Este documento está en Markdown (MD) — el “lenguaje” que usa GPT para estructurar texto. Es ligero, legible y perfecto para notas.
Objetivo: conectar cultura/geopolítica con finanzas; fijar definiciones de financial asset; reforzar estándares (IFRS) y preparación para TVM.
Mensajes clave: hábitos y gestión del tiempo; information overload y autocuidado; estandarización = liquidez.
Materiales: pizarra + ejemplos en vivo (BRICS, K-pop/soft power, Noruega/Suiza, IFRS-9).
Recordatorio: ejercicios de Time Value of Money (TVM) en 2 semanas (Moodle).
Hábitos & tiempo: lo más valioso; reglas rápidas (si tarda <1’ hazlo; si no lo recuerdas en 10” sigue).
Autocuidado: si notas overload, para → respira → café → retoma. Sin disfrute ≈ señal de error.
Soft vs. hard power: K-pop (Estrategia Corea 90s) como caso de soft power con impacto económico/financiero.
BRICS & actualidad: tensiones tarifarias vs. propuestas de libre comercio; implicaciones para flujos globales.
Financial asset (def.): activo intangibile cuyo valor deriva de un contrato; activo para el tenedor, pasivo para el emisor.
Estandarización (IFRS): el “lenguaje” común; IFRS-9 clasifica y valora instrumentos financieros → más comparabilidad y liquidez.
Mercados/instrumentos: acciones, bonos, derivados (opciones, futuros, swaps). A mayor complejidad → menor liquidez.
Soberan wealth funds / CBs: Noruega (fondo soberano), Suiza (BC con cartera amplia) → rol sistémico en precios/mercados.
Balance (Activos = Pasivos + Patrimonio) y Cuenta de Pérdidas y Ganancias (P&L):
Activos: recursos que generan beneficios futuros.
Pasivos: obligaciones con terceros.
Patrimonio: interés residual de los propietarios.
P&L: rendimiento del periodo (ingresos − gastos).
Encargo: léelo con calma. Si algo no te cuadra, tráete las dudas a clase — las resolveremos juntos.
Papel de monetary policy (tipos de interés), expectativas y comunicación (p. ej., Jackson Hole).
Impacto de decisiones (Fed, ECB) sobre precios de activos, divisas y coste de financiación.
Próximas sesiones: entraremos en profundidad: objetivos, herramientas, transmisión y efecto en yield curves.
Rentabilidad: lo que esperas obtener.
Riesgo: incertidumbre de esos resultados (volatilidad, cola, black swans).
Liquidez: “hacer que las cosas ocurran” (vender/comprar rápido sin mover mucho el precio).
Trade-off: más rentabilidad esperada suele exigir más riesgo; la liquidez tiene prima.
Securities: instrumentos financieros negociables (equity, fixed income, derivados).
Financial Asset: intangible con valor por reclamación contractual.
IFRS / IFRS-9: estándares contables; clasificación/valoración de instrumentos financieros.
Derivados: valoran “derivado” de otro subyacente (opciones, futuros, swaps).
Soft Power / K-pop: cultura como ventaja competitiva con efectos económicos.
BRICS: bloque geopolítico con peso en población y comercio.
Bretton Woods / Davos / Jackson Hole / BIS-Basel: nodos de coordinación y regulación financiera global.
Fondo soberano: vehículo estatal que invierte excedentes (p. ej., Noruega).
Prepara 2–4 líneas por ítem (definición + por qué importa en mercados). Lo corregimos en clase.
IFRS-9 (objetivo, categorías de instrumentos, implicación en bancos/inversores).
Financial Asset vs. Real Asset (ejemplos claros).
BIS / Basel I-III (qué regulan, por qué importa al crédito y al capital bancario).
Bretton Woods (qué fijó, qué cambió después de 1971).
Jackson Hole (quién va, por qué los mercados lo siguen).
Davos (WEF) (agenda y sesgo mediático vs. real).
Sovereign Wealth Fund (caso Noruega: origen, objetivo, límites).
SNB / Suiza (particularidades de su balance e inversiones).
Antifragile (Taleb) (idea central + aplicación a carteras).
Liquidez de mercado (qué la mejora/empeora; market makers).
Veremos estructura del curso, método de evaluación y fechas clave (en especial fin de curso para que podáis reservar vuelos).
Iniciamos Time Value of Money (TVM): valor presente, valor futuro, tasas y descuentos.
Cuida tus hábitos y tu energía mental: descansa cuando sientas saturación, vuelve con foco y preguntando. El objetivo es aprender bien y con cabeza.
0:0:9.791 –> 0:0:13.591
Luis Garvía Vega
When you pray, when you pray.
0:0:14.591 –> 0:0:15.711
Luis Garvía Vega
Olivia.
0:0:24.991 –> 0:0:37.111
Luis Garvía Vega
When you train, when you train Chattipiti, you train Chattipiti.
0:0:38.351 –> 0:0:54.391
Luis Garvía Vega
Thank you. First time you use a TPP, that TPP doesn’t know you and you don’t know you. The more you use it, the more your brain get used to that in a good way, in a good way and in a bad way.
0:0:54.911 –> 0:0:57.431
Luis Garvía Vega
The more your brain get used to that.
0:0:59.791 –> 0:0:59.991
Luis Garvía Vega
Yes.
0:1:4.311 –> 0:1:18.391
Luis Garvía Vega
Do I have miss something? Sorry for your please help.
0:1:19.231 –> 0:1:30.631
Luis Garvía Vega
Were you aware of that? Yeah, that’s all. Yeah, he said. When I watched the movies her, he knew that I was misunderstanding.
0:1:33.271 –> 0:1:52.951
Luis Garvía Vega
Do I have missed something? Be real, was a web teams, freedom, the first central bank. You understand what I mean? I have jump from one point to another. Norway. I’m missing one little thing, one book that I’m going to recommend you. It’s a hard book.
0:1:53.151 –> 0:2:9.951
Luis Garvía Vega
It’s a novel and Tokyo Blues, the also of Tokyo Blues that has a no whatever. Do I have missed something? I have come from one place to another one, another one, another one, another one. What I’m doing? I am training myself. I take every chance I can.
0:2:10.431 –> 0:2:19.831
Luis Garvía Vega
In order to play, enjoy, try you to understand things at working out, yes.
0:2:21.151 –> 0:2:22.991
Luis Garvía Vega
This is the point.
0:2:24.311 –> 0:2:24.431
Luis Garvía Vega
OK.
0:2:26.871 –> 0:2:26.951
Luis Garvía Vega
Hey.
0:2:31.751 –> 0:2:36.271
Luis Garvía Vega
And and I’m proud of of this story you wanna.
0:2:37.231 –> 0:2:52.591
Luis Garvía Vega
No, no, no, no. This is myself. Who is any? I’m going to take up the notes. No, no, take up. There are too much. I’m going to start with the question.
0:2:52.951 –> 0:3:0.711
Luis Garvía Vega
Hey, but Danny, and there is another one.
0:3:6.751 –> 0:3:16.951
Luis Garvía Vega
If you can do something in less than one minute, do it. If you cannot remember something in less than 10 seconds, forget it and continue.
0:3:18.271 –> 0:3:28.351
Luis Garvía Vega
Habits, habits, habits. What is the most valuable, valuable, valuable, worthy? What is the most worthy thing you have in life?
0:3:29.31 –> 0:3:34.391
Luis Garvía Vega
Was who you should love the most before who you should love the most family.
0:3:35.391 –> 0:3:47.991
Luis Garvía Vega
close, close, close. The one you should love the most, but your mind wants you to love yourself because the more you love yourself, wait.
0:3:49.71 –> 0:4:4.551
Luis Garvía Vega
He said things would have two ways, but the more the the better you train yourself, the better you are, the better you are going to train. And what is the most worthy thing you have in life? Most worthy thing you have in life? Time. Time.
0:4:8.591 –> 0:4:19.951
Luis Garvía Vega
You know what you are doing for the years you could miss.
0:4:21.151 –> 0:4:36.871
Luis Garvía Vega
Time pass and you’re young. You don’t know because you don’t know that you’re young because it’s the first time that you video time, time, time.
0:4:47.511 –> 0:4:47.551
Luis Garvía Vega
Oh.
0:4:50.511 –> 0:4:54.351
Luis Garvía Vega
No, what is it? That’s not that.
