Shay

Studying how the world's best investors think. Building AI systems to scale what I learn.

[Shay @xbtshay]

In 2001, Elon Musk flew to Moscow to buy a rocket.

He came home with a spreadsheet.

He had just sold PayPal. He was 30 years old, sitting on roughly $180 million, and obsessed with one idea: getting something - anything - to Mars. A small greenhouse, a few plants growing in Martian soil, beamed back to Earth on camera. Enough to make people look up again.

He found three former Soviet ICBMs for sale. The Russians wanted $20 million each. Musk thought that was negotiable. It wasn’t. On his third trip to Moscow, one of the officials spat on his shoes.

On the flight home, Musk opened his laptop and built a spreadsheet from scratch. He priced the raw materials in a rocket. Aluminum aerospace alloy. Carbon fiber. Titanium. Kerosene. Liquid oxygen. He weighed them. He costed them.

The raw materials came to roughly 2% of what the aerospace industry was charging for a finished rocket.

The clip is from a January 2013 conversation with Alison van Diggelen at the Computer History Museum. Musk describes the moment he decided to build rockets instead of buying them.

“I went to Russia three times to buy a rocket. They wouldn’t sell me one.”

“I said, why don’t we just build the rocket ourselves?”

“The cost of materials in a rocket is about two percent of the sale price. So there’s clearly room for improvement.”

Nobody in his life thought this was rational. His friends staged an intervention. They made him watch videos of rockets exploding. A compilation reel, one failure after another, to talk him out of it.

It didn’t work.

SpaceX started in June 2002 in a warehouse in El Segundo, California. Musk hired Tom Mueller, an engineer who had been building rocket engines in his garage. Their first engine, Merlin, was designed to be simple, cheap, and rebuildable.

Falcon 1 launched for the first time on March 24, 2006, from a small island in the Pacific. It failed after 25 seconds. The second attempt, in March 2007, failed. The third, in August 2008, failed.

By that point Musk had put almost everything he had into SpaceX and Tesla. Both companies were weeks from death. He borrowed money for rent.

Falcon 1’s fourth launch, on September 28, 2008, reached orbit. It was the first privately funded liquid-fuel rocket to do so. Musk had enough money left for one more attempt. There was no fifth chance.

The entire aerospace industry had operated on cost-plus contracts for decades. The government paid whatever Boeing and Lockheed charged, plus a guaranteed profit margin. Nobody had a reason to make rockets cheaper because nobody was paying with their own money.

Musk paid with his own money. That changed the math.

He didn’t invent new physics. He didn’t discover a new fuel. He opened a spreadsheet on a flight from Moscow and asked a question nobody in the industry had needed to ask: what does this actually cost?

Most industries aren’t broken by technology. They’re broken by pricing that nobody has audited in forty years. The breakthrough is the spreadsheet, not the engine.

[Shay @xbtshay]

Most people hear “200 employees” and think bad accounting. He wasn’t running a label. He was running a jobs program for people who were dying. The math was never going to work because it was never about math. He decided a person’s life was worth more than a tour check and paid accordingly. The bankruptcy filing reads like a failure. The obituary list he prevented doesn’t show up in any court document. He went broke on purpose. He just didn’t call it that.

[Shay @xbtshay]

The scariest part isn’t that they took his money. It’s that it was legal until he proved it wasn’t. A kid making $80K a week and the system around him - parents, advisers, managers - treated it like their paycheck. California had a law on the books specifically for this. 25% set aside. And it still disappeared. The structure was there to protect him and every person inside that structure failed. Most child stars never sue. They just go broke quietly and blame themselves.

[Shay @xbtshay]

In 2001, Elon Musk flew to Moscow to buy a rocket.

He came home with a spreadsheet.

He had just sold PayPal. He was 30 years old, sitting on roughly $180 million, and obsessed with one idea: getting something - anything - to Mars. A small greenhouse, a few plants growing in Martian soil, beamed back to Earth on camera. Enough to make people look up again.

He found three former Soviet ICBMs for sale. The Russians wanted $20 million each. Musk thought that was negotiable. It wasn’t. On his third trip to Moscow, one of the officials spat on his shoes.

On the flight home, Musk opened his laptop and built a spreadsheet from scratch. He priced the raw materials in a rocket. Aluminum aerospace alloy. Carbon fiber. Titanium. Kerosene. Liquid oxygen. He weighed them. He costed them.

