinking about cars, I’m thinking about microchips.
Also, I’m thinking about Taiwan, that is another country, and I’m thinking about PSMC, PSMC microchips manufacture. And when talking about these things, I’m talking about things that are really important. I’m talking about geopolitics.
Have you heard about?
That is.
Somehow has to do with this. Here is this and here is this. Have you have a Tesla?
We will talk about a lot of things, but why? Why I’m looking for one Chinese student that I don’t have Chinese students, but I have you because I want to have the East perspective and I’m saying this because I’m in Spain.
The states is in the West, yes.
Who will talk a lot about a world that is changing at an increase? Oh oh.
What has happened yesterday?
Yesterday, think about 1/3 of global population. Who is Molly, Molly, which he?
See.
Molly.
Russia, India.
China, all these three guys were together yesterday. Have you have out bricks?
Have you heard about bricks?
Trust me, this is important. Knowing these three names is important. You are here.
Don’t know why, but yes, I know why. I know why you are here.
But also, learning could be part of the reasons that you are here. Don’t tell anyone that I have told you that you are here to learn. I have. Don’t tell anyone. But personally, if I want you, if you don’t know what that brings.
Stand for. If you don’t know what that you know what this stands for, I will write this. I’m going to.
I would breaks.
It’s I will Google it at least and say what does this. I mean you can do it now I I don’t give.
Yeah.
What I’m what I’m talking about here, here, cars, here, seats.
And here, let me call this that.
Tariffs. Yes. Let me call. I mean, this has to do with tariffs. Absolutely, yes. We will talk about it. We will talk about it. But this has to do with tariffs. Absolutely, yes. Absolutely, yes. And we will go step by step by step. Don’t worry today. Yes.
Today is just a quick introduction and I am running out of time and there are a lot of things I need to do, so I will at least.
Alice Connors and you are the other Alice.
OK, I will go Alice, Ali, Alice in the Wonderland and Alice like Alice, whatever. You have two different names I will call if you don’t mind.
Also, Alicia, my I have three kids, two boys and one daughter. The younger. If the younger will be the older, I would think that the other two were handicaped. But she’s the boss. She’s 12, I think, and her name is Alicia. Amy.
Thanks, Amy. Uh, Ariam.
Hi.
Audrey.
Calton, not Joseph. Calton. Perfect.
Charles. Gato. Charles. Yeah, I have tried. How do you call yourself? I’m not going to say any your surname anymore, but Gato.
Gotta, but I will.
If you take out one tea, Gato means in Spanish cut.
Got it. Got it. Perfect, Charlotte.
Charlotte Dubois. Charlotte Charlotte Dubois. She’s from. I think she McHill.
Akhil, whatever. Charlotte. No. Charlotte. Clay. Claire.
Claire. Ellen. That you are Claire. Not Ellen. Perfect. Connor. Yes, Connor. Not James. Perfect. Denise.
Then is John. Your name is John, no. Thanks, John. And you are from Tulane, but I will right here. Sorry, Miami.
Dustin, Sydney, Gwingo. Dustin. Perfect. Dustin. No. Perfect. Dylan.
And if you don’t mind, I I have written C.
Because Dylan, there are times that I don’t know. I’m Luis and Luis for French people could be a female name. I don’t. I don’t care if someone call me her. I don’t. I mean, I’m thinking of no, just a joke, like a joke about transgendering.
And this is a real I don’t. I mean, I cannot use the word with him.
I cannot make too much you you guys jokes, but I can joke about my gender identity.
That I don’t know yet. Where am I? You understand what I’m saying? No, it’s correct.
Yep, perfect. I have just done a harassment course.
In not here in NYU and I love it. No, but I mean, I mean.
So no.
I don’t know how do I feel about this course.
Personally, I’m sad if I think that the course that I have done was necessary. I’m sad.
Saying these things to professors, but if the if it is needed, we are worst. We are in a bad worst situation, but we are not good.
You guys have Trump as president. We have Pedro Sanchez. That is the same seat, same seat in that table. Whatever. Eliana. I don’t like also Kamala.
Or or Hillary. I don’t like any. I like you guys. But whatever. I need to go. Please don’t. Elena. Elena. Thanks. Hello, Elena. Elizabeth. Yes, Elizabeth. No. Or just a time.