0:4:57.431 –> 0:5:9.831
Luis Garvía Vega
Now, how do you feel? Thank you Korean students. Are you OK? Perfect.
0:5:11.311 –> 0:5:22.111
Luis Garvía Vega
Oh, the more I the more I understand, the more I I know, the more I like this what I have.
0:5:23.471 –> 0:5:26.991
Luis Garvía Vega
A BTS.
0:5:36.471 –> 0:5:39.31
Luis Garvía Vega
You know, I know, you know them.
0:5:45.111 –> 0:5:54.831
Luis Garvía Vega
You know what it is. I’m looking for from the states that love them.
0:6:0.391 –> 0:6:19.671
Luis Garvía Vega
What is it? Anyone knows what I’m? Yes, of course. All of you know what I’m talking about. I’m talking about K-pop. I’m talking about K-pop. But what is K Who? Do you remember? Do you know the gun? Gun, gun, gun man star? The gun Gangnam Style? Yes. Remember him?
0:6:20.31 –> 0:6:23.671
Luis Garvía Vega
It was like this. It was like this.
0:6:24.911 –> 0:6:39.951
Luis Garvía Vega
I’m talking about something, K-pop. I’m talking about something that is out of geopolitics, that is out of finance, that it’s. Do you think that I have become, I’m talking about something that is important for this course.
0:6:41.471 –> 0:6:56.471
Luis Garvía Vega
Absolutely, yes, I have. I was thinking about China. Then I am thinking about how the east are becoming so powerful and in the 90s, at the end of the 90s, China and in Korea.
0:6:57.391 –> 0:7:12.631
Luis Garvía Vega
In the in their ministries they were thinking about, oh, we are different from this. I was teaching. I thought about because in a cultural way, but it’s happening here, probably the Americans or the Europeans.
0:7:12.991 –> 0:7:28.671
Luis Garvía Vega
Can’t feel comfortable, but because of your culture you can not understand it the same way they do it. And because of that they focus on you and I try to see you are comfortable. You understand the point. It is a cultural issue and from the east.
0:7:30.231 –> 0:7:35.71
Luis Garvía Vega
In Korea, they were studying the West and they realized.
0:7:36.31 –> 0:7:50.791
Luis Garvía Vega
High power. We are good in hard power. Thinking about Korea, we manufacture, we manufacture, we have Samsung, we have microchips, we have industry, we have cars, yes.
0:7:51.151 –> 0:8:4.591
Luis Garvía Vega
I’m talking in the 90s. We are building hard power, but what we should do? We are building hard power, but we should work on soft power. Have you heard of soft power?
0:8:7.391 –> 0:8:23.711
Luis Garvía Vega
They know, I mean, I I in their in the Korean government, they know about soft power and they took a decision. We are good at high power. We are going to be also good in soft power and a lot of people start studying culture.
0:8:23.711 –> 0:8:33.431
Luis Garvía Vega
Of concert walk and they decide it was a decision. It was a decision. We are going to start exporting music, music.
0:8:34.631 –> 0:8:39.951
Luis Garvía Vega
And gangman style was a test. Was a test that went.
0:8:40.911 –> 0:8:46.671
Luis Garvía Vega
Incredible wood was an incredible wood test, but.
0:8:48.71 –> 0:8:52.431
Luis Garvía Vega
It was not a joke. It was funny. It was not serious.
0:8:53.311 –> 0:9:0.951
Luis Garvía Vega
Next shot was there to the heart. It was BTS or BTS.
0:9:2.351 –> 0:9:18.71
Luis Garvía Vega
You see what I’m talking? I’m talking about politics. I’m talking about something that has been done. I mean, I’ve been done by me. Well, so happy. Yes, I’m. I’m happy. I’m happy.
0:9:18.751 –> 0:9:23.751
Luis Garvía Vega
Yes, I’m going to finish all of you. Oh.
0:9:35.551 –> 0:9:38.551
Luis Garvía Vega
Information overload. Have you have all these there?
0:9:44.111 –> 0:10:0.31
Luis Garvía Vega
Yeah, Sir, I don’t have now any problem with information overload. I have situation under control, but I like to play. I mean, that is a real moment. I love it. And then things came back. I have control of the situation. Careful who is.
0:10:0.71 –> 0:10:7.911
Luis Garvía Vega
Information overload. Don’t try to do this work that I’m doing at your home without supervision, without personal supervision.
0:10:11.671 –> 0:10:25.911
Luis Garvía Vega
But today I have a lot of information to this, not, not, not, not, not in order to say the more you feel, the more close.
0:10:26.191 –> 0:10:32.151
Luis Garvía Vega
You think you are to fall, yes.
0:10:33.311 –> 0:10:49.71
Luis Garvía Vega
The more you feel, oh, I need to do a lot of things, a lot of things. I am near losing control. You understand what I’m saying? The more you, more close you feel you’re going to fail, fall down.
0:10:49.151 –> 0:11:4.911
Luis Garvía Vega
The more important is to rest. When you step back, back off. Whatever you should do the next. Don’t do it. Relax. Pick a coffee.
0:11:10.431 –> 0:11:19.711
Luis Garvía Vega
I’m talking about mental health. I’m talking about mental health. Did you feel overhelmed or you or you feel that you are going to?
0:11:20.671 –> 0:11:28.71
Luis Garvía Vega
From that moment that you have this feeling, you should think that it’s never is too late, but it’s late.
0:11:30.31 –> 0:11:39.311
Luis Garvía Vega
And you should go and rest. Drink a coffee, breathe, relax, and whatever you were going to do, it is a test.
0:11:40.311 –> 0:11:55.631
Luis Garvía Vega
Let’s not care. If it is, I’m talking about over over help. You are nervous is a different. You you are nervous is a different. But if you have too much things to do and you are feeling as if you are going to lose control.
0:11:55.951 –> 0:12:0.391
Luis Garvía Vega
On the moment you have this feeling is the persist moment you should stop.
0:12:3.151 –> 0:12:8.631
Luis Garvía Vega
Because you are not enjoying whatever you are doing and if you are not enjoying.
0:12:10.831 –> 0:12:13.351
Luis Garvía Vega
You are about to have something back.
0:12:15.231 –> 0:12:23.911
Luis Garvía Vega
We should take care of who is the person we should love the most. Yourself. Your case, yourself, and in my case, myself.
0:12:25.31 –> 0:12:44.671
Luis Garvía Vega
Yeah, and I am talking with you and I am looking at, I’m looking at your eyes. I see a smile and I feel that you are comfortable. So OK, I don’t care anymore about you and I move to the you understand the point. No, it’s like a CPI, CPI.
0:12:44.671 –> 0:12:47.671
Luis Garvía Vega
Yeah, you are aspiring. OK, I can continue.
0:12:48.911 –> 0:12:53.111
Luis Garvía Vega
And you should have these kind of things because if you don’t have it.
0:12:55.551 –> 0:13:2.231
Luis Garvía Vega
I think one in all your student life talk to you about mental health.
0:13:4.871 –> 0:13:15.831
Luis Garvía Vega
Not enough. Not enough. Do you remember what you have to worry? I’m joking. I’m making jokes with something that is important. I’m sorry for that.
0:13:17.71 –> 0:13:17.471
Luis Garvía Vega
But maybe.
0:13:18.831 –> 0:13:33.991
Luis Garvía Vega
There are times, not the times, most of times I feel as if we have forgot the pandemic. After the pandemic I thought that oh, there was not going to be any more violence anymore or the war is going to become something peaceful.
0:13:34.271 –> 0:13:40.791
Luis Garvía Vega
It was absolutely mistaken, OK.
0:13:45.391 –> 0:14:4.141
Luis Garvía Vega
This the other day we reach this point. What is the financial system? This is the financial system. Why do we need rules? Because of all these things. Yes, finance has to do with the future. The other day we reach this point, yes.
0:14:4.631 –> 0:14:19.711
Luis Garvía Vega
Black Swans. The other day we talk about Black Swans, about Nicolas Stale, his book Nicolas. Oh, Nicolas Stale wrote Black Swans before after 2008 crisis.
0:14:19.871 –> 0:14:35.231
Luis Garvía Vega
And before the pandemic and before a lot of black swans. Yes, Nicholas. Next. I don’t know if next, but next important book from Nicholas Talet is called Anti Antipragmus. Antipragmus. Why his name?