The raw materials came to roughly 2% of what the aerospace industry was charging for a finished rocket.

The clip is from a January 2013 conversation with Alison van Diggelen at the Computer History Museum. Musk describes the moment he decided to build rockets instead of buying them.

“I went to Russia three times to buy a rocket. They wouldn’t sell me one.”

“I said, why don’t we just build the rocket ourselves?”

“The cost of materials in a rocket is about two percent of the sale price. So there’s clearly room for improvement.”

Nobody in his life thought this was rational. His friends staged an intervention. They made him watch videos of rockets exploding. A compilation reel, one failure after another, to talk him out of it.

It didn’t work.

SpaceX started in June 2002 in a warehouse in El Segundo, California. Musk hired Tom Mueller, an engineer who had been building rocket engines in his garage. Their first engine, Merlin, was designed to be simple, cheap, and rebuildable.

Falcon 1 launched for the first time on March 24, 2006, from a small island in the Pacific. It failed after 25 seconds. The second attempt, in March 2007, failed. The third, in August 2008, failed.

By that point Musk had put almost everything he had into SpaceX and Tesla. Both companies were weeks from death. He borrowed money for rent.

Falcon 1’s fourth launch, on September 28, 2008, reached orbit. It was the first privately funded liquid-fuel rocket to do so. Musk had enough money left for one more attempt. There was no fifth chance.

The entire aerospace industry had operated on cost-plus contracts for decades. The government paid whatever Boeing and Lockheed charged, plus a guaranteed profit margin. Nobody had a reason to make rockets cheaper because nobody was paying with their own money.

Musk paid with his own money. That changed the math.

He didn’t invent new physics. He didn’t discover a new fuel. He opened a spreadsheet on a flight from Moscow and asked a question nobody in the industry had needed to ask: what does this actually cost?

Most industries aren’t broken by technology. They’re broken by pricing that nobody has audited in forty years. The breakthrough is the spreadsheet, not the engine.

[Shay @xbtshay]

In 1995, Elon Musk enrolled in a physics PhD at Stanford.

He quit after two days.

He was 24, and he had figured out his list.

In college he asked himself one question: what will most affect the future of humanity? He came up with five things. Not in a lecture hall. Standing in the shower.

The internet. Sustainable energy. Making life multiplanetary. Genetics. Artificial intelligence.

Three of them he saw as clearly positive. Two had a question mark - they could go either way.

He picked the internet first. Not because it was the most important, but because it was the most urgent. The wave was happening right then, and he couldn’t just watch.

The clip is from a conversation with Steve Jurvetson at the Churchill Club. Musk walks through the list he made as a student and explains the logic behind it.

“The internet is like humanity acquiring a nervous system.”

“Sustainable energy - it’s not a question of if, it’s a question of when.”

“Making life multiplanetary - it’s a fundamental step in the evolution of life itself.”

That is Musk explaining how a kid from Pretoria, South Africa, decided what to spend his life on - before he had a company, before he had money, before anyone was listening.

The framework he used fits on a napkin.

Ask what matters at civilization scale, not career scale. He didn’t ask “what job pays well.” He asked “what changes the future.”

Pick the one with a deadline. The internet was exploding in 1995. If he waited, the window would close. Sustainable energy and space could wait. The internet couldn’t.

Don’t wait to feel ready. He dropped out of a Stanford PhD after two days. He started Zip2 with his brother and $28,000. They slept in the office and showered at the YMCA.

Sort your list by certainty, not excitement. Three of his five were clearly good. Two - AI and genetics - he filed as unknowns. He didn’t chase the most thrilling problem. He chased the clearest one.

Let the list compound. Zip2 sold for $307 million. That funded https://t.co/YiV91cHOC1, which became PayPal. PayPal funded SpaceX and Tesla. Each company checked off a different item on the same list he wrote in college.

Most people never write the list. They pick a major, take the first job that calls back, and spend decades optimizing inside someone else’s framework.

Musk wrote five lines in a shower at 19 and has been executing them for 30 years.

Write your list. Not your goals - your problems. The ones big enough that solving them would matter whether you succeed or not. You won’t get to all five. He hasn’t either. But the list decides everything that follows.

