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Alan Crane Productions in association with the Emergent Lights Studio presents

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the Illinois State Collegiate Compendium, Academic Lectures in Business and Economics.

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This is Business Finance, FIL 240 for spring semester 2024.

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Today, Foundations of Finance.

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To start out with, as I said before I started this podcast, we are a quantitative subject.

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Finance is a sub-discipline of economics.

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You will read various places while it's part of accounting,

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or it's a combination of accounting and economics.

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No, it's not accounting at all.

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Accounting is its own field.

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It happens to be a field that I will make lots of jokes about,

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but it is an important field, but it has very little in its core assumptions to do with finance.

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Now in your accounting course, they went ahead and they think that they can teach you finance,

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but they're starting from a different basis.

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The fundamental difference is that accounting uses historical information.

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That's what it has to use. It has to have receipts. It has to have documentation.

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We can't care about that. All that matters to us in finance is the future.

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Where we are now and what is to come. It's expectations, estimates, and all of that.

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It's very much like a chess board.

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Chess is a game that's called a Markovian process,

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because the state of the chess pieces at the present time is all that matters to what the optimal next move is.

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In other words, how those pieces got there is irrelevant to us.

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This is the same thing that happens with stock prices.

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What the stock price has been even a minute before has no meaning to the prediction of where it will be in the next minute,

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or the next day, or the next year.

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That is where we have to distinguish ourselves from other subjects like accounting.

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I will give accounting due recognition, but I will also show a great deal of disrespect for it,

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which is just the way I do things.

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But I need to get on to a couple of other subjects here too.

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One important part of finance is objectivity.

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Objectivity is, in other words, we do not go into this subject with political or emotional biases.

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If you are a Biden lover or a Trump maga, I don't care.

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You cannot let that influence how you are evaluating financial decisions.

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What is the best way to proceed?

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It is not a I feel or I believe kind of subject at all.

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And so you need to get that out of your thinking as you go forward in this class.

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It's all to do with technical mathematics.

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Interestingly enough, years and years ago when I was involved in physics and astronomy,

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when I came over to finance, I saw the formulas looked, well, this is the same thing as in a physics lecture.

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We are using the same principles that are across the universe in our field.

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So that's what matters to us is this objective, universal kind of perspective.

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I hate to tell you this, but you are the future.

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You are the leaders of the future and you have got a big problem in front of you.

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I may have mentioned that I'm certified by IBM in artificial intelligence.

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It's going to eliminate about 40 percent of the jobs in this country,

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most of them at high thinking level within the next 25 years or so.

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And that is according to Bloomberg, Forbes, and Wall Street Journal are all estimating

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the impact of artificial intelligence.

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You can get in front of it and be a creator or you can be left by the wayside

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in this ridiculous revolution that's coming at us.

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It's already here. It's just been quiet so far, unfortunately.

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So anyway, let me try something here.

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First of all, this is a capitalist field of interest in the United States.

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The idea, well, we've got a lot of socialism here.

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Oh, bullcrap. We don't have that.

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We are capitalists and that may be to your liking and may be to your disliking,

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but that's the reality of it.

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We have to follow a capitalist model in how we approach any issue in finance.

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We have to make some assumptions behind it.

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I teach in other countries and for wealthy people and for ministries of finance

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in West Africa and the islands.

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They often come in with degrees from universities,

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but they've had a great deal of infusion from the European model,

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which is more socialist.

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And I'm going to get that in this class and it's going to be uncomfortable for you sometimes

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and I'll make it uncomfortable for you here in a few minutes.

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But you must understand that we work on the objective assumption that greed is not bad.

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You, madam, are a breadmaker.

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You make bread.

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Now, you're the only breadmaker in the whole town.

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So in your bread shop, you can charge whatever you want.

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That means you don't have any incentive to be efficient.

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You take a big handful of flour and you take it over to the pot, half of it falls out,

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just charge more this time.

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You are not efficient with the use of that resource.

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You hire your lazy-ass brother here who just sits in the basement eating Cheetos

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and playing World of Warcraft.

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Really? World of Warcraft?

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The old people's game?

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Do you even lift?

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Okay.

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You're inefficient, but you don't care because you can charge whatever you want for your bread.

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Now, madam, have you ever seen someone who doesn't deserve all the money he has?

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Aeolian Musk comes to mind.

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Kanye comes to mind.

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You understand that you look at her and say, she doesn't deserve that money.

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I know how to have money.

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I buy good things with my money, yeah.

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Full disclosure, I'm an Amazon hoe.

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Okay, so I'll go there and buy.

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But you just look at her and you say, you know what?

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All I'd have to do is not waste resources.