Bath. Bath. Elizabeth. No Beth. Beth. Beth. Beth. Beth. Beth. I have thought it because in my head it was bath that no Beth. What do you call yourself?
Beth. Beth. OK, perfect. Lisa. Oh, you are New York. OK, so happy. Because Elizabeth McLellan. McGlin. Elizabeth Mariko Mura.
El Mariko Mula no Marico.
Marico in Venezuela means whatever Eva Evanora Eva. You will be Eva. Sorry for that. I will try.
Perfect. Sure, I if this were a class of 10 at Francesco.
Frederick, Luis. Oh.
Frederick No, no, Frederick is.
Oh, Norway. Finland. Norway.
I don’t know about anyone from Portugal. In my head, Portugal is close to Spain, Morocco is close to Spain and I talk a little bit of Portuguese. I don’t know how are the relation, but in my head, if I see you, I’m thinking about you and if I see you, I’m thinking about you and also I’m thinking about.
Swederland, Sweden, Sweden.
OK.
Frederica. Yeah, Frederica, Frederica. And I’m going to write also see because you are a lot on Gabriella.
Gabriella. Perfect. Yeah. Yeah. Filippo.
Yeah, Filippo.
He’s oh, Francis, Francisco, Sir.
Do you know Ian Filippo?
Perfect. I have asked about the European citizens and these kind of people. We are Italians.
Yeah, man, man, man.
You two people, your neighbors, no Italy, Italy and Spain.
Don’t know what we are, but we are something.
I don’t know if brothers or cousins or, but we have same Latin language, same whatever. Yeah, yeah, Filippo, what’s what’s going on with him?
OK.
Oh, OK. Gordon Stewart.
Yeah, OK. But he perfect. I like you, Grace.
Games.
You know.
Yumi.
Oh, you mean you?
You me, you me. I will try you me. But no matter you are, no matter. I mean, this is the first day, but you have passed the course. You too.
You have to work a lot, Italians, and they know. I mean, if if I if I play the same joke to an American, probably I will be fired out of the university. But you are, you know that I’m not joking.
And it’s culture. Culture. Lisette, Alejandra, Alejandra or Lisette. Lisette and Mexico. John is from Miami and you are from Mexico. Louden. Louden, where are you from?
Too lane. Too lane. Too lane. Too lane. Too lane. You are from which state? Oh, I’m from Virginia. Virginia. Anyone from Chicago?
What can you find in Chicago?
Nothing.
I’ve been now the Chicago Bot Exchange, Chicago, the biggest derivatives market all over the world. I love Chicago in Chicago. Also you can find Chicago University that Eugene Fama came from a lot of Nobel Prizes go.
From Chicago and I like to joke a little bit a lot about Chicago because in Chicago you cannot find anything apart from land. In Chicago there is land and because of there is land, there are farms. You are worried about the weather and because of that they create derivatives.
Derivatives are financial instruments. We will talk about it. Yep. Logan. Hi, Logan.
Lowell.
No way longer.
Sorry. And your name is Ariel. Oh, like, oh, OK, Ariel.
Perfect.
Are you like? Yes.
Yes.
How do you say in English?
Little Mermaid. Little Mermaid. Perfect. Luke. Luke. Luke. What do you say? Luke. Luke.
Marco Cavallieri. It’s a real Italian name.
In Canada, in Castado, Vancouver, Marco Cavalieri, no matter he’s going to pass.
Marco is going to pass because my kid has been in Vancouver last year. He’s 14. You will meet him. I will try. I will bring him because I want him to continue practicing English. So you work to Vancouver in order to learn Spanish.
I I know, I know, I know. Marco, I have. I have already told you that you have passed and because there is equilibrium, your friend has a problem, but you have this very Italian that has that is missing whatever. Then Natalia.
Natalia, I have said correct. I think no.
Where are you from? Hablas Espanol.
Oh, Santa Clara is because in the list you know the name of the university that is written.
Universidad Pontifidia Comillas. This is university. So if you go to the if you all of you know Patricia or if you go to the office, student office, I will. If I were you, I will go there and say I’m I’m shown as if I were from Universidad Pontifidia Comillas.
Inua.