[Shay @xbtshay]

In 1995, Elon Musk enrolled in a physics PhD at Stanford.

He quit after two days.

He was 24, and he had figured out his list.

In college he asked himself one question: what will most affect the future of humanity? He came up with five things. Not in a lecture hall. Standing in the shower.

The internet. Sustainable energy. Making life multiplanetary. Genetics. Artificial intelligence.

Three of them he saw as clearly positive. Two had a question mark - they could go either way.

He picked the internet first. Not because it was the most important, but because it was the most urgent. The wave was happening right then, and he couldn’t just watch.

The clip is from a conversation with Steve Jurvetson at the Churchill Club. Musk walks through the list he made as a student and explains the logic behind it.

“The internet is like humanity acquiring a nervous system.”

“Sustainable energy - it’s not a question of if, it’s a question of when.”

“Making life multiplanetary - it’s a fundamental step in the evolution of life itself.”

That is Musk explaining how a kid from Pretoria, South Africa, decided what to spend his life on - before he had a company, before he had money, before anyone was listening.

The framework he used fits on a napkin.

Ask what matters at civilization scale, not career scale. He didn’t ask “what job pays well.” He asked “what changes the future.”

Pick the one with a deadline. The internet was exploding in 1995. If he waited, the window would close. Sustainable energy and space could wait. The internet couldn’t.

Don’t wait to feel ready. He dropped out of a Stanford PhD after two days. He started Zip2 with his brother and $28,000. They slept in the office and showered at the YMCA.

Sort your list by certainty, not excitement. Three of his five were clearly good. Two - AI and genetics - he filed as unknowns. He didn’t chase the most thrilling problem. He chased the clearest one.

Let the list compound. Zip2 sold for $307 million. That funded https://t.co/YiV91cHOC1, which became PayPal. PayPal funded SpaceX and Tesla. Each company checked off a different item on the same list he wrote in college.

Most people never write the list. They pick a major, take the first job that calls back, and spend decades optimizing inside someone else’s framework.

Musk wrote five lines in a shower at 19 and has been executing them for 30 years.

Write your list. Not your goals - your problems. The ones big enough that solving them would matter whether you succeed or not. You won’t get to all five. He hasn’t either. But the list decides everything that follows.

[Shay @xbtshay]

In April 2009, Elon Musk told a room in Silicon Valley how he and his brother started their first company.

"We slept in the office. We showered at the YMCA."

They had one computer. During the day it was the website. At night it was the development server.

He was 37. Nine years earlier he had sold that company, Zip2, to Compaq for $305 million.

In 1995 Elon and Kimbal Musk pooled about $15,000 in a small Palo Alto office. Elon had quit his Stanford Ph.D. after two days. Their idea was an online city guide, a directory that would put local businesses on the internet before most of them knew what the internet was.

They couldn't afford an apartment and a lease. So they cut the apartment. Futons on the office floor, showers at the local YMCA, instant noodles and code around the clock.

The clip is from the Churchill Club, Silicon Valley's longest-running tech forum. The host asks Musk about his brother. Instead of a family story, Musk gives a startup manual.

"We slept in the office and showered at the YMCA."

That is Musk on April 7, 2009, the same talk where he said General Motors couldn't afford to buy Tesla.

The money logic behind that office couch was already tested years before Zip2 existed.

At 17, a student in Ontario with almost nothing, he ran an experiment: could he survive on a dollar a day? Hot dogs and oranges bought in bulk. Pasta and green peppers when the hot dogs ran out.

"My threshold for existing was pretty low."

He wasn't being reckless. He was pricing himself. If food costs a dollar and rent is zero, the startup only has to cover the server. Everything else is runway.

Zip2's first investor demo used a standard PC crammed into a huge custom case so it looked like a minicomputer. The investors were impressed. By 1998 the company had 160 newspaper partners. In February 1999 Compaq bought Zip2 for $305 million. Elon walked away with $22 million. Kimbal with $15 million.

The full 93-minute talk is free on YouTube. In 17 years it has drawn about 333,000 views.

Most people solve rent before they start building. Musk solved rent by removing it. Work out what your floor actually costs before you decide you can't afford to start.

[Shay @xbtshay]

In April 2009, Elon Musk told a room in Silicon Valley how he and his brother started their first company.

"We slept in the office. We showered at the YMCA."