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I would measure my flour to be careful with putting it in.

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I wouldn't hire that guy for he's supposed to be the chief information officer.

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You know what information he has?

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These Cheetos are delicious.

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That's his information.

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You don't need that.

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All you have to do is be efficient with your resources.

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That's called static efficiency.

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Static efficiency is just the efficient use of the resources you have, the factors of production.

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That's static efficiency.

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Now, you, madam, you look at this woman and you say, scoundrel.

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You can do it better because what you'll do is you're saying, you know what?

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She's making money and I could do better and I could charge a lower price and take our customers

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because all I'd have to do is not hire people to make the bread.

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I could use machines to do it.

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I could stop using the old-fashioned light bulbs, use LEDs.

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I could rearrange the production line with new kinds of conveyor belts.

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I could use computerized systems.

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In other words, what you're doing is you are altering the arrangement of the factors of production.

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You are altering the technology.

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Now, in your lives, when you hear the word technology, it's always about computers.

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Technology in your home, technology in your car, technology in your ass.

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Yeah, you're hearing technology used in a very narrow sense.

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Technology is something that humans have been doing since the beginning of our species

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and before that, it is altering the way that we do things.

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When the Neolithic went to the Clovis Point from the older technology of making points.

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When in the Middle Ages, they went from beating the corn to the thrashing machines that they said went till and frow.

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Those were technological changes.

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When they went from the ships with the single-haul reinforcement to the double-haul reinforcement

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so that they could do battle better against cannon.

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That was a technological improvement.

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We've been doing it throughout history, and you are going to do it to take her business away from her

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because you can charge a lower price because you're doing it a lot more efficiently.

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When you are replaced by an artificial intelligence, you can sit back, wow, that's just technology changing.

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Why are you starved to death?

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But, of course, this kind of change is dynamic efficiency.

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Dynamic efficiency is changing the technology to create a more efficient output.

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Dynamic efficiency, changing the technology.

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Okay, now, let's get down to it.

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Madam, you did not start your business and work on static efficiency

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because you love people and you want to charge a lower price.

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Well, these people are paying such a high price, I'm going to start a business that charges a lower price because I love people.

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Bullshit.

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You did it because you wanted to make money.

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And you did it for the same reason.

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We are being driven to be better, not because, you know, in marketing, we care about our customers.

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We love them.

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They are number one in our minds.

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Bullshit.

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We are in the business to make money.

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That's the reality of it.

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If you can't live with that, then perhaps North Korea would be a great place where you live and die for Kim Jong-un or Russia,

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where you live and die for Vladimir Putin, most likely die in a tank from a drone.

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You understand what I'm saying here.

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It has nothing to do with loving people or wanting to make the world better.

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We're making the world better.

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Yes, we are.

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Saving on resources, pushing technological boundaries.

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But you did it not because you care about anyone but yourself.

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You did it to drive her out of business and make her go to a community college instead of listening to the greatest professor on Earth, me.

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That's greed.

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Greed is not an evil.

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Greed is good.

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Greed clarifies what is important.

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But there's a problem with this.

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You now control the bread market.

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You got it.

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It's yours.

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You are the bread queen.

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But what happens if your bread tastes like ass?

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You got to decide.

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Our bread tastes like ass.

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Mom tries to take our little boy in there.

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No, mommy, I don't want that bread.

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That bread tastes like ass.

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Oh, shut up.

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There's kids in other countries who'd love to have an ass sandwich right about now.

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You see, you cannot succeed if your greed carries you to the point where your product is ass.

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You understand?

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This is the control mechanism on us.

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Now, it may be through, well, we're just going to lose business, but if we can't read Cluville sending us text messages,

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then we have Mr. Government come in and kick our asses if we're poisoning people with butt bread.

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Okay?

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You understand what I'm saying here is that if we don't do it ourselves, there will be someone who does it for us.

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Our consumers will.

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The government will.

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Or even the nature of our product will if we ignore the signs that our greed is driving us too far.

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The problem is, of course, that sometimes that takes a long time when you get into such situations

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where companies do not read the messages until people have been hurt or until serious damage has been done.

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But know this.

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The owners of the capital, the controllers, the owners of the company are the ones to which we answer.

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We answer to them because they are the ones who can remove us.

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We don't answer to the consumers, not directly.

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We don't answer to the government, not directly.

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We do down the road.

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We do not answer to Mother Earth directly.

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So this idea of the stakeholders is fantasy.

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All that matters to us is the maximization of the wealth of the owners.

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If we're the owners, we're in it for ourselves.

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If the owners have hired us, then we're in it for them.

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That's just the reality of it.

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So there is the layout of what we are thinking here.