Olivia. Olivia. Nice to meet you, Olivia. Remington. Remington. Remington. Mestel.
He’s from American Universe. Oh, Ria. OK, Rina, Ria. Really.
Robbie.
I’m gonna put you here.
If you don’t mind see, seeum, seeum Kim.
Where are you from?
South Korea. Do you know her?
What? What was your help if?
Who you me? You me. You me.
Both of you, I think you speak Korean. If I were each one of you, I will talk with the other one when the class is finished.
So happy. I prefer to have two Koreans and just one, because if you are two, you feel a little bit more perfect. OK, Simon.
Sophie.
Dalia.
Victory, Victoria, Victoria, Victoria, Victoria, Victoria, Lil parlevu.
We.
Your friends.
And you are friends.
You have you were born in France. I mean, I don’t care where you were born, but.
Perfect. Do you know Christine Lagar? You have heard about her and oh, oh, you are friends.
I mean, there is something called Europe that I care a little bit about Europe. What has come into my head that thinking about France has made, yeah.
Oh, there is a in each country democracy works in a different way. You guys have Trump, that is the president of the states. They have. We have a king in Spain, but.
The the the king is is not the Prime Minister. We have Pedro Sanchez that is the Prime Minister. You have Macron, but Macron is like working, but Macron has more executive power.
For government power than or King. Or King is just representative. Are you following me? Do you know where I want to go? Your Prime Minister? This phone? You don’t know the name of your Prime Minister? Me neither. He has been there for just two months.
But I don’t know if it was two days ago. I don’t know if it’s today or I don’t know if it’s going to be one with that. They have a problem in France. In Spain we have a bigger problem regarding that, but in France you are aware about that. OK, definitely definitely.
Public definitely, financial, public expenses are higher than income and your Prime Minister, not Macron, the Prime Minister that has been vote two months ago.
I said I put my charts now they are voting, not voting citizens, voting in the Congress if he will continue or not because of the public decision. You need guys in France. They are saying that you need to have to make a cut.
Of 40,000 millions, 40 billions, 40 billions of public expenses. They need to cut this and this is what is going now in France. Now they have a political issue, a big political issue, yes.
In Italy you have Melody and personally.
I feel the allowance about. I would prefer to have careful not not something from the same party. I don’t care about parties, I don’t care about ideologies, yes, but Meloni knows where she is.
I think that our president that’s not known, but he’s your president. Meloni is handsome or president Pedro Sanchez is handsome and also Meloni, I think is much more clever than Meloni.
Melonie has to do with Italy. Oh, I in Korea.
It was four months ago, I think your Prime Minister resigned due to a scandal regarding Wanbah, your Bah. You know what I’m talking about? There was a political scandal in Korea.
That is in in Spain we have had political worse political scandals and nobody resides in Spain. I think that people are more serious. Spain political things are. In Korea there has been a politics.
Important. I don’t care about scandals, but I care about knowing how the system works.
And each one of you, for example, in your case, I will ask you more about Korea because you have a central bank, you have a currency. In your case, I will ask you about Bank of England because you have a.
Norway has you does.
No, Cortana.
Sweden has also coronas, but each one a different Corona. Different Corona. OK, so you have your own central bank. Perfect. No, no. OK, so Victor Jensen.
And.
Where are you from?
I ask if someone was from China.
Don’t. Don’t worry. Don’t worry. Don’t worry. You are.
If you are from China, you are Neverland.
Do you know BYD? Do you know Xiaomi?
Are you?
I look like and also.
They’re not.
I’m gonna. I need you to go quick, yes.
All of all of you are in there was a group.
Well, don’t worry, I will.
Or better, give your number. It’s for Miami. I don’t know about the. Perfect. I need you to work here in Israel.
Hey.
Perfect. That’s all is something important and if anyone feel any problem with whatever that happens in the class, tell me yes, I try to be at the same time.
Polite. And at the same time, I don’t want to leave anything without those, without touching, because of politeness, correctness, politeness, correct. A lot of things are happening in the world and there are times.
Vinay teams.
This is a weapon. This is a weapon. Oh, Luis has. Are you following me?
This is a weapon. We are in the fair world war. We are not fair world war because war is is not that. I don’t like the world war, but.
