 Thank you all for being here. This is really exciting. What's exciting about this is the opportunity to talk about entrepreneurship, about morality, about the function of entrepreneurs at a venture, at a university that embeds that spirit. This is an entrepreneurial venture, a new university, a new project. And that to me is extraordinarily exciting. It's not like going to some old university that's been around forever and they don't, their professors and administrators don't have a clue what entrepreneurship is because all they've done is studied it at school and they find it in class. Here you have people who are living it every day. And that's unique. It's a unique opportunity for you as students. And I think a unique opportunity for the faculty and administrators as well. Let me also apologize that I'm not speaking Spanish, but given that I don't know any, it's probably a good thing that I don't trust. So I want to start off with a question. What is entrepreneurship? It's a word that we throw out there quite easily, quite often, that we can discover, we discuss through debate, but to me it's important that we clarify terms, that we know what we are talking about. So what does it mean to be an entrepreneur? What is the idea of entrepreneurship mean? And if I understand it, this university is very much focused on the idea of entrepreneurship. That you as students will one day, the goal of the university is to help you, train you to be entrepreneurs, not just to be engineers, but to be engineers who are entrepreneurial. What does that mean? I'm getting feedback from the... So what does it mean when we say entrepreneur? Now my definition of entrepreneurship is different than most. Most people consider entrepreneur somebody who starts a business, right? You start your own business. That's an entrepreneur. But what is the basis for starting a business? Why would you start a business? What is it in the world out there that causes you to want to start a business? It's an opportunity, an opportunity to do what? What is business about? You can yell out if you want. What's business about? Making money, right? And it's a little embarrassing to say, and that's why we laugh a little bit, right? All audiences, be here that way. Making money is why you start businesses. Business is about making money. Now how do we make money? How do you make money? This is entrepreneurship 101. How do you make money? By doing what? What do you have to produce? What do you have to create in order to make money? A product, a service, a value that other people want to buy, are willing to buy, at a price that's higher than what it costs you to produce. So why does Apple make a profit on the iPhone? You know, in America these are cheaper than they are in Colombia, so this only costs me $300. What's this worth to me if I pay $300 for it? What's this cost for me? Just yell out. What's the cost, what's the worth to me if I pay $300 for it? There's a shy. Yeah, South Americans are not supposed to be shy. $300. $300? Then why would I pay $300? Why would I pay $300 if I pay $300 out of my pocket and give it to somebody? If this is only worth $50 for me, I'd stay at home. How much is a worth to me? A lot more. A lot more than $300. Because that's why I'm willing to give up $300 to get something more valuable to my life than the $300 that I'm giving up. So an entrepreneur, somebody who creates a product that people value more than the price. Now what's this worth to Apple? More than $300? I know this is trivial, but just play along, right? Less than $300 because they make a lot of profit on this, right? They make a lot of money on it. So entrepreneurship is about creating values that you can profit off of. And at the bottom line, I believe that entrepreneurship is about finding profit opportunities and taking advantage of it. Entrepreneurship fundamentally is about finding profit opportunities and taking advantage of them by making money. It could be by starting your own business and building new products or starting a store by having a state engineering service company. It could be by discovering a new way to get oil out of the ground like fracking was a new way up into recent. But it could be working in a big company and discovering a new way for the company to make money. Entrepreneurs exist in companies and outside companies. It's not only about starting your own business. It's about discovering profit opportunities and taking advantage of them. That can be done inside or outside a larger enterprise. But what's interesting is despite of the fact that we all love entrepreneurs and we all kind of understand that that's what it's all about, there's a certain discomfort about the idea of making money. We're not that comfortable about it. And generally in the culture we live in, at least in the United States but I suspect in Columbia as well, there's a certain discomfort about markets, about free markets, about marketing with entrepreneurs can start businesses wherever they want, whenever they want, however they want to start them. Because the fact is that in Columbia and in the United States we don't allow entrepreneurs to go out and do whatever they want. We regulate them, we control them, we supervise them. We want to make sure that they do what we think is right. So what is it about entrepreneurship? Not the word, but the activity. What is it about profit? And we feel a little uncomfortable about it. Making money makes us that. It can't be worked like it's really about. What