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In everything that I do in this class, there will be the hidden question, what is the incentive?

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And the incentive is greed, measured, controlled, circumscribed by the forces that can break us,

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whether that is the employees, the consumers, the government, the environment.

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They do put limits on us.

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I bring up in this part of the lecture climate change.

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Whether or not you believe in it doesn't matter at all to the world or to corporate decision making.

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Almost every one of the Fortune 500 companies knows it's coming, and it's going to be bad.

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We've got AI kicking our asses this way.

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We've got climate change kicking our asses this way.

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You would not believe the number of companies that are moving production facilities off the coastal regions right now.

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The agribusinesses that are modifying, making frankenfoods that can stand up to weather,

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bizarre weather changes and environmental changes.

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This is all happening. Whether you like it or not, whether I like it or not, it's coming at us.

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And so part of our greed would be, well, we're not going to do anything different.

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And that's going to hurt us if we don't look forward.

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We cannot look to the past.

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Well, it's right for my dad and mom, well, if we're going to be right for me, we can't do that.

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We've got to look out at the horizon and what is there.

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And what's on the horizon, as always, is never pretty.

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But for you folks, it's going to be a game changer.

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And that's why, thank God, you have the best professor who's ever lived teaching you.

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And no modesty in that, I understand.

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Now, that's the latest it's been today.

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Okay, let me go through a couple of other issues in this regard.

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As I had told you before, I will have you look using Excel a lot in this class.

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Get used to it. I've given you two different paths to get strong.

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The Excel Crash Course from Wall Street Prep is $30.

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It'll give you a badge in LinkedIn, and you should be on LinkedIn now.

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If you're not, get there.

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And that way employers will know, oh, you're ready to walk into a workplace.

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Because when you walk in there, they're going to have Excel sheets that even I wondered.

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I asked the question, WTF, I can't even read this.

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It is all being carried on Excel.

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Now, a couple of things.

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LinkedIn has a weaker course.

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It's weak, but it does some things you're going to need.

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And I'll tell you, take the Wall Street Prep Course for $30.

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If you want to, you can cheat.

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They're $12.95.

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I'll even tell you where you can get the answer key for the final exam in Wall Street Prep,

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for their Excel Crash Course, if that's how you want to conduct your life.

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It's your call.

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But at the same time, if you go through it, it says eight hours.

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I just did the latest version of it.

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It took me 16 hours.

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So if you're going to do the Wall Street Prep version, get started early in the course,

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and then you don't have to plow.

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You can do like one section a week for nine, 10 weeks and get there.

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But if you do the LinkedIn section, I don't know.

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That one shouldn't take you more than about two, three hours to do that one.

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Like I said, it won't show you everything that's going on.

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The big things in business right now in Excel are obviously all of your functions.

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Using your hands instead of the mouse is absolutely critical.

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We're all used to using the mouse in Excel and everything else.

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That is extraordinarily inefficient.

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And one of the marks that you really do know Excel is you don't use the mouse very often at all.

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So that gets you up to speed on that.

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They also important in business now are the pivot tables and the pivot charts and the VBA,

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Visual Basic at the assembly level.

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Those are the big things.

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You get those at Wall Street Prep.

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I'm not sure you're going to get much of it in the LinkedIn version, but it's still decent.

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What else is important to you out there is, well, programming languages.

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If you are really into it, Python, R, are big.

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C++ and Java, those are the heavies.

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One of those wouldn't hurt for you to have it before you're finished,

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and I can even point you to somewhere where there are some pretty good courses that aren't very expensive in those.

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It also wouldn't hurt you to get involved with artificial intelligence either.

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I don't recommend that certification program by IBM.

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It was way too much like work.

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But get used to it because you will be interacting.

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Well, you are interacting all the time now with AI.

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Chat GPTs are everywhere.

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Your car that you're driving has AI systems in it.

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And so it's just a matter of how far you want to understand and get weirded out by what's going on out there.

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It's really creepy.

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People even knew what had a clue as to what's already happening, and this is just the beginning of it.

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Get to know that.

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But as I, in this class, at a minimum, I'm going to have you doing Excel, and you're going to be using Excel worksheets.

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You'll build them with me, and then you can use them on quizzes in your midterm and your final.

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You build a decent Excel worksheet where all you have to do is pull the numbers out of a word problem

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and push them into the right boxes in Excel.

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You've got your answers.

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That's what we're doing now.

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And, of course, I don't think you're going to find hardly any other professor who's going this far.

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But we're already there.

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We might as well get used to the fact that this is how it works now in our lives and in our learning.

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That's about what I have for you today, and I will see you on Monday.

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I thank you.