0:14:35.311 –> 0:14:51.391
Luis Garvía Vega
Because he realized that there are people that are absolutely fragile. I am fragile. We are fragile and we live in a in a world where we should take care because there are a lot of things that can be broken.
0:14:51.711 –> 0:14:55.431
Luis Garvía Vega
But I’m so careful with being so fragile, yes.
0:14:56.591 –> 0:15:8.151
Luis Garvía Vega
The other day I was talking with one person at the end of the time that told me, don’t worry, Luis, because my family has talked. I don’t remember who’s who. I I remember who’s who, whatever.
0:15:14.391 –> 0:15:18.591
Luis Garvía Vega
Flexible. Try to be flexible.
0:15:21.191 –> 0:15:21.431
Luis Garvía Vega
Thanks.
0:15:22.751 –> 0:15:38.511
Luis Garvía Vega
Thanks. Thank you flexible because there are a lot of different things regarding culture. I I don’t know if what I’m saying would offend anyone from the east or or just saying that anyone from the east would be offended would would shown as if I were offending.
0:15:38.591 –> 0:15:54.751
Luis Garvía Vega
Do you understand what I mean? At the same time that you try to take care of people, you should be textable because taking care sometimes full of hate itself and and at the same time don’t take too much care in taking care, but take care.
0:15:54.831 –> 0:16:4.231
Luis Garvía Vega
They were reaching and like Swans and anti-project, the movies they had.
0:16:6.431 –> 0:16:6.951
Luis Garvía Vega
And the.
0:16:11.471 –> 0:16:18.471
Luis Garvía Vega
Anti Friday. Oh, did I share with you? Did I share with you?
0:16:23.391 –> 0:16:28.31
Luis Garvía Vega
Here it is. This is myself in. Oh yeah, you I have.
0:16:29.991 –> 0:16:32.351
Luis Garvía Vega
Paul, I mean.
0:16:37.191 –> 0:16:54.671
Luis Garvía Vega
I have served with you the link for scientification. I really like this. This is slow. This is not the best scientific in the world, but I like this one way because I can use it in class without logging.
0:16:55.311 –> 0:17:0.191
Luis Garvía Vega
For me, it’s OK, yes, after that.
0:17:3.71 –> 0:17:8.151
Luis Garvía Vega
Tell me a short video about.
0:17:10.271 –> 0:17:13.831
Luis Garvía Vega
Nicolas Kaleb and.
0:17:15.671 –> 0:17:30.311
Luis Garvía Vega
Mention black ones and and the for my finance students.
0:17:30.671 –> 0:17:30.951
Luis Garvía Vega
Yep.
0:17:33.311 –> 0:17:33.431
Luis Garvía Vega
OK.
0:17:38.991 –> 0:17:54.351
Luis Garvía Vega
From here I’m going to take a bus. I can come here driving. I’m talking about miracles, just asking something to the computer and having this and sharing this with you.
0:17:54.351 –> 0:18:10.391
Luis Garvía Vega
Two years ago was something that I could not dream about. Now I’ve got it and it’s you. I’m thinking of Nicolas Kaler, Brazil and Brazil. I have the book and I’m sharing it with you. I feel as if I were living magic.
0:18:11.711 –> 0:18:12.551
Luis Garvía Vega
You know, I.
0:18:14.631 –> 0:18:14.751
Luis Garvía Vega
OK.
0:18:18.511 –> 0:18:33.631
Luis Garvía Vega
Black Swan until in his later work, he introduced the idea that some system not only survives socks, but benefit from them. He urged students and professionals to build strategies that are oh, is what I was trying to tell you.
0:18:53.511 –> 0:18:53.551
Luis Garvía Vega
A.
0:19:1.311 –> 0:19:17.351
Luis Garvía Vega
I don’t know how the educational system should work. Personally, I prefer, and I will do it because I’m the professor. I prefer you to talk more than me and I will make you talk. I will make you talk and serve and think, yes.
0:19:17.711 –> 0:19:34.151
Luis Garvía Vega
But in this instant, I feel proud of myself because what I have just said with you goes much farther work done where I was thinking I could go, but in year 2007, Nicolas Taller.
0:19:35.271 –> 0:19:51.591
Luis Garvía Vega
What’s worried about the disaster? Oh, the worries are the end of the world is near the end of. Do you understand what I mean? Year 2008, you’re young, but people that has five years old that are five years older than you.
0:19:52.111 –> 0:20:9.111
Luis Garvía Vega
They were young. They were. The only work they hear was crisis, crisis, crisis, crisis. This is the black swan, yes. But later on it comes the pandemic, comes things regarding mental health. It’s come to create work, yes.
0:20:10.351 –> 0:20:19.111
Luis Garvía Vega
Not only black swans, but also you can survive. You can survive. Not only you can survive, you can be happy.
0:20:20.111 –> 0:20:24.591
Luis Garvía Vega
How do you think I think now? Do you think that happiness is something that?
0:20:25.631 –> 0:20:29.191
Luis Garvía Vega
You can consider that now I’m happy.
0:20:30.511 –> 0:20:42.471
Luis Garvía Vega
I feel I see that we’re happy and this has the first day that was my computer. Then we have moving to another class. A lot of black swans happened.
0:20:43.591 –> 0:20:46.951
Luis Garvía Vega
And what I’m trying to tell you.
0:20:48.791 –> 0:21:4.191
Luis Garvía Vega
And I have gone with Nicolas Tale, a professor that is teaching. I don’t know where I’m not going to do it. Not only something was in my head, but also.
0:21:4.191 –> 0:21:15.471
Luis Garvía Vega
I took your the urines, I put the urines in the machine and I have a skew it, squeeze, squeeze the juice and I have served the juice with you.
0:21:16.631 –> 0:21:20.231
Luis Garvía Vega
At an incredible high speed, he’s using WhatsApp.
0:21:27.831 –> 0:21:28.871
Luis Garvía Vega
It works.
0:21:31.391 –> 0:21:42.71
Luis Garvía Vega
We are working this is a real challenge of mainstream financial view in the United States. We immediately resilient and the limits of prediction in complex systems. Who could predict the future?
0:21:43.151 –> 0:21:58.391
Luis Garvía Vega
We should absolutely know we can. And not only we should realise that we cannot predict the future, not only there are black swans. Also we should work on attitude because thanks to attitude.
0:21:59.711 –> 0:22:4.391
Luis Garvía Vega
We can earn a lot, a lot, a lot, a lot of money.
0:22:7.591 –> 0:22:9.751
Luis Garvía Vega
A lot of money, yes, OK.
0:22:19.791 –> 0:22:22.791
Luis Garvía Vega
First day of class, first day of class.
0:22:24.511 –> 0:22:40.951
Luis Garvía Vega
Thursday of class we were talking about, I asked you about worse, tell me worse, tell me worse, tell me worse. And there were people that say stocks, money, options, bonds, mortgage. We will talk about the stocks, we will talk about bonds, we will talk about money, we will talk about derivatives, yes.
0:22:42.311 –> 0:22:57.871
Luis Garvía Vega
And I so wrong these words and I I wrote here securities, securities. I what are all these things? These are tools. What is a tool? The computer is a tool. No, a hammer is a tool.
0:22:59.311 –> 0:23:15.31
Luis Garvía Vega
In my head, in my head, financial system is like a Lego construction and the Lego bricks are called financial instruments. What is a financial instrument? So I have savings.
0:23:15.751 –> 0:23:33.591
Luis Garvía Vega
What I will do, I will buy a financially. I need money. What I will do, I will issue financially a financially. Oh, I have. I have a risk and I want to hedge. What I will do, I will buy a financially. Oh, oh, oh, sorry for this. Sorry.
0:23:34.231 –> 0:23:35.751
Luis Garvía Vega
How do we?
0:23:37.431 –> 0:23:52.791
Luis Garvía Vega
How do we manage finance? What is what is finance? Managing. Managing an unpredictable future. How do we do that? How do we manage? We push. What is the name of the push? Financial instruments, Yes.
0:23:53.271 –> 0:24:7.911
Luis Garvía Vega
What is a financial instrument? It’s an intangible asset. It’s an intangible asset that derives value because of a contractual claim. Intangible asset that derives value because of a contract contractual claim.
0:24:8.271 –> 0:24:12.471
Luis Garvía Vega
Then you will ask it that that I value because of contractual claim and.
0:24:13.631 –> 0:24:24.951
Luis Garvía Vega
Not only it’s an asset, it’s an asset for the holder. You own it. It’s an asset for you, but if you have issuing, it has a true.