is it about that that makes us uncomfortable? What is business about even broader than entrepreneurship? What's business about it? Making money. Now, is it just about making money? Or even entrepreneurship? This is just about making money. What else is being an entrepreneur, being a businessman about other than making money? Like Steve Jobs, did he make this iPhone only to make money? He made it to make money, right? We know that because the profit margin on this is 50%. If he didn't want to make money, if he only cared about me, then he would sell it for half price. That would be nice of him. But no, he wants to suck every last dollar out of me. But what else motivated Steve Jobs other than just making money? What motivates you? You're not doing this just to make money. What else motivates you? What's that? It's a speaker. Yeah, but why do you care about the utility of the iPhone when you create it? What is it about it that motivates you to go to work, to go and create something like this? Yeah, we love finding solutions to problems. Particularly engineers, right? We love that math problem. Some of us anyway, right? By the way, I'm a civil engineer in my previous life time ago. It's been a while, but I was a civil engineer once, so I know a little bit about engineering. I don't remember much, but a long time ago I knew something. We love the process of solving problems. We love getting up in the morning and being challenged and going out and solving that challenge. Steve Jobs wanted to make the best phone in the world. He wanted to make a beautiful phone because Steve Jobs had an aesthetic, right? One of the things that made out as strong as its aesthetic. Steve Jobs was not only motivated by money. He was motivated by beauty. He was motivated by the challenge. He was motivated by passion. He was motivated by love. Love of a beautiful product. Love of the work. Love of the thought process. Love of the challenge that's involved. And you should be motivated by love. Choose a career. By the way, Steve Jobs said this. I'm just repeating what he said today. You can find it on YouTube if you look for Steve Jobs, Stanford University. He gave a speech at Stanford University and he told the students. He said, you will spend more of your life at work. Working. Anywhere else. You will spend more of your effort, more of your energy at work than anywhere else. So make sure you love what you do. Make sure you have passion for what you do. Make sure that in the morning when you go to work, you're excited. You're not draining it. Because it's your life. So Steve Jobs built this iPhone for whom? For Steve Jobs. To make money. For Steve Jobs. And because Steve Jobs had a passion for this. To make him happy. He didn't know me. He didn't care about me. He didn't know you. He doesn't care about you. Steve Jobs made this for Steve Jobs. Producers. People who go to work. People who make stuff. Make it because they love it. Make it because they're trying to make a living. Now when I bought my first iPhone. It was 2008. And the economy of the United States was kind of going into a session. Spiling down, right? So I went and bought my first iPhone. Because I wanted to stimulate the US economy. Right? Because that's why you go shopping. You go shopping because you want to help your fellow man. You want to make sure people have jobs. You want to help the economy go along. Right? I'm not going to ask who believes that. Because I worry about anybody saying yes. No, why are you going shopping? For whom? For yourself. You go shopping for you. I bought the iPhone because I thought it was cool. I bought the iPhone because I thought it would make me more productive. I bought the iPhone from me. So one of the things that makes us a little uncomfortable about business. A little uncomfortable about markets. Not a little. Actually a lot uncomfortable about business and markets. Is that business and markets are about what? They're about the pursuit of what? They're about the pursuit of something first. They're about the pursuit of making your life better. Whether you're a shopper, as a consumer, or as a producer, as an employee. Free markets are about ecoistic behavior. About me. Each one of us. Me. Your love for your job. Your profit from your job. Your challenging job. It's about my stuff that I want to buy. That's what makes markets work. And markets reward people who are really good at that. Who find profits. Who know how to make money. What passionate about they work. They're the ones who get rewarded. They're the ones who advance. They're the ones who do well. It's a system of self-interest. It's a system that feeds on self-interest. That encourages self-interest. It's in a while they're sad because I know that everybody takes their headphones off. Now what do our mothers teach us about self-interest? About being an egoist. Yeah, right? I mean I can tell you what my mother taught me. Since I was this big. My mother taught me. Think of yourself last. Think of others first. Sacrifice. That's good. That's noble. That's virtue. Selflessness. What does selflessness mean? Not thinking of self. Not taking your own wants, desires, passions into account. Thinking of others. That's the whole point of ethics. We are taught. It's other people. You know what Steve Jobs is attacked for? There's a new book in Steve Jobs' life that says he was a horrible person. You know why he was a horrible person? Because he didn't do any philanthropy. He created the most successful company in the world. He