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We'll now learn about what is arguably the most useful concept in finance
2
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and that is called the present value.
3
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And if you know the present value
4
00:00:10,068 — > 00:00:12,044
then it's very easy to understand
5
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the net present value and the discounted cash flow
6
00:00:15,041 — > 00:00:16,085
and the internal rate of return
7
00:00:16,085 — > 00:00:18,034
and we'll eventually learn all of those things.
8
00:00:18,034 — > 00:00:20,069
But the present value, what does that mean?
9
00:00:22,052 — > 00:00:25,003
Present value.
10
00:00:25,003 — > 00:00:29,044
So let's do a little exercise.
11
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I could pay you a hundred rand today.
12
00:00:32,050 — > 00:00:37,021
So let's say today
13
00:00:37,021 — > 00:00:42,000
I could pay you one hundred rands.
14
00:00:42,000 — > 00:00:50,047
Or (and it's up to you) in one year, I will pay you
15
00:00:50,047 — > 00:00:58,060
I don't know, let's say in a year I agree to pay you 110 rands.
16
00:00:58,060 — > 00:01:00,079
And my question to you
17
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and this is a fundamental question of finance
18
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everything will build upon this
19
00:01:04,036 — > 00:01:06,079
is which one would you prefer?
20
00:01:06,079 — > 00:01:08,000
and this is guaranteed.
21
00:01:08,000 — > 00:01:10,020
I guarantee you, I'm either going to pay you R100 today
22
00:01:10,020 — > 00:01:14,021
and there's no risk, even if I get hit by a truck or whatever.
23
00:01:14,021 — > 00:01:16,050
This is going to happen, if the Earth exists, I will pay you R110 in one year.
24
00:01:21,009 — > 00:01:24,014
It is guaranteed, so there's no risk here.
25
00:01:24,014 — > 00:01:25,040
So it's just a notion of
26
00:01:25,040 — > 00:01:28,037
You're definitely gonna get R100 today, in your hand
27
00:01:28,037 — > 00:01:34,029
or you're definitely gonna get R110 one year from now.
28
00:01:34,029 — > 00:01:35,050
So how do you compare the two?
29
00:01:35,050 — > 00:01:38,020
And this is where present value comes in.
30
00:01:38,020 — > 00:01:39,090
What if there were a way
31
00:01:39,090 — > 00:01:41,098
to say, well what is R110
32
00:01:41,098 — > 00:01:45,004
a guaranteed R110 in the future?
33
00:01:45,004 — > 00:01:46,020
What if there were a way to say
34
00:01:46,020 — > 00:01:49,020
How much is that worth today?
35
00:01:49,020 — > 00:01:52,020
How much is that worth in today's terms?
36
00:01:52,020 — > 00:01:54,070
So let's do a little thought experiment.
37
00:01:54,070 — > 00:01:57,044
Let's say that you could put money
38
00:01:57,044 — > 00:02:00,055
in some, let's say you could money in the bank.
39
00:02:00,055 — > 00:02:02,059
And these days, banks are kinda risky.
40
00:02:02,059 — > 00:02:05,040
But let's say you could put it in the safest bank in the world.
41
00:02:05,040 — > 00:02:09,061
Let's say you could put it in government treasuries
42
00:02:09,061 — > 00:02:11,040
which are considered risk free
43
00:02:11,040 — > 00:02:15,004
because the SA government, the treasury
44
00:02:15,004 — > 00:02:17,080
00:00:01,085 — > 00:00:03,070
We'll now learn about what is arguably the most useful concept in finance
2
00:00:04,092 — > 00:00:06,079
and that is called the present value.
3
00:00:09,019 — > 00:00:10,068
And if you know the present value
4
00:00:10,068 — > 00:00:12,044
then it's very easy to understand
5
00:00:12,044 — > 00:00:15,041
the net present value and the discounted cash flow
6
00:00:15,041 — > 00:00:16,085
and the internal rate of return
7
00:00:16,085 — > 00:00:18,034
and we'll eventually learn all of those things.
8
00:00:18,034 — > 00:00:20,069
But the present value, what does that mean?
9
00:00:22,052 — > 00:00:25,003
Present value.
10
00:00:25,003 — > 00:00:29,044
So let's do a little exercise.
11
00:00:29,044 — > 00:00:32,050
I could pay you a hundred rand today.
12
00:00:32,050 — > 00:00:37,021
So let's say today
13
00:00:37,021 — > 00:00:42,000
I could pay you one hundred rands.
14
00:00:42,000 — > 00:00:50,047
Or (and it's up to you) in one year, I will pay you
15
00:00:50,047 — > 00:00:58,060
I don't know, let's say in a year I agree to pay you 110 rands.
16
00:00:58,060 — > 00:01:00,079
And my question to you
17
00:01:00,079 — > 00:01:02,070
and this is a fundamental question of finance
18
00:01:02,070 — > 00:01:04,036
everything will build upon this
19
00:01:04,036 — > 00:01:06,079
is which one would you prefer?
20
00:01:06,079 — > 00:01:08,000
and this is guaranteed.
21
00:01:08,000 — > 00:01:10,020
I guarantee you, I'm either going to pay you R100 today
22
00:01:10,020 — > 00:01:14,021
and there's no risk, even if I get hit by a truck or whatever.
23
00:01:14,021 — > 00:01:16,050
This is going to happen, if the Earth exists, I will pay you R110 in one year.
24
00:01:21,009 — > 00:01:24,014
It is guaranteed, so there's no risk here.
25
00:01:24,014 — > 00:01:25,040
So it's just a notion of
26
00:01:25,040 — > 00:01:28,037
You're definitely gonna get R100 today, in your hand
27
00:01:28,037 — > 00:01:34,029
or you're definitely gonna get R110 one year from now.
28
00:01:34,029 — > 00:01:35,050
So how do you compare the two?
29
00:01:35,050 — > 00:01:38,020
And this is where present value comes in.
30
00:01:38,020 — > 00:01:39,090
What if there were a way
31
00:01:39,090 — > 00:01:41,098
to say, well what is R110
32
00:01:41,098 — > 00:01:45,004
a guaranteed R110 in the future?
33
00:01:45,004 — > 00:01:46,020
What if there were a way to say
34
00:01:46,020 — > 00:01:49,020
How much is that worth today?
35
00:01:49,020 — > 00:01:52,020
How much is that worth in today's terms?
36
00:01:52,020 — > 00:01:54,070
So let's do a little thought experiment.
37
00:01:54,070 — > 00:01:57,044
Let's say that you could put money
38
00:01:57,044 — > 00:02:00,055
in some, let's say you could money in the bank.
39
00:02:00,055 — > 00:02:02,059
And these days, banks are kinda risky.
40
00:02:02,059 — > 00:02:05,040
But let's say you could put it in the safest bank in the world.
41
00:02:05,040 — > 00:02:09,061
Let's say you could put it in government treasuries
42
00:02:09,061 — > 00:02:11,040
which are considered risk free
43
00:02:11,040 — > 00:02:15,004
because the SA government, the treasury
44
00:02:15,004 — > 00:02:17,080
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