0:24:26.111 –> 0:24:39.271
Luis Garvía Vega
No, not true. Yes, no, not true. Asset for the owner, the ability for the insurer, yes. What is a financial asset? A financial asset is an intangible asset that derives value because of a contractual claim.
0:24:40.511 –> 0:24:50.391
Luis Garvía Vega
We have seen a lot of example and we will talk. Yes, Return, Return, Ris, Return, Ris. Can, where are you?
0:24:56.151 –> 0:24:56.191
Luis Garvía Vega
Oh.
0:25:6.151 –> 0:25:13.911
Luis Garvía Vega
Do I have lost people from one class to another one?
0:25:16.351 –> 0:25:25.511
Luis Garvía Vega
Because in the other, what I’m thinking about, the other class was full. I mean, there were no empty seats.
0:25:26.911 –> 0:25:34.231
Luis Garvía Vega
It was full. There are more students and places.
0:25:36.551 –> 0:25:52.151
Luis Garvía Vega
Something has someone has done in a bad way his work. You understand what I mean? The other class was, oh, no, there were two sites in two. There were two places. Let me a pencil, please. I’m going to take a.
0:25:52.471 –> 0:25:55.671
Luis Garvía Vega
Because I want to know how much students I have.
0:25:56.711 –> 0:26:10.751
Luis Garvía Vega
You understand the point, no? I mean, it’s not. I don’t want to to prosecute more even if all of you are here. I don’t want to prosecute anyone, but I want to know how much students do I have in order to talk with them and tell them.
0:26:11.791 –> 0:26:22.631
Luis Garvía Vega
I’m not going to argue regarding we have had computer since the first day. I’m not angry and I don’t want to, but I cannot be in that room with hope.
0:26:24.111 –> 0:26:25.351
Luis Garvía Vega
OK, hey.
0:26:29.711 –> 0:26:31.551
Luis Garvía Vega
Goody, goody, goody.
0:26:39.631 –> 0:26:45.911
Luis Garvía Vega
I’m going to go quick. I don’t. Abigail Wells, Alan Randall.
0:26:47.311 –> 0:26:54.631
Luis Garvía Vega
Adam could be the equity one. Alfonso Ruter.
0:26:56.831 –> 0:26:59.591
Luis Garvía Vega
Oh, Italians. How much Italians that are wrong today?
0:27:1.271 –> 0:27:3.191
Luis Garvía Vega
So and you were three.
0:27:4.191 –> 0:27:6.671
Luis Garvía Vega
Me neither. Alice Connors.
0:27:8.711 –> 0:27:12.791
Luis Garvía Vega
Alice, Talia, Amy, Claire.
0:27:15.271 –> 0:27:29.111
Luis Garvía Vega
Arianne Corinne, Audrey Gray Smiths, Canton at 8, Charles Gato. It’s Charlotte Dubois. Charlotte Dubois, I think she’s.
0:27:30.111 –> 0:27:35.751
Luis Garvía Vega
He has never been. I’m going to whatever, Claire Dugan.
0:27:37.711 –> 0:27:40.191
Luis Garvía Vega
Owner Hallimbeck, yes.
0:27:44.551 –> 0:27:51.511
Luis Garvía Vega
You have the money, John, the money. Perfect. Dustin Greenwood.
0:27:53.751 –> 0:27:54.231
Luis Garvía Vega
Dilan.
0:27:56.911 –> 0:28:9.311
Luis Garvía Vega
Elena, Beth, Elizabeth, Elizabeth, Elizabeth Marico Mura.
0:28:10.511 –> 0:28:15.351
Luis Garvía Vega
I think that she has never been here also, whatever this.
0:28:16.591 –> 0:28:26.551
Luis Garvía Vega
No, that’s whatever. Or Eva Eva Castello, Francisco Sanacino, Frederic.
0:28:27.831 –> 0:28:31.231
Luis Garvía Vega
Federica, see, yes. Hey, Gabriela.
0:28:32.191 –> 0:28:42.511
Luis Garvía Vega
Gian Filippo. Gian Filippo, I think, is the third Italian that has never came. Perfect. Cordon, Stuart.
0:28:45.471 –> 0:28:47.511
Luis Garvía Vega
Thursday, you didn’t come.
0:28:49.271 –> 0:28:49.471
Luis Garvía Vega
So.
0:28:50.631 –> 0:28:53.751
Luis Garvía Vega
Oh, yes, you are ordered. Sorry. No, you have came Thursday.
0:28:55.591 –> 0:29:1.791
Luis Garvía Vega
No, no, you have. You understand what I’m saying. Grace Morgan.
0:29:6.991 –> 0:29:9.191
Luis Garvía Vega
You know how you know me, see?
0:29:10.471 –> 0:29:14.231
Luis Garvía Vega
Who’s he now? Oh, OK, you me son.
0:29:18.511 –> 0:29:19.591
Luis Garvía Vega
You said, you said.
0:29:21.271 –> 0:29:26.471
Luis Garvía Vega
He said. I’m on the way. I tried, he said. So.
0:29:28.951 –> 0:29:33.271
Luis Garvía Vega
Laura William Slater.
0:29:36.671 –> 0:29:38.471
Luis Garvía Vega
Ariel, Ariel, Ariel.
0:29:40.871 –> 0:29:56.31
Luis Garvía Vega
You are the one I was looking for. The other day we were talking. No. Yeah, I love you. Absolutely. Absolutely. In Spanish, my my daughter calls. She talks about besties.
0:29:56.911 –> 0:30:0.631
Luis Garvía Vega
It’s existing in the States, SD.
0:30:3.951 –> 0:30:16.111
Luis Garvía Vega
In Spain, my kids call, my daughter call, my son and daughter calls Bros to everyone. I know that you call Bros to a lot of people, but this is also something that we have to take for from you. Bestie.
0:30:17.671 –> 0:30:24.151
Luis Garvía Vega
Ariel is absolutely no, absolutely no. I love everyone, but but but I was looking for you.
0:30:25.231 –> 0:30:27.671
Luis Garvía Vega
And I’m gonna put that heart.
0:30:28.991 –> 0:30:36.191
Luis Garvía Vega
Here, Anger. Anger is your surname. It has to do with anger. Yeah, it’s pronounced the same way.
0:30:37.991 –> 0:30:38.231
Luis Garvía Vega
Whoa.
0:30:40.751 –> 0:30:44.711
Luis Garvía Vega
Yeah, you see the, Yeah. And look, look, Mastrian.
0:30:46.751 –> 0:30:51.871
Luis Garvía Vega
Hey, Luke, where are you from? You’re from Texas.
0:30:54.271 –> 0:31:12.751
Luis Garvía Vega
They hear you have say lesson so from Texas. You’re lessoned. You’re here. Make me think more about California or San Francisco than Texas. Texas. Awesome. OK. No, no, no, don’t worry. Don’t. A la Espanol.
0:31:14.991 –> 0:31:27.111
Luis Garvía Vega
Early you’re being look, being after Ariel makes me love you also too. Absolutely. No, I love whatever. Sorry, Marco Cabellieri, Natalia.
0:31:28.511 –> 0:31:41.951
Luis Garvía Vega
Noah. Booker. Booker. Olivia. Yes. Remington. Mester. Remington. Mester. I’m gonna. He has never been here. We are.
0:31:43.551 –> 0:31:43.671
Luis Garvía Vega
But.
0:31:46.391 –> 0:32:2.751
Luis Garvía Vega
No, no, no, no Norwegian. I have read your surname and I have thought about in Norwegian. There is 10 strange O.
0:32:6.111 –> 0:32:14.351
Luis Garvía Vega
There is a no a strange show. My daughter knows she has been with. She has no real friends and she told me that there is a strange show.
0:32:20.751 –> 0:32:24.551
Luis Garvía Vega
I said GPT. Oh, I said GPT. I cannot whatever.
0:32:25.871 –> 0:32:28.191
Luis Garvía Vega
There is a no, I know.
0:32:41.231 –> 0:32:57.391
Luis Garvía Vega
Yeah, the yo. That means like 0. It has a strange name in English also. No, you know what I’m talking about. No, this is a strange. For me, it’s strange. Sorry.
0:32:58.751 –> 0:33:1.591
Luis Garvía Vega
This is and now we have one letter in Spanish.