I don’t like the World War. A lot of things are happening in the world, yes. And what I don’t want is to leave anything without touching because of oh, I think that I have right see people, yes.
I have told you about North Korea. Why? Because they are your neighbors. I have talked about Portugal, yes.
You know what does TSMC stands for? You know or not? OK, Semiconductor Semiconductor Company P is.
Taiwan Taiwan Semiconductor Company is the biggest semiconductors company in the world.
I’m not going to ask what is Taiwan. I’m not going to ask what is Taiwan, but probably some of you will think one thing and you will think another thing. And probably if you are a minority, I will think the same duty.
Because I don’t care. I mean, I care, but I don’t care because what I don’t want is to leave. I want without touching because, oh, I am going. I care just about taking care of doing my job in a proper way.
I I don’t really know, but this year or two years time gonna be 100 years seen.
There was Second World War is important. Before the Second World War, there was a civil war in China and the Communist Party took the power in China 100 years ago and after 100 years, next year and two years time, a lot of things are going to happen regarding Taiwan.
There are things going on. I have said, I have said the war with him, but I have not said the war with him. I have said the war because that’s what I’m saying, no.
I am saying.
Judaism, I have said that one. There are things that are worse than our power.
Group.
Bye.
These things matter. Semiconductors, semiconductors, semiconductor matter. Why semiconductor matter? That’s because of DPT, yes.
And not just because of GPT, but GPT has to do with semiconductors also. OK, I I want to, I want to go fast. I know a lot of things. I want to do a lot of things. OK.
I will move really quick, yes, and next day we will continue. You should. It says what is the name of this class?
Financial markets, financial markets. Next day we will continue, but what is you should think?
If they will, you should think about two words. I say finance and the first word that came to your head. I’m going to ask you and you will tell me the first word that came to your head, why you should think about two words.
Because if you think about one word and she said the word you were thinking about, you should have another a second word to say. Make sense? Don’t think about two words.
OK, you cannot repeat market market, OK.
OK.
OK.
I I like this.
Yes, yes.
A equations.
Like maths. Let me write maths, yes.
Thanks.
Ready.
You cannot repeat. I’m joking. I’m joking, but.
I.
I.
Have written trap also with your permission.
Oh, this.
Best thing here?
OK, thanks.
Markets. I should write markets bigger, but the name of the classes.
Oh.
Yes, I like. I mean, I don’t like that. That’s something. That’s it. I’m happy of myself of putting.
Dollars.
He’s with the money. You know, you are. You cannot say you are. I mean, you can say you are.
OK, next one person.
OK.
Yes, investment by ratio. I’m going to write here one border, one wall.
Real estate.
OK, I’m going to write real estate here because real estate. Yeah. Oh, mortgages. Yeah, mortgages and real estate. I’m happy of myself.
What?
Hey.
Yeah.
I understand a lot. You understand the putamare. The putamare is really, really good. I promise. I I’m not like puta is a bad word, bad word, really bad word. But the putamare is like balls of the dog. I don’t know what to say.
Thank you so much.
Have you seen what I have done? Have you seen what I have done? We were talking about one more.
And I have moved your attention to another place and that war. Nobody knows about that war. You say phones, no phones, phones, phones here, phones.
I’m gonna go back to.
But OK.
Thank you. The Manila mortgages. You cannot do this.
Do you like me?
For all these activities.
Makes sense. Makes sense to you.
Orgages, bonds, options, money and you say wealth by investing wealth.
I I like the word wealth because at the end taking care has to do with wealth.
Yes.
Right.
OK, place your phones and analytics here.
Analytics, trade, markets, trading, trades. Let me let me write trade, traders and brokers. Who is a trader? What is the difference between a trader and a broker? We will see in detail and this question probably will be asked.
What is the refrigerator? I’m broken.
For example, the stocks. You cannot buy stocks by yellow. You should call a trader or a broker. You should call in order to buy stocks. You should call a trader or a broker. What is the difference between a trader and a broker? That the trader can buy stocks on his.
Or her the house.
The broker, Yeah, just that. That’s a third party. Make sense. Razer broker. Razer some brokers.
Has to do with markets. Someone has a private banks and also central banks, central banks. Yes, we will talk a lot about central banks, more things.