They had one computer. During the day it was the website. At night it was the development server.

He was 37. Nine years earlier he had sold that company, Zip2, to Compaq for $305 million.

In 1995 Elon and Kimbal Musk pooled about $15,000 in a small Palo Alto office. Elon had quit his Stanford Ph.D. after two days. Their idea was an online city guide, a directory that would put local businesses on the internet before most of them knew what the internet was.

They couldn't afford an apartment and a lease. So they cut the apartment. Futons on the office floor, showers at the local YMCA, instant noodles and code around the clock.

The clip is from the Churchill Club, Silicon Valley's longest-running tech forum. The host asks Musk about his brother. Instead of a family story, Musk gives a startup manual.

"We slept in the office and showered at the YMCA."

That is Musk on April 7, 2009, the same talk where he said General Motors couldn't afford to buy Tesla.

The money logic behind that office couch was already tested years before Zip2 existed.

At 17, a student in Ontario with almost nothing, he ran an experiment: could he survive on a dollar a day? Hot dogs and oranges bought in bulk. Pasta and green peppers when the hot dogs ran out.

"My threshold for existing was pretty low."

He wasn't being reckless. He was pricing himself. If food costs a dollar and rent is zero, the startup only has to cover the server. Everything else is runway.

Zip2's first investor demo used a standard PC crammed into a huge custom case so it looked like a minicomputer. The investors were impressed. By 1998 the company had 160 newspaper partners. In February 1999 Compaq bought Zip2 for $305 million. Elon walked away with $22 million. Kimbal with $15 million.

The full 93-minute talk is free on YouTube. In 17 years it has drawn about 333,000 views.

Most people solve rent before they start building. Musk solved rent by removing it. Work out what your floor actually costs before you decide you can't afford to start.

[Shay @xbtshay]

ZUCKERBERG GOT CAUGHT ON A HOT MIC AT THE WHITE HOUSE.

Trump sat Zuckerberg, Tim Cook, Sam Altman, and Bill Gates at the same table.

One by one, each stood up and thanked the president.

Cook: "I want to thank you for including me this evening."
Altman: "Finally a pro-innovation president. It's a very refreshing change."
But the real moment came when Zuckerberg thought the cameras weren't catching him.

The mic picked up a line he never planned to say publicly.

"I think it's probably gonna be something… I don't know, at least $600 billion. In the US - yeah."

Meta will spend $600B on American soil through 2028.

The same man Trump wanted to put in prison a few years ago - now sitting next to him, pledging more money into the economy than some countries' entire GDP.

Yesterday's enemies at the same dinner table. The question isn't why they made peace - it's what each of them got in return.

[Shay @xbtshay]

@batagonx true, but $600B makes this one hit different

[Shay @xbtshay]

ZUCKERBERG GOT CAUGHT ON A HOT MIC AT THE WHITE HOUSE.

Trump sat Zuckerberg, Tim Cook, Sam Altman, and Bill Gates at the same table.

One by one, each stood up and thanked the president.

Cook: "I want to thank you for including me this evening."
Altman: "Finally a pro-innovation president. It's a very refreshing change."
But the real moment came when Zuckerberg thought the cameras weren't catching him.

The mic picked up a line he never planned to say publicly.

"I think it's probably gonna be something… I don't know, at least $600 billion. In the US - yeah."

Meta will spend $600B on American soil through 2028.

The same man Trump wanted to put in prison a few years ago - now sitting next to him, pledging more money into the economy than some countries' entire GDP.

Yesterday's enemies at the same dinner table. The question isn't why they made peace - it's what each of them got in return.

[Shay @xbtshay]

THOMAS RUSSO HAS HELD NESTLÉ FOR DECADES. THE STOCK WENT NOWHERE FOR TEN OF THEM.

He kept buying.

Russo runs $10B+ and gave a talk at Google about the one edge that survives every market cycle - one most professional money managers structurally cannot have.

He calls it "capacity to suffer."

Pension funds report to boards quarterly. Hedge funds face redemptions. Most capital can't sit in a stock that's bleeding for three years, even when the thesis is right. Russo can.

When Nestlé spent billions entering China in the '90s, earnings flatlined. Shareholders left. Russo bought more. China now generates more revenue for Nestlé than entire countries produce.