0:33:5.191 –> 0:33:9.751
Luis Garvía Vega
Do you know how to write the Spanish Union in Spanish state in Spanish?
0:33:10.991 –> 0:33:13.671
Luis Garvía Vega
Do you know how to write space in Spanish?
0:33:25.751 –> 0:33:43.551
Luis Garvía Vega
In Spain we have a special N that is not called N It’s a letter by itself. It’s one letter that we only I think that we only have this letter in Spanish, in Norwegian.
0:33:43.951 –> 0:33:48.71
Luis Garvía Vega
I think it’s like this. No, you have one note.
0:33:50.671 –> 0:34:0.511
Luis Garvía Vega
Yeah. And then your surname, there are two over different nodes that they don’t know if it’s a Romwean.
0:34:1.431 –> 0:34:16.431
Luis Garvía Vega
This has shown so like past past complete a different language from any one of. I mean it doesn’t create for Latin and I think that the police has to say that too. I mean looks in natural fast but nobody not working.
0:34:18.631 –> 0:34:24.231
Luis Garvía Vega
I don’t know if I have information in my head, but I don’t know.
0:34:32.271 –> 0:34:42.311
Luis Garvía Vega
I told you that I was going to do this with, you know, really. It’s impossible to do it. Really. Yes. Yes, Robbie.
0:34:43.311 –> 0:34:49.631
Luis Garvía Vega
Yes, Sidung Kim.
0:34:50.951 –> 0:35:6.31
Luis Garvía Vega
See, see, see you and Yumi. I have written AK next to your name in order that you are you. Sorry for that. I mean, I don’t like to discriminize anyone, but.
0:35:6.31 –> 0:35:21.71
Luis Garvía Vega
It’s impossible not to discriminize. Simon Beatrice. Simon Espanol. It’s because he’s written Beatrice in Spanish, not Beatrice.
0:35:21.151 –> 0:35:37.191
Luis Garvía Vega
He’s from Ecuador. Oh, yeah, we talk about. No, no, I I’ve been. No, I don’t know. I have. I have one student from Ecuador, but I don’t know where he’s. And I’ve been working in Ecuador long time ago. Yeah. No, no. Yeah. Perfect. Perfect.
0:35:37.391 –> 0:35:44.911
Luis Garvía Vega
But the treat is written in Spanish. Sophie Brown. Sophie Brown. Perfect. Talia Trusca.
0:35:47.471 –> 0:35:53.671
Luis Garvía Vega
Victor. Victor. Victor. Victor. Victoria. Now how do you call yourself?
0:35:55.311 –> 0:35:56.671
Luis Garvía Vega
Oh, and your friends.
0:35:59.751 –> 0:36:1.591
Luis Garvía Vega
How is the situation?
0:36:4.911 –> 0:36:8.671
Luis Garvía Vega
That is a disaster. Do you think that Macron will continue or not?
0:36:12.951 –> 0:36:21.31
Luis Garvía Vega
But he will. Macron. I’m talking about Macron. Are they gonna has has Macron announced elections?
0:36:27.471 –> 0:36:30.791
Luis Garvía Vega
Is there a new Prime Minister?
0:36:32.751 –> 0:36:40.471
Luis Garvía Vega
Well, I didn’t. I I have. I am **** Victor Jenson.
0:36:43.511 –> 0:36:55.951
Luis Garvía Vega
And Yalan Yang tell Yalan that I have written that she’s here. No, not yet, but I will do it. Who is this? Thanks this.
0:36:57.391 –> 0:37:0.631
Luis Garvía Vega
He’s like, please, he said. Yeah, sorry.
0:37:1.991 –> 0:37:2.471
Luis Garvía Vega
Oh, sure.
0:37:6.791 –> 0:37:17.31
Luis Garvía Vega
Oh, yes, because you were in the front page. You were at the. I mean, the other day I thought that I only I have put one template here and sorry.
0:37:18.31 –> 0:37:28.231
Luis Garvía Vega
I know you are. You are probably the only name I know.
0:37:32.271 –> 0:37:33.191
Luis Garvía Vega
Yeah.
0:37:34.431 –> 0:37:34.791
Luis Garvía Vega
Yes.
0:37:56.951 –> 0:37:57.111
Luis Garvía Vega
Awesome.
0:38:7.351 –> 0:38:11.31
Luis Garvía Vega
Oh, there is one new Prime Minister.
0:38:17.471 –> 0:38:17.871
Luis Garvía Vega
Yes.
0:38:21.671 –> 0:38:22.431
Luis Garvía Vega
Oh, yes.
0:38:25.151 –> 0:38:25.191
Luis Garvía Vega
I.
0:38:27.671 –> 0:38:43.271
Luis Garvía Vega
I’m looking at critical signals. There is one that has talked with him before Monday. Everything was more or less prepared and there is one green Prime Minister.
0:38:48.671 –> 0:38:48.871
Luis Garvía Vega
Yeah.
0:38:50.391 –> 0:38:51.671
Luis Garvía Vega
And we’ll get it to you.
0:39:3.71 –> 0:39:5.271
Luis Garvía Vega
I’ll be normal living.
0:39:6.751 –> 0:39:12.711
Luis Garvía Vega
They will be one of the things they want to do about this.
0:39:13.791 –> 0:39:16.711
Luis Garvía Vega
I’m coming.
0:39:18.351 –> 0:39:26.111
Luis Garvía Vega
No, there is a new training is there. He will continue working.
0:39:27.71 –> 0:39:27.111
Luis Garvía Vega
Oh.
0:39:28.911 –> 0:39:44.431
Luis Garvía Vega
A crisis Monday. I was talking about one crisis. There’s no more crisis anymore in practice. Thanks a lot for that.
0:39:47.551 –> 0:40:3.791
Luis Garvía Vega
We cannot be aware of everything that is going on. At the same time, your birthday work, your nervous and you fall down later, then oh, with this, but this is from.
0:40:4.31 –> 0:40:11.991
Luis Garvía Vega
That’s complete. How worried the ID sounded that there is mayor is.
0:40:16.671 –> 0:40:16.991
Luis Garvía Vega
Yeah.
0:40:18.351 –> 0:40:18.471
Luis Garvía Vega
OK.
0:40:18.711 –> 0:40:18.951
Luis Garvía Vega
OK.
0:40:20.591 –> 0:40:29.231
Luis Garvía Vega
So there are at least three students missing. You are everyone that were in the other room, so I need more room.
0:40:30.231 –> 0:40:34.671
Luis Garvía Vega
I need more room. There are no doubt that I need more room.
0:40:36.71 –> 0:40:47.151
Luis Garvía Vega
Perfect. I want to be sure of that because I cannot go there and say I don’t know who much students I have. I don’t know. You understand the point, No.
0:40:48.391 –> 0:40:51.151
Luis Garvía Vega
Perfect. Uh, this is there.
0:40:54.511 –> 0:41:0.911
Luis Garvía Vega
So this sorry, I don’t know here, yes.
0:41:2.71 –> 0:41:3.111
Luis Garvía Vega
Your name is.
0:41:11.911 –> 0:41:20.591
Luis Garvía Vega
Yes, and once you find yourself, and if you are not, I will write.
0:41:23.671 –> 0:41:39.191
Luis Garvía Vega
There there is no personal information yet. Once I start written, I hate you. I will not check. No, no, no, no. Final asset examples, gas, liquidity, yes.
0:41:40.871 –> 0:41:42.151
Luis Garvía Vega
Have you have out?
0:41:47.311 –> 0:41:54.951
Luis Garvía Vega
Have you had out IF? Yeah, IFRS.
0:41:58.311 –> 0:42:8.271
Luis Garvía Vega
It stands for International Finance. Yeah, I don’t know what does. What does it mean? Standards. What is there?
0:42:9.431 –> 0:42:20.511
Luis Garvía Vega
Right now it’s for accounting recording. Oh, who said that? Thanks.
0:42:21.911 –> 0:42:37.311
Luis Garvía Vega
Yes, it’s for account is reporting is accounting. Finance has to do with the future, but what is the language we are going to talk? The language we are going to use is accounting.
0:42:37.791 –> 0:42:47.71
Luis Garvía Vega
We’re talking about incomes, we’re talking about expenses, we’re talking about cash flows. Have you found yourself? Thanks a lot.
0:42:48.471 –> 0:42:51.591
Luis Garvía Vega
No, he said. Your first English. Yes, Sir.
