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Hello and welcome to Steve's desk. This final talk is about bankruptcy. If his expressed in this video are mostly universal, some are a little different, but the ideas and concepts will hopefully help you with the remaining homework in the class and give you a slightly different view of bankruptcy. As with previous lectures, you've noticed, I'd like to use a model, and today's model is called the circle of life. It's somewhat of an irony or a joke, but there's logic to it as well. Here's the story in the model: the circle of life for a person is very simple. At first, it has an inception. They appear in the world, they learn to grow and define themselves. During this phase, they know when they're kids, they know when they're teenagers. They grow rapidly and learn a lot about themselves in a short amount of time. They assimilate a lot about the world and experience all the contexts of the world in their small part of it. All sorts of amazing things happen here. Hopefully, if you're lucky, they mature. Not all do, but most do and need to live their lives as mature adults, with time being the greatest teacher. However, it kills off its students. Everyone passes away, becomes bankrupt, or just dies. And if you're a spiritual person, there is one more step. The last leg after you know having your time on earth. Perhaps you get recycled and turned into something else, who knows? But the same thing applies for a business. An entrepreneur can conceive that business and start building it. The inception of the business and the business, if somewhat successful or even totally successful, will undergo a rapid period of growth. This growth will eventually slow down into a mature...