Okay, now we've been talking about, how do we evaluate proposals in the high level sense? What kind of financial statements and financial metrics there are related to project proposals? What's the alternative way of looking at ROI? But now let's talk about something a little bit more interesting, maybe, certainly more interesting to me, I think, and that is valuation. How do you think corporate decisions are made regarding investing in your project? If you don't know that, you better find out before you go stand up in front of your corporate finance group and try to pitch an idea. So, in the, I hate to say old days, essentially some time ago, there was this investment approach or there was this theory behind investment decisions versus financing decisions. Developed by two people called Modigliani and Miller. I'll just say M and M from this point on because it's so hard to pronounce. And they theorized, and it was very generally accepted for a very long time, that the decision to invest was completely independent and could never be mixed together with the financing of that investment, okay. And so that's how corporate investment decisions were made for a very long time. In fact, when I was at Mobil Corporation and doing this type of work, when we made investment proposals, we never talked about the cost of finance. Because we just assumed that our hurdle rate took all that into play. Now, and that's a good segue into the next thing on the slide. Hurdle rates, we talked about hurdle rates. So what are hurdle rates, okay? It's also called the cost of capital, it's also called opportunity cost. And that is basically a rate expressed in a percent, like 15%. Below it, if your project returns a return on its investment below the hurdle rate, say 14%, the investment will never be. So it's a hurdle. You have to hurdle over the hurdle rate. Your investment must be above the hurdle rate in order to be considered as a reasonable project to consider investing in. Don't forget, you're competing against other projects in your organization, so you may beat the hurdle rate, but you may get beaten out by somebody that has a higher ROI versus your project ROI. Because, don't forget, that corporate resources are not unlimited. They're limited and they're scarce. So, as I said, said several times throughout the lectures and the course so far, this is not a course in corporate finance. But many of the discussions we're going to have over the next few days, next few lectures, come out of the corporate finance playbook. So my goal is to teach you, corporate entrepreneur, who's watching this lecture. I'm going to arm you with enough knowledge so that you can relate to how senior executives and the people in your corporate finance group evaluate your proposal. You should understand that, because if you don't understand that, then you're going to be at a significant disadvantage versus somebody who does understand it. So we'll be talking about that more later.