Let me call. Also let me write. I have there are here there are bones. Yes. Oh, and somebody has a pension phone, yes.
Will you let me call who I said that? You said that. Will you allow me to contact?
We’ve heard that more before. Hear anything? First time you hear hearing anything, it’s.
Yeah, the ability. The ability is an important word and if you have not heard the ability, if you don’t know a word that has to do with a company, please tell me and we will.
They tell me back that you don’t because I don’t care about what you know or don’t know, but I want to work over what you know. Balancing is an important word. Balancing P&L profit and loss sustainment. The balance sheet is composed of.
Assets on one side and liabilities and equity on the other side. This has to do with accounting.
Without knowing anything, you will pass my course without any problem, but you should know some things in order to pass it and we can. We will go together. It’s covering these things.
People here from different countries with different knowledge. I’ve already told you. I will repeat it. I don’t become tired of repeating that. I don’t believe about it.
Because we are all together. The more diverse, the more diverse, the better. Why? Because you don’t know something and you know another thing. Make sense.
OK, more things.
Yes.
Because of you, I’m going to write it. Here’s with the rate. Would you like me to write instead of rate that is already there? We don’t. We don’t. We don’t.
We don’t.
Dividend stocks, dividend, yes. Oh, I have. I was talking about that only and you have talked about cash flows.
As well.
There is accounting and from accounting you construct the cash flow and the dividend has to do with with what the shareholder is looking for. Don’t care that we will go step by step.
That’s OK.
No.
OK, a bond is not a loan, but bonds and loans are liabilities and both of them are debt, yes, and a mortgage.
It’s a loan. A mortgage is a loan. What is the difference between a mortgage and a normal loan that the mortgage is security size by?
Real estate.
Yes.
Security side.
I don’t like security side. Why I’m thinking about mortgages? Why is it being something insecurity side is important for me? Why I will be?
By I mean I’m thinking I’m running out of time, but the the difference between a loan, a normal loan and a mortgage.
I hate her because I cannot explain the difference between BBA without thinking about credit.
Ready.
The risk has to do with the risk of not receiving your money back. Where is this?
With these are really, really, really, really, really important work for this.
OK. Anyone. Interest rates, inflation. Are there anyone from Argentina?
OK.
Mhm.
Well, yes, markets, arbitrage, arbitrage and a PCM market hypothesis in Chicago arbitrage is.
Imagine that I am asking about things regarding cars and you have say formula one. Are you seeing the film? I recommend.
Has to do with and the people are still working on. It’s formula one I I didn’t love the.
You interest rates you OK.
Here let me write regulation, regulation. There is we don’t risk, we don’t risk Holy Trinity. I’m Catholic. I’m Catholic. I’m Catholic. Why? Why I’m saying this? Because I have just say Holy Trinity is like making a joke with Catholics, but.
Because I’m Catholic, I can use the word.
What I have just say is disrespectful, no? Holy Trinity, Holy Trinity, Ris return and Ris return and.
No reward is return. Somehow you can Google it. Please return. What is very Spanish? You can ask. Oh, I’m going to ask. Oh no, because I am transcripting the class. Can you ask anyone have copy Google?
Which is crazy. He’s saying the only thing he has to move without wisdom.
Please, we don’t. Please, we don’t.
I mean the whole Infinity I upgrade. I mean, I don’t think no one. I don’t.
Liquidity. What did you say? No, I mean, it’s not time. It’s liquidity. Liquidity.
Return and risk return.
Cinderella, Cinderella, this history has to do with three daughters, no?
And there were two.
The ones that were the prettiest as dirella was like the ugly, no?
Everyone talk about return and risk. Liquidity is like Cinderella. Nobody take cares about liquidity and trust me, liquidity is absolutely important. There is risk. There is liquidity risk. There is credit risk. There are a lot of types, different types of risks, yes.
There are different types of risk, risk, return, liquidity. What is liquidity about? What is risk?
You don’t know. Perfect. I like. I like this. What is risk? At least he said. What is risk?
To me, to me, to me, what is risk?
I feel represented with the flowing. I know no has to do more with what they have said. They were more closer to the correct. They answered that I’m flowing. I love flowing, but what is the answer John said?