He finds companies that reinvest instead of paying dividends - Heineken building breweries across Africa, Mastercard wiring payment rails through rural Asia. The stocks look dead for years. Then the reinvestment compounds and the price catches up all at once.

Forty years of returns built on one idea. The investors who can bleed longest win.

Timestamps:
0:00 - Introduction
3:28 - Russo's investment philosophy
14:00 - "Capacity to Suffer" framework
31:30 - Navigating the 2008 crisis
42:00 - Nestlé: 35-year planning horizon
45:30 - Pernod Ricard deep dive
52:30 - Brown-Forman / Jack Daniel's global expansion
56:00 - Track record & annual returns
63:00 - Q&A

[Shay @xbtshay]

COLUMBIA PROFESSOR WHO TRAINED HALF OF WALL STREET'S TOP FUND MANAGERS SITS DOWN AND SAYS GRAHAM GOT IT WRONG

Not partly wrong. Structurally wrong.

Bruce Greenwald taught value investing in the same classroom where Buffett once sat as a student. The New York Times called him "a guru to Wall Street's gurus."

And he opens this talk by taking apart the framework that every value investor alive learned first.

He walks through how Graham valued companies. Step by step. Then he stops and shows where the math breaks - and why it breaks worse the better the company is.

The fix he built changes one assumption. One. The rest of the framework stays.

But that one change splits every stock you'll ever look at into two categories. And most investors have been using the wrong one for decades.

Buffett figured this out on his own. Greenwald put it in a formula.

He taught that formula in the same room where Graham taught the original.

[Shay @xbtshay]

COLUMBIA PROFESSOR WHO TRAINED HALF OF WALL STREET'S TOP FUND MANAGERS SITS DOWN AND SAYS GRAHAM GOT IT WRONG

Not partly wrong. Structurally wrong.

Bruce Greenwald taught value investing in the same classroom where Buffett once sat as a student. The New York Times called him "a guru to Wall Street's gurus."

And he opens this talk by taking apart the framework that every value investor alive learned first.

He walks through how Graham valued companies. Step by step. Then he stops and shows where the math breaks - and why it breaks worse the better the company is.

The fix he built changes one assumption. One. The rest of the framework stays.

But that one change splits every stock you'll ever look at into two categories. And most investors have been using the wrong one for decades.

Buffett figured this out on his own. Greenwald put it in a formula.

He taught that formula in the same room where Graham taught the original.

[Shay @xbtshay]

ROBERT SHILLER PREDICTED THE 2008 CRASH YEARS BEFORE THE FIRST BANK WENT UNDER. THEN YALE HANDED HIM A CLASSROOM FULL OF FUTURE FUND MANAGERS

First thing he does - puts up a salary chart.

Looks like filler. The kind of slide you'd check your phone through.

Then he stops on one number. Asks the room a question about it. Nobody answers.

That number changes what "picking the right career" actually means. And it has nothing to do with how much the job pays.

Halfway through he pulls up a photo of another Nobel laureate. Not to praise him. To use his research as evidence against everyone sitting in that room.

The lecture is free. The tuition to sit where those students sat is $60,000 a year.

Shiller opened by showing them what the tuition doesn't cover.

[Shay @xbtshay]

NOBEL LAUREATE WALKS INTO HIS FIRST FINANCE LECTURE AND OPENS WITH A LINE NO TEXTBOOK WOULD PRINT

Shiller called the 2008 crash.

Not in hindsight. Not "I told you so." He published the research years before the first bank started drowning.

And this man walks into a Yale auditorium and the first thing he does is explain why everything you know about money is working against you.

He puts up a slide of occupations and income. Nothing fancy. But then he asks one question - and the entire room goes quiet.

Because that question breaks the logic most people use to make every financial decision they'll ever make.

Then he pulls up a photo of Kahneman. One Nobel laureate quoting another - to explain the one bug in human thinking that turns smart people into terrible investors.

Yale students pay $60,000 a year for that seat in the room.

And Shiller opened by questioning the very reason they showed up.

[Shay @xbtshay]

NOBEL LAUREATE WALKS INTO HIS FIRST FINANCE LECTURE AND OPENS WITH A LINE NO TEXTBOOK WOULD PRINT

Shiller called the 2008 crash.

Not in hindsight. Not "I told you so." He published the research years before the first bank started drowning.

And this man walks into a Yale auditorium and the first thing he does is explain why everything you know about money is working against you.

