And if we're going to fast forward 30 years into the future and look back, where do you think people are going to be dumbfounded that we didn't concentrate more right now on?

Great question.

By the way, there were no behavioral finance courses.

What I suggested to my students even back then was that they take negotiations courses because negotiations was the closest thing that they could get to understand.

And what's powerful about negotiation, as you know, is and I'm not a negotiations teacher, but I think that this idea, it's really a valuable idea in life, which is understanding the other person's point of view, right? So you have to understand what is acceptable to you and you have to understand where the other person's coming from.

And then obviously what you're trying to do is find a solution that's mutually advantageous.

So this idea of just literally understanding other people, and I think a lot of what comes down in behavioral finance is actually understanding the behaviors and thought processes of other people.

How much of this is just intuitive sixth sense for you at this point? And how much do you have to look to decision journals or other systematic ways to understand these? There's a

Can you maybe just define what intangible assets are and why do they matter? Why do investors even care about them?

So there are two aspects of this.

And by the way, again, Kai, you know, I think your listeners probably know this, but you've done some of the best work on this that's out there.

So I would also recommend that everybody go, if they haven't, I'm sure they've read all your stuff, but if they haven't, they can go back and revisit it and it'll be to their benefit.

Well, an intangible is basically something that's not tangible, right? So a tangible asset is something that you can look, touch, or feel.

An intangible doesn't have those characteristics.

So the kinds of things that would typically be in that bucket would include things like software code, research and development, advertising, training of your employees.

They do have assets, the assets just don't show up in the balance sheet because of accounting quirks.

Can you dive in a little bit to your roles there, what you did?

Yeah, so the key thing about the, I was at Drexel Burnham in that training program, you know, first part of that was training, which again was remedial for me.

So learning, going back to basics of accounting and learning a lot of the lingo of Wall Street, super valuable.

But the second thing that was even perhaps more valuable was we rotated through different departments of the firm.

And so that gave us exposure to all the trading desks, to investment banking, to research and so forth.

The end goal of that whole process, by the way, was to be a financial advisor.

So I'll get to that in just a second.

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