Bonds vs. stocks발음듣기
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Bonds vs. stocks
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Or by selling shares of itself, or essentially allowing other people to become partial owners of it, and that is equity.발음듣기
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And these directly translate into securities, that you're probably familiar with, but maybe you didn't have a more exact idea of what they are.발음듣기
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A security is essentially something that can be bought and sold that has some type of claim on something, or some type of economic value.발음듣기
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There are other liabilities other than debt, per se, but that's all we'll worry about right now.발음듣기
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And maybe the assets - let me just think of a good round number - the assets are $10 million in assets.발음듣기
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And then what's left over for the equity - and the way you have to view it is OK, if I have $10 million and I owe people $6 million, what's left for the owners of the company?발음듣기
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So every person who has one of those stock certificates will own one ten-millionth of this $4 million, or essentially, $0.40 a share, or something.발음듣기
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So anyway, this is - and I think you're familiar with this already - this is essentially stock.발음듣기
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There's a lot of ways you can raise debt, and actually there's a lot of ways you could raise equity, it actually doesn't have to be with selling.발음듣기
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You could maybe think of some other way, and we'll talk about other forms of equity, preferred stock and all of that.발음듣기
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So this could be a bank loan, where you literally go to the bank and say hey, I need $6 million, and they say "OK, here you go, and we'll give it to you for this interest. "발음듣기
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Or they might say OK, you pay the interest for five years, and at the end of the five years you also have to pay the principal amount.발음듣기
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There's other things that are revolving lines of credit, which is kind of like a company's credit card to some degree, that it doesn't have to use it.발음듣기
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So this could be 6,000 bond certificates - let me see, and six million divided by 6,000, that's a thousand, right?발음듣기
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If I were to hold one of these, if I had one of these sitting on my desk right now, that tells me that Company XYZ is going to pay me $1,000 at some future date.발음듣기
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If I gave them $500 and then five years later they pay me $1000, they are essentially paying interest, right?발음듣기
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In that situation, where they're not kind of paying me interest as they go, this would be viewed as a zero coupon bond.발음듣기
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And I know I'm throwing out a lot of terminology, but it'll all make sense to you to in a second.발음듣기
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So zero coupon essentially means they're not paying interest until they pay off the whole loan.발음듣기
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But coupon is essentially a regular payment on the bond that the company makes, in this case XYZ will make, that is essentially - you can almost view it as a kind of interest.발음듣기
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But if you really had to figure out the interest that you're getting on the bond, you'd actually have to figure - and I'll do maybe a whole playlist on bond mathematics - you would have to figure out - It's based on the coupon, what you gave them, and then what they're going to pay you, and when they're going to do it.발음듣기
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So it's a little bit more complicated than just saying, oh, look at that, they're giving a 6% coupon, which essentially means twice a year they're going to give me 3% of the value of my bond.발음듣기
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Finance, and I think that's by design, by bond traders because they probably don't like the transparency there.발음듣기
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In a bond, you essentially - if I'm holding a $1,000 bond, that means that I've lent some amount of money to the company.발음듣기
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And as long as a company doesn't go bankrupt, they'll pay me some interest and pay me my money back.발음듣기
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When I own a stock in the company, I own a share of the equity, as opposed to a share of the debt, which is the case with the bond.발음듣기
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It's just saying look, you are a part owner of this company, and anything that any of the owners get, you'll get.발음듣기
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If the company gets sold by someone and pays x dollars per share for it, you'll get that money.발음듣기
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So that actually leads to an interesting question, if the company goes bankrupt - actually, let's do the example right now.발음듣기
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So the question that I'll leave you with in this video is, what happens in a situation where you enter bankruptcy?발음듣기
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Who is going to lose their money first, or you can almost say, who is more senior when it comes to actually getting their money back?발음듣기
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And I'll leave you with that, maybe to the next video, or a future video that I'll do on bankruptcy.발음듣기
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