He puts up a slide of occupations and income. Nothing fancy. But then he asks one question - and the entire room goes quiet.

Because that question breaks the logic most people use to make every financial decision they'll ever make.

Then he pulls up a photo of Kahneman. One Nobel laureate quoting another - to explain the one bug in human thinking that turns smart people into terrible investors.

Yale students pay $60,000 a year for that seat in the room.

And Shiller opened by questioning the very reason they showed up.

[Shay @xbtshay]

ONE LEMONADE STAND. IT LOSES MONEY IN YEAR ONE. BILL ACKMAN USES IT TO TEACH YOU EVERYTHING HE KNOWS.

In 2012 the man running billions at Pershing Square sat down to explain all of finance in under an hour.

He started with $500 of stock, $250 of debt, and 800 cups of lemonade.

Year one: a 1.3% margin. After interest, a loss.

Almost anyone would shut it down. He asks one question instead, and by year five that same stand is worth a number you'd never guess from where it started.

On the way there, he does three things I didn't see coming:

He shows why the lender who settled for 10% wasn't the fool, and which side of that deal your savings account is on.

He puts up a single table: 10% vs 15% over 43 years. The gap in the last row is why he wants you starting at 22.

He names the one investment almost everyone dreams about, and tells you to stay away from it.

13 million people have watched it.

The stand still loses money in year one. That's the whole lesson.

[Shay @xbtshay]

ONE LEMONADE STAND. IT LOSES MONEY IN YEAR ONE. BILL ACKMAN USES IT TO TEACH YOU EVERYTHING HE KNOWS.

In 2012 the man running billions at Pershing Square sat down to explain all of finance in under an hour.

He started with $500 of stock, $250 of debt, and 800 cups of lemonade.

Year one: a 1.3% margin. After interest, a loss.

Almost anyone would shut it down. He asks one question instead, and by year five that same stand is worth a number you'd never guess from where it started.

On the way there, he does three things I didn't see coming:

He shows why the lender who settled for 10% wasn't the fool, and which side of that deal your savings account is on.

He puts up a single table: 10% vs 15% over 43 years. The gap in the last row is why he wants you starting at 22.

He names the one investment almost everyone dreams about, and tells you to stay away from it.

13 million people have watched it.

The stand still loses money in year one. That's the whole lesson.

[Shay @xbtshay]

@Neighboritto Simplicity wins every time! 🎯

[Shay @xbtshay]

EVERY SEMESTER, NYU STUDENTS LINE UP AT 6 AM TO GET A SEAT IN HIS CLASS. HE TEACHES THE SAME COURSE HE HAS TAUGHT FOR 38 YEARS. HE HAS NEVER MANAGED A DOLLAR OF OTHER PEOPLE'S MONEY.

Wall Street calls him the Dean of Valuation. His name is Aswath Damodaran.

He does not run a fund. He does not charge 2 and 20. He is a professor who wears a cardigan and a turtleneck and stands in front of rooms explaining what things are worth.

Every investor in this series managed billions. Greenblatt had Gotham Capital. Lynch had Magellan. Marks had Oaktree. Pabrai had his funds. Dalio had Bridgewater.

Damodaran has a spreadsheet. He has posted it online. It is free. Anyone can download it and value any company on earth. Almost no one does.

In 2015 he walked onto the Talks at Google stage - the same stage, the same room, the same whiteboard markers - and said his first sentence. It was four words. Those four words are on the first slide and they disqualify roughly half of Wall Street from the conversation. He did not raise his voice. He said it the way a doctor tells you something you already should have known.

He gave the room four lessons. Four. Not twenty-eight models. Not five paths. Not a magic formula. Four things that determine what anything on earth - a stock, a startup, a sandwich shop, Google itself - is actually worth.

One of the four is about stories. He said every valuation is a story first and a number second. He said the analysts who get it wrong are not bad at math. They are bad at narrative. He said this to a room full of engineers at the most data-driven company in the world.

He then valued a company live. He did not say which one in advance. He built the model in real time. What number he arrived at - and how far it was from the stock price that day - is the kind of moment that makes you pause the video and open a brokerage tab.

Greenblatt told you what to buy. Lynch told you what to know. Marks told you when to stop. Dalio told you where you are.

Damodaran told you what any of it is worth.