0:42:52.591 –> 0:42:52.631
Luis Garvía Vega
Oh.
0:42:59.471 –> 0:43:5.991
Luis Garvía Vega
Then I have written one should you have come to all my classes.
0:43:6.951 –> 0:43:24.351
Luis Garvía Vega
I don’t. I said the first day. I don’t give a ** about almost everything. I mean about. I mean, I don’t give a ** regarding almost. I care, absolutely care about taking care, taking care. Taking care, I think is the most important thing we should do.
0:43:24.991 –> 0:43:34.951
Luis Garvía Vega
And in the same this is a summary of first classes. I repeat lot of important things and we are going to go into the deepest device.
0:43:35.911 –> 0:43:43.871
Luis Garvía Vega
Thanks to you, Madam. You call me, Sir, and I what if she call me, Sir? What? How should I call her?
0:43:46.71 –> 0:44:1.991
Luis Garvía Vega
Yeah, I know, I know. I will call you Danny. And you can call me Luis, Luis or Garbia or whatever. Luis, Luis, Luis. This is. But if you call me, Sir, who would I call you? Not, not you, but who, ma’am?
0:44:2.951 –> 0:44:17.111
Luis Garvía Vega
Ma’am. Ma’am. Ma’am. I want to be polite, but be polite there. You can be Google without knowing. Perfect.
0:44:18.71 –> 0:44:36.391
Luis Garvía Vega
I, I, I all things that I know, I learn from my students for most of them. I have been listening to Snoop Dogg for a long time. We are from New Orleans and in Spain. We are not aware that there is a war in the States with them.
0:44:38.631 –> 0:44:49.551
Luis Garvía Vega
You learn, you learn, you learn. You understand the voice. Perfect. Thanks.
0:44:50.951 –> 0:45:10.551
Luis Garvía Vega
Financial asset. Financial asset is an asset for the owner. The ability for the insurer. Money, money, money. Money is the most simple financial asset and is like language. You cannot eat money. You cannot eat money personally. Not personally. Everyone likes money. Everyone likes.
0:45:10.631 –> 0:45:16.871
Luis Garvía Vega
Money, everyone, everyone and everyone loves language.
0:45:17.591 –> 0:45:21.151
Luis Garvía Vega
Language everyone and everyone loves.
0:45:22.271 –> 0:45:22.591
Luis Garvía Vega
Off.
0:45:23.831 –> 0:45:24.951
Luis Garvía Vega
By definition.
0:45:28.351 –> 0:45:45.31
Luis Garvía Vega
Language is how we talk. Accounting has to do with language. Accounting has to do with language. And what is SSS stands for standard. Standard is not law.
0:45:45.271 –> 0:45:59.951
Luis Garvía Vega
Standard is something that you can choose if you want. Standard is not mandatory, but therefore because personally if you you should hear me, you should hear me. I will not listen.
0:46:0.911 –> 0:46:4.991
Luis Garvía Vega
Someone asked me for me to hear.
0:46:6.71 –> 0:46:21.951
Luis Garvía Vega
And if someone said if I were you, if I were you, I will and I will listen to that. You understand what I mean? In the Internet, everything are standards. You can follow the standard if you want. Careful, if you don’t follow the standard, you are out.
0:46:23.711 –> 0:46:39.111
Luis Garvía Vega
Standards are not mandatory, but if you don’t follow the standard, you cannot come into the Internet because the standards helps. Standards is standardized, standardized and thanks I am missing the oh.
0:46:39.311 –> 0:46:39.391
Luis Garvía Vega
Hey.
0:46:45.231 –> 0:46:45.471
Luis Garvía Vega
Hey.
0:46:47.911 –> 0:47:2.311
Luis Garvía Vega
You don’t risk time. Perfect standards, standardized things, help size in order to get.
0:47:3.191 –> 0:47:20.711
Luis Garvía Vega
If it is an important word for my class, if it is an important word, you are you are what? Each one has its function, yes, and equity. Someone will say taxes. Someone will say taxes because taxes is another class.
0:47:22.71 –> 0:47:25.471
Luis Garvía Vega
Because of white profits exists, because of.
0:47:27.271 –> 0:47:32.391
Luis Garvía Vega
Anyone? Why tax and why profits exit? Because of.
0:47:36.551 –> 0:47:37.871
Luis Garvía Vega
Why profit exceeds?
0:47:56.351 –> 0:48:12.31
Luis Garvía Vega
Why profits are important? Because the government wants to see how much you are having as profits, yes.
0:48:12.311 –> 0:48:31.911
Luis Garvía Vega
Taxes will have to do with several things and then liquidity with other. What is IFRS? The place where there are several standards and I’m talking about the the 9 is the important one for me that has to do with financial assets. I mean IFRS.
0:48:31.991 –> 0:48:37.311
Luis Garvía Vega
S9 All these things that I’m talking about are defined, yes.
0:48:38.871 –> 0:48:54.871
Luis Garvía Vega
OK, governments issue public debt, then central banks print money, then financial entities give loans to companies and there are bonds and stock markets. Companies issue bonds.
0:48:56.751 –> 0:49:12.671
Luis Garvía Vega
And then if you own a company, the equity of the company is divided into stock, then you can become public. How do you become public? Through an IPO process. How do you do an IPO process? You can you call an investment banking, yes.
0:49:13.31 –> 0:49:22.271
Luis Garvía Vega
I want to become public. They charge you and they talk with SCC and then you are public. Yes, bonds talk. Make sense.
0:49:24.871 –> 0:49:37.711
Luis Garvía Vega
If you have 10 euros, how much are you going to have in one year? I have 10 euros in my pocket. How much I will have in one year? 10 euros. What is the return of cash? 0 but.
0:49:38.791 –> 0:49:49.551
Luis Garvía Vega
If I have the euros, how much I’m going to have the euros? What is the risk of of cash? 0 return, 0 risk? What is the liquidity of cash?
0:49:51.191 –> 0:50:3.551
Luis Garvía Vega
Infinitive. I can pay things with cash in an immediate way. If you have the euros, you can give me the euros, I can give you the euros, or you can give me the euros, I can give you five and five and you will be as happy as you were before, yes.
0:50:5.191 –> 0:50:23.791
Luis Garvía Vega
We will talk about all these things with mortgage. Gas is is incredible liquid. Gas is liquid. If we move here, we are talking about financing, financing. What do you need in order to make things? Money.
0:50:23.831 –> 0:50:39.151
Luis Garvía Vega
How can you make things with your own money or asking for money for to the bank? Yes. And then governments also need financing. How governments finance themselves? How governments finance themselves?
0:50:40.151 –> 0:50:41.711
Luis Garvía Vega
Taxes. Oh.
0:50:43.831 –> 0:50:52.271
Luis Garvía Vega
Say that you you will answer. John, what is the answer?
0:50:53.951 –> 0:51:9.471
Luis Garvía Vega
Taxes, taxes. I mean, this is a yeah, all government financial taxes, but very sorry for asking you for the floor.
0:51:9.831 –> 0:51:16.831
Luis Garvía Vega
You don’t have.
0:51:17.151 –> 0:51:17.271
Luis Garvía Vega
OK.
0:51:18.391 –> 0:51:25.711
Luis Garvía Vega
In order to find your expenses to our government, what do you have?
0:51:59.591 –> 0:52:17.271
Luis Garvía Vega
You have debit or you finance debit by issuing public debt, public debt and there is one problem with public debt. There is a big problem with debt. There is an issue and we will talk about that also and with these instruments.
0:52:17.671 –> 0:52:27.471
Luis Garvía Vega
We can create derivatives. What is a derivative? It’s a financial instrument that derives value because of another financial instrument. Make sense.
0:52:31.471 –> 0:52:47.791
Luis Garvía Vega
Any questions? Samples of derivatives, options, future swaps, and there are tons of different. The more creative you become, the more the more different types of financial instruments there are. But careful because.
0:52:48.71 –> 0:53:5.31
Luis Garvía Vega
The more complicated a financial instrument, the less you know the liquid it will be. The more complicated you need to explain how the financial instrument work. You will not trade this instrument as quickly as it it will be trading case you can explain it easy.
0:53:5.111 –> 0:53:6.31
Luis Garvía Vega
Make sense?
0:53:7.551 –> 0:53:14.991
Luis Garvía Vega
You explain us a lot. Absolutely you. Let me start with the commodity one.