changed my life. He changed most of your life. Actually all of your life. Because if you don't have an apple, you have a Samsung which is copying apple. He changed all of our life. He changed the entire world. But he didn't do philanthropy. It's not good. Why is the fact that he changed all of our lives not enough? Because he made money doing it. Because he thought about himself. And because he loved what he did. We have a moral code. We have an ethical belief system. We in the war today. No particular country. Every war. It's sad. Selflessness is good. Sacrifice is good. Helping others is good. Giving is good. Sharing is good. Building, making, creating, profit, money and not so good. That's why when I say business is about making money. You go, yeah we know but it's a little embarrassing. Because that's what our mothers thought. Take somebody like Bill Gates who changed the world with Microsoft. He made 70 billion dollars for himself. But he changed the world. Not a human being on his planet has been untouched by Bill Gates' Microsoft. All of our lives are better because of him. How much ethical moral credit does he get from that? None. Actually some negative. Because he made a lot of money. Too much money. I mean there's an old discussion now in the world about inequality. How dare somebody make 50 billion dollars for himself. The fact that he created trillions of dollars worth for us. That doesn't count. Because he made 50 billion for himself. Now when does Bill Gates become a good guy? Yeah he leaves Microsoft. God forbid he should still make any money. And he starts giving his money away. In a foundation. How many lives will he affect it in a foundation? Some. Some. But a lot less than he did in Microsoft. A lot less than he did in Microsoft. How much moral credit does he get at the foundation? A lot. That's cool. Giving is good. Making, creating, building and... You're not convinced. How do we make Bill Gates a saint? I know this is the Catholic country. You have to be careful. How do we make Bill Gates so admired? That we build roads and name him after them. That we build sculptures. That we make paintings of him. Because he's not a saint yet. Why is he not a saint yet? He hasn't died. If he died tomorrow, nobody would name a road after Bill Gates. Why? Because he's still rich. He still lives in a big house. And he sees that he had fun. Saints don't have fun. Bill Gates can only be a saint if he gives all his money away, moves into a tent, and if he'd bleed a little bit for us, suffer a little bit for us, then we would admire him. But to me, that's all messed up. That's all messed up. Bill Gates had challenges. He overcame them. He used his mind to make his life a good life. He took care of his family. Yes, he lives in a beautiful house. Good for Bill Gates. He changed the world. But first and foremost, he made his, he really made his life mean something. He produced, he created, he built. To me, that's what deserves more credit. That's what's good enough. That's what's true. The fact that he made $50 billion means that he created a lot of value for you, for me, for all of us, for himself. $50 billion is a fraction of what he did for us. He deserves it. Good for him. It's a justice that he has $50 billion given how much he's contributed to the world. He is a great entrepreneur. Should be celebrated. We should have sculptures for Bill Gates and Steve Jobs and many of the other entrepreneurs throughout human history who built stuff, created stuff. And yes, made a lot of money because that's what entrepreneurs do. They make money. That's the whole point. If you're an entrepreneur and you don't make money, what is that called? A failure. The whole point is to find proper opportunities and take advantage of them. So, my view is I want to challenge you in a sense. Not in a sense. I want to challenge you. I want to challenge your great fundamental beliefs because I don't believe morality is about being selfless. I don't believe morality is about sacrifice, about helping others. I believe morality is fundamentally about taking care of yourself. Making your life the best life that it can be. Living up to your fullest potential. Aristotle, the great Greek philosopher, said that the purpose of morality, the purpose of ethics was to provide us with guidance, to provide us with the virtues and values that would lead to a great life, to a happy life, to a flourishing life. There's a word in Greek called eutomineia, which is the purpose of life. Eutomineia means happiness, flourishing. So, the purpose of morality should be not to sacrifice, not to be selfless, but to be self-interested, to think about what's really good for me, what will make my life the best life that it can be. And that's not easy. It's not easy to figure out what's good for you. It's hard, just like entrepreneurship is hard. It's hard to figure out what's right for me, what's going to make my life good, what's going to make my me happy. We make mistakes all the time. The question is, what do we do with them? So it's really important that we have some guidance. Like, what is the most important thing? If you cared about your own life, if you wanted to be a great entrepreneur but more importantly, if you wanted to be a great person for yourself, what is the most important value? What is the thing that is most important? Or what makes possible all human values? What's that? Love. Love's important. But yet eat it. When it doesn't bring food to my table. Survive? What's