Welcome back. In some senses, this is the most important question of this whole exercise. I'm obviously getting carried away here, as usual, but in some senses it is. And this is where the real world screws up big time, either to ignorance or true. I don't why, [LAUGH] okay. So here, should Online take the new project? The answer is what? Think about it. Many times the answer in life is, do not know. By the way, that's mostly the answer I have about life. Should I do this or not, do not know, do not know, do not know. Here there's a fundamental reason why you do not know. So let me ask you this. So you want, if I was the rule, what should you want? IRR should be created then return on asset. Which is also called cost of capital. Yes? Because if your return is better than the comparables returned, what are you doing? You're creating value. Remember that? If IRR is calculated well, only one and you have multiple IRRs, sorry, multiple projects are not being compared, this rule will work. However, here's the problem, and that's why you don't know. What is this IRR of? What is this IRR of, which business? S. This IRR is of S that you've calculated. And how much did you calculate this to be? I believe 11%. Yeah? Everybody okay? The return on assets that you should compare it to, should be what? Also, yes. The new project IRR, is in the software business. The only way you can make a decision about your is if you know what software businesses are making on average, right? But what do you know? I just made you calculate Ra on the video gaming business, which was 12%. So what would most people do in this context? I'll give you some round up, when I round this whole example up. Many people will say this, that my cost of capital is 12%. Why the heck should I take on a business, which is giving me 11%, right? Are you with me? So what will they do? They may say, no way, because this is violated. But what's the problem there? Apples versus oranges. In our [LAUGH] example, orange and apple were comparable, I was just doing that to make fun. But here, you cannot make a decision. Because you cannot compare software to video. Are you with me? You can compare the two only if their risks are the same, which is most likely not going to be true. Just because you know your own cost of capital, doesn't mean anything. What do you need to do to make new decisions? You need to look at the new project and say, heck, what two investors have opportunities that are similar in nature to that project, why? Because they know that you're not going to go do video gaming, what are they going to do? They're going to do software. So they won't compare your past to the software, they'll compare existing successful ongoing software companies. So the answer to this question is, I do not know. And remember, the best thing about life, is if you are comfortable not knowing what you don't know, I'm sorry. If you're comfortable claiming very confidently, I do not know, you will also usually make good decisions. And the reason is, most of the time we think we know what we are doing, when we don't, okay? So the answer here is, I do not know. Lets take a break.