0:53:17.31 –> 0:53:33.311
Luis Garvía Vega
Oranges are for you, bananas for me. Oh, beers, beers, apples, apples. You manufacture, manufacture, you produce oranges and I produce whatever I oranges and I apples. I produce apples, yes.
0:53:33.671 –> 0:53:48.591
Luis Garvía Vega
If we enter into a swap, into a swap is a contract and in one year time you will give me oranges and I will give you a number of apples for the number of oranges that you will give me.
0:53:48.871 –> 0:54:7.271
Luis Garvía Vega
I will not give you money. You won’t give me money. Today the value of the contract will be 0. Why? Because you will give me the same amount of value that I will give you. In the future we can value how much your apples, your oranges are and we can get into value.
0:54:7.791 –> 0:54:16.991
Luis Garvía Vega
But what you will give me in the future and what I will give you in the future is fruit. Make sense. This is commodities one.
0:54:18.311 –> 0:54:35.151
Luis Garvía Vega
Are there commodity swaps? Not too much, not too much. And normally orange juice, orange juice is a commodity, but orange, yes, normally are not trading. Anyone from Chicago? Yes, first day we talk about this or not.
0:54:35.391 –> 0:54:35.431
Luis Garvía Vega
I.
0:54:36.631 –> 0:54:39.351
Luis Garvía Vega
I love having. You are the only one from Chicago.
0:54:40.231 –> 0:54:58.351
Luis Garvía Vega
I We have gone through this Thursday. Perfect. It’s because you if you were alone, you will be a minority. The stock of home, my friend from Scotland. No, whatever. You are not a minority because two of if I think about what can you find in Chicago.
0:54:59.111 –> 0:55:1.231
Luis Garvía Vega
Nothing the bean farms.
0:55:2.471 –> 0:55:17.351
Luis Garvía Vega
The the Chicago photo exchange, the commodities market, the biggest. I don’t know if from the States is the biggest. I don’t know if it is the biggest from the world. You can buy commodities in Chicago and typically commodities is.
0:55:17.591 –> 0:55:24.551
Luis Garvía Vega
Oi, oi. Have you heard West Texas or bread? Oh, oh, no.
0:55:27.711 –> 0:55:43.271
Luis Garvía Vega
You know what I’m thinking about? Maybe I was talking about commodities here. I have talked about West, TX.
0:55:44.631 –> 0:55:50.111
Luis Garvía Vega
And then I have, you know now what I’m thinking about and I know that is no way, no feeling, no freedom.
0:55:52.151 –> 0:56:8.751
Luis Garvía Vega
You know what I’ve done now. In the year 6069 and 1969, I think, or 1968? No, no, we no, no, no, we are no, we no way.
0:56:9.111 –> 0:56:15.631
Luis Garvía Vega
So wait, it’s over an incredible big amount of oil reserves.
0:56:19.311 –> 0:56:35.711
Luis Garvía Vega
Actually, one year later, the organization of producers of Pedro went incredible high. No, we no, no way, no way.
0:56:35.991 –> 0:56:47.191
Luis Garvía Vega
A sobering home, sobering home that is absolutely will be. There are people saying it is.
0:56:52.151 –> 0:57:0.951
Luis Garvía Vega
You know about it. You know, no way. So then you know you should be proud and happy of having that.
0:57:3.671 –> 0:57:15.471
Luis Garvía Vega
I don’t know. I don’t know. Yes, but they have.
0:57:23.31 –> 0:57:27.471
Luis Garvía Vega
Anyone from Swiss? I know that you are from Swiss.
0:57:28.711 –> 0:57:45.711
Luis Garvía Vega
This is it. Just one second. Try to follow up because I am talking about the Norwegian, Norway phone. You have a Norway phone, home, home, Norway phone. They have a sack full of money.
0:57:46.231 –> 0:57:54.911
Luis Garvía Vega
They discovered oil and with this oil they made money and with this money they bought companies. It’s correct.
0:57:56.951 –> 0:58:1.351
Luis Garvía Vega
I am pointing at you.
0:58:7.431 –> 0:58:16.471
Luis Garvía Vega
Switzerland. You have your own puppets. It’s one time. Who is your friends?
0:58:19.31 –> 0:58:35.751
Luis Garvía Vega
Who issues these grants? Who? Who is the one that brings? Yes, I’m sure it’s central bank. And what do they do? At the beginning they use money and they use $5.
0:58:36.231 –> 0:58:48.31
Luis Garvía Vega
And they used to buy euros. And once they have their bank full of dollars and full of euros, what do they start doing? If I have dollars, what can I do?
0:58:49.111 –> 0:58:57.151
Luis Garvía Vega
By companies, they start buying the SP500, they start buying companies in Europe and.
0:58:58.311 –> 0:59:14.591
Luis Garvía Vega
No respect there. You look at it, not a central bank. It’s a sobering phone. You look at the Swiss central bank. It’s not that central bank. It looks more like a sobering phone.
0:59:16.351 –> 0:59:32.911
Luis Garvía Vega
And you should be proud of your no, no, no, no way home. You should be proud of your please central bank. Don’t get too much. Sorry.
0:59:33.311 –> 0:59:43.951
Luis Garvía Vega
Happens at your central bank is 24 power. It looks like a central bank. It looks more like a sovereignful, yes.
0:59:45.431 –> 1:0:0.711
Luis Garvía Vega
What I’m talking about, I’m talking about one thing that is important and you should know the world is crazy. The world is crazy. And if you get sleep on the moment, on the important moment, you will lose the power.
1:0:0.791 –> 1:0:3.231
Luis Garvía Vega
And teach you guys who will be making money.
1:0:5.311 –> 1:0:5.511
Luis Garvía Vega
Hey.
1:0:9.431 –> 1:0:14.31
Luis Garvía Vega
They feel, they will feel for you.
1:0:22.311 –> 1:0:36.431
Luis Garvía Vega
You know, are we home? I prefer I I prefer I’m sweet. I’m not. I prefer low.
1:0:37.631 –> 1:0:38.351
Luis Garvía Vega
Profile.
1:0:41.751 –> 1:0:48.511
Luis Garvía Vega
I would prefer to have low profile. I would prefer nobody to talk about this.
1:0:49.911 –> 1:0:59.231
Luis Garvía Vega
You know that what I’m talking through. You know that what I’m talking through. And you also know that what I’m saying, not too much people, no **.
1:1:1.151 –> 1:1:2.191
Luis Garvía Vega
Thank you.
1:1:4.631 –> 1:1:19.911
Luis Garvía Vega
You can look it in the Internet, you can see all these stops. There is too much noise. There is too much noise and there are times that we lose the time in doing whatever we are doing. Trust me, whatever, whatever you are doing now.
1:1:20.871 –> 1:1:32.791
Luis Garvía Vega
It’s not as worthy as the information that I’m saying. No, no, no, no, continue. I prefer. I prefer you not knowing. I prefer you continue being.
1:1:33.791 –> 1:1:50.551
Luis Garvía Vega
Oh, no, no, no, no. I’m just doing. I am using you as a point of what everyone is doing, looking at TikTok, TikTok, TikTok. And while everyone is looking at TikTok.
1:1:52.751 –> 1:1:58.551
Luis Garvía Vega
To China, Chinese and then the Swiss.
1:1:59.311 –> 1:2:6.111
Luis Garvía Vega
OK, I will tell your province. I miss you. I miss you. And Norway, you understand the point.
1:2:6.831 –> 1:2:10.911
Luis Garvía Vega
The war is going at an incredible high speed.
1:2:12.871 –> 1:2:15.271
Luis Garvía Vega
Don’t. What are you doing?
1:2:16.191 –> 1:2:17.191
Luis Garvía Vega
Yes.
1:2:18.271 –> 1:2:24.991
Luis Garvía Vega
I’m not telling you not to do it. I’m using you just an example of.
1:2:28.551 –> 1:2:45.271
Luis Garvía Vega
I know this so much. I know how the world works and and what I’m just want to say I didn’t. It’s the first time I have the three Baltic countries and then also Switzerland represented Korea also so.
1:2:45.391 –> 1:2:58.591
Luis Garvía Vega
German. I have any Germans? No Germans. Because the central bank is in Tranpur and this Thursday Christine Lagar will talk and Christine Lagar is friends, Italians.
1:3:1.71 –> 1:3:20.631
Luis Garvía Vega
No, no one from Africa. Briggs, do you remember Briggs? Lula is the president from Brazil. The B from Briggs stands for Brazil. And yesterday, yesterday, Lula said to Chi Jinping in a conference. Yes, Lula said.
1:3:20.831 –> 1:3:35.791
Luis Garvía Vega
We are the Bricks. I’m talking about more than 1/3 of global population. I include all the Bricks more than the half of global population. Yes, he said. We are going to a free trade agreement. You see the joke.
1:3:36.511 –> 1:3:55.671
Luis Garvía Vega
Trump is talking about tariffs and the Bricks are talking about free trade like the world becoming crazy. A lot of things are happening, lot, lot, lot of things are happening. First objective to know and to understand financial system.
1:3:55.831 –> 1:4:2.71
Luis Garvía Vega
What to know? What to know? We will talk about Bassel regulation.
1:4:3.471 –> 1:4:5.31
Luis Garvía Vega
You know Bassel?
1:4:6.991 –> 1:4:15.431
Luis Garvía Vega
Have you heard about Breton Woods? Breton Woods? I think he’s from near from New York. Breton Woods. Yeah, so. Yeah, so.
1:4:18.431 –> 1:4:33.71
Luis Garvía Vega
Bretton Woods, Jackson Hole, Bassett and Davos. Have you had a Davos? What do these four places have in common? Davos, Bretton Woods, Jackson Hole and Bassett?
1:4:36.911 –> 1:4:56.591
Luis Garvía Vega
You know these these four places is a place for a scheme. I don’t have. If you see, I don’t have anything against scheme. But if you see, probably you will fall. You will fail right now. That’s good, I mean.
1:4:56.671 –> 1:5:12.311
Luis Garvía Vega
This is these are places where not only these are places where people goes in order to see. Also then he goes to by. Jackson Hall in August is the place where all central bankers meet together.
1:5:12.591 –> 1:5:28.71
Luis Garvía Vega
I’m talking about the future. Jerome Powell speech in that whole this summer has been the most boring one and most and the and the longer and also the more technical. Why? Because everyone was looking at this. Trump has said I want to hire you.
1:5:28.831 –> 1:5:48.391
Luis Garvía Vega
And it was boring. The others were much more funnier and he was talking about global politics and all these things. Jackson Hall, Central Bankers, Bretton Goods, who will talk a lot about Bretton Goods is after the Second World War and where is the place where after the Second World War.
1:5:49.831 –> 1:6:5.871
Luis Garvía Vega
Everyone decide that the dollar was going to be fixed to the goal and the the dollar was going to be there, the the currency that rules the world, yes. And then Davos ambassador are located in Sweden, in Sweden, in Sweden, yes.
1:6:6.111 –> 1:6:23.311
Luis Garvía Vega
Davos Ambassed are located in Switzerland. Davos is a city where while it’s here, people that rules the world be together. It used to be a powerful place and now it’s like where you pay in order to go to make a picture and it’s like being in insta, yes.
1:6:23.831 –> 1:6:27.31
Luis Garvía Vega
Davos. It’s a place where people meet together. Ambassador.
1:6:29.71 –> 1:6:44.31
Luis Garvía Vega
In Basel is located at BIS. BIS stands for Bank for International Settlements, Bank for International Settlements. And what is the BIS like is not is like a central bank for.
1:6:44.31 –> 1:7:3.791
Luis Garvía Vega
Central banks. It’s not a bank but from this their issue regulation. All this regulation is called. The most important one is has been issued in three sets. Basel 1, Basel 2 and Basel 3 has to do with banking regulation and I will ask you in the exam about. We will repeat a lot things that we.
1:7:3.911 –> 1:7:18.911
Luis Garvía Vega
We’ll be asking the exam will be repeated more than one 2-3 times. I will ask you about risks and person regulation. Yes, don’t worry. Yeah, no one understand financial system.
1:7:21.311 –> 1:7:37.711
Luis Garvía Vega
Understand, understand those who don’t know history are going to repeat regarding. I think that I have made a a good example now with your phone, with the with your bank, with all business what with brands.
1:7:38.111 –> 1:7:48.351
Luis Garvía Vega
Are based with your Prime Minister, Prime Minister, what we will be talking about, about things that are happening and that has impact in the financial system.
1:7:51.831 –> 1:7:55.311
Luis Garvía Vega
Better for me at least. Hey, make sense.
1:7:57.271 –> 1:7:58.471
Luis Garvía Vega
OK.
1:8:3.631 –> 1:8:8.711
Luis Garvía Vega
Next week we will talk about the financial system.
1:8:10.31 –> 1:8:29.871
Luis Garvía Vega
Deeper. This has been just introductory class, yes. Then we will talk about central banks. Central banks are absolutely important for us. And then we will talk about money market and interest rate risk. At the end, these two lessons are connected. You can call central banks.
1:8:30.111 –> 1:8:38.631
Luis Garvía Vega
Some monetary market. You can call it monetary policy. Monetary policy. What’s happening?
1:8:40.111 –> 1:8:46.871
Luis Garvía Vega
We finish at 12:30, OK? No, no, we finish at 12.
1:8:49.871 –> 1:8:50.591
Luis Garvía Vega
Yeah.
1:8:52.671 –> 1:8:58.751
Luis Garvía Vega
With me, so sorry, let me see minutes. Normally we finish on Wednesday at close.
1:9:0.431 –> 1:9:13.751
Luis Garvía Vega
Sorry, sorry. I owe you time. Oh, sorry. I feel something that something. Sorry. And thanks a lot for being so polite. And don’t tell me, Luis.
1:9:17.391 –> 1:9:34.231
Luis Garvía Vega
We will talk about institutions and then we will talk about instruments, but everything is mixed. Then also in two I will put the take 1C and pass the rate. These are exercises that you should uploading. I have not uploaded yet to move it.
1:9:34.871 –> 1:9:42.471
Luis Garvía Vega
And you should upload it. I will just check that you have done it. Exercises with time value of money. Give me the help. Give me the help.
1:9:44.911 –> 1:10:4.551
Luis Garvía Vega
Exercises that should be exercises with time value of money. If you don’t know anything, just ask ask me and if you know how to do it, just try. There are different difficulties to me in in the model course. I don’t know if the model course I have not.
1:10:4.671 –> 1:10:22.671
Luis Garvía Vega
I know they didn’t get to, but I will know you were. I will create one one place. No, no Monday. No in two weeks time. No, not for Monday. No, we will walk over this. I want you to have it too. I mean.
1:10:22.751 –> 1:10:38.551
Luis Garvía Vega
I don’t want you to be stressed. Monday. No, no. Next week. No, in two weeks time. But I will be. I will. I promise you weeks time and.
1:10:38.751 –> 1:10:41.551
Luis Garvía Vega
One please, please.
1:10:43.231 –> 1:10:57.191
Luis Garvía Vega
I don’t know yet, but I will try my best in doing a final exam before the three, because I know that some of you should travel back and you should know how.
1:10:58.511 –> 1:11:13.911
Luis Garvía Vega
I am. I care about that. Do you understand what I’m saying? I don’t know. What I’m saying is that I will make you only need me to go back. The sooner you tell me the better. We are done.
1:11:30.151 –> 1:11:40.391
Luis Garvía Vega
What time is your training? Thank you.
1:12:4.631 –> 1:12:19.431
Luis Garvía Vega
I don’t think you call my name today. Maybe look for it the other day. Monday. Yeah, Monday was my.
1:12:20.391 –> 1:12:35.31
Luis Garvía Vega
Yes, I I didn’t call it, but but I your name is written here and it’s together with so OK and I should repeat this.
1:12:36.711 –> 1:12:51.151
Luis Garvía Vega
Do you have a pen? Yes. In order to write down that I won’t forget it because that is all that I have written anything that is you and I want to write down.
1:12:52.591 –> 1:13:1.31
Luis Garvía Vega
And you’re from Clay? Yes, I am. Thank you. Appreciate it. Oh, it’s.
1:13:3.791 –> 1:13:17.911
Luis Garvía Vega
Is there a textbook? No, no, no. But it won’t be. It won’t be complicated. See. Don’t do this. Where are you from? Texas. I’m not from today. No, I went. I go to the university.
1:13:19.71 –> 1:13:26.351
Luis Garvía Vega
Too many, too many. Yeah. I mean, I don’t know if too many, but a lot. Pleasure. Welcome.