that? Survive? Survive? Survive? Yeah, survival is important, but I'm asking what value makes it possible for you to survive? What makes it possible for human beings to survive? Just look. If you look around the room, look at your neighbor, you can look, but not that bad, there's a lag in the translation and they laugh like three seconds after I tell the truth. That was perfect, thank you. Yeah, two and a half seconds. If you look around the room as an animal, as a biological entity, we are pretty pathetic. Just look at your neighbor. We're weak. We're slow. We have no claws. We have no fangs. I mean, you try running down, what's a good animal here? It's like a bison. Do you have a bison or buffalo? You don't want a bison and a buffalo? You try running down the bison and biting into it. You can't do it. We're not built for it. And yet, last time I was in Colorado, I ate a great bison buffalo. And here I am. And where's the bison? So what is it that makes it possible for you to hunt a bison? For you to eat the bison buffalo? Yeah, it's your mind. What's uniquely human? What makes it possible for human beings to survive? What makes it possible for human beings to thrive? What makes it possible for every human value, from food to clothes, anybody here at the clothes making gene or the agricultural instinct, we don't have any instincts. Not the way animals do. We have to figure everything out. If we don't figure everything out, we die as a species. Yet we thrive. We do fantastically well. We're living longer than ever. We have more technology than ever. We have the other one capability that we have. And that is to use our reason, to use our mind, to think. One of the core principles I know of the elites of the university is thinking. And it's not just the core principle of a university. It's a core principle of life. It's your number one, it should be. Your number one value. If you care about your life, if you care about being a good entrepreneur, if you care about being a great engineer, then the most important thing you should cultivate is your ability to think, your ability to use your mind, your ability to reason, your ability to observe reality, integrate the facts, solve problems. That's what we have in store. So we want to live in a world which leaves our mind free. That lets us think outside of the box. And people don't like it when you think outside of the box. Ask Galileo. I hear in Colombia, you could ask Uber. You banned Uber. No Uber in Bogota. Because they've upset people, right? Because they think outside of the box. Entrepreneurs. What's the whole point of being an entrepreneur is thinking outside of the box? It's taking new thoughts. Every new piece of knowledge. Every new thought upsets somebody. Uber upsets taxi drivers. Galileo upsets the Pope. Every new thought upsets somebody. Even the thoughts I'm expressing right now, I'm sure I'm upsetting somebody. But that's good. I'd like to create cognitive disabilities. What are universities about if not to stimulate thinking, to challenge you, to expose you to new ideas? So in our view, you should live for yourself. You should make your life the best life that it can be. And the way to do that, the way to do that is by using your mind. It's by rationally figuring out what values you should pursue in life. Just like you do a business plan, right? You guys will know how to do business plans by the time you leave here. You should have a life plan. You should devote as much energy, actually a lot more energy, to figuring out your life plan and you do a business plan. Because a business plan is just part of your life. It's about living, which requires thinking. But thinking is not good enough. So I have to think. We have to act on those thoughts. And what's the most important action we take based on our reason? In order to survive. What do we have to do to survive? Once we've thought. Yeah, create. Whether it's to create a weapon so we can shoot the bison down. Whether it's to create a strategy so we can together hunt the bison, maybe build a trap. Right? Whether it's to create agriculture. You know, people, human beings supposedly have been around for about 2 million years. 2 million years. How long have we had agriculture? 10,000. Can you imagine what kind of revolution that was? You think an iPhone is cool. Right? When they invented agriculture, they really thought it was cool. And the first person to figure out that when you drop a seed on the ground and you water it a little bit, a plant grows from it, it looks like an Einstein. That was an Einstein. But that wasn't good enough. I didn't create agriculture. Who created agriculture? Bill Gates of 10,000 years ago. He said, oh, that works. That works. I can turn this into an industry. I can sow seeds all along and then we can cut it and we can sell it to people. He was the first entrepreneur. He saw a profit opportunity. At times, he took scientific knowledge and turned it into a business. That's what entrepreneurs do. They take scientific knowledge and turn it into a business that makes money, that is profitable. So it's not enough to think you have to act on those thoughts. And the primary action we need to take is to be productive. It's to create value. It's to make build. And that's true of everybody. You're told that many kindness to you that would drive the economy as consumption. Consumption drives the economy. We need more consumption because that's what will drive the economy. That is one of the dumbest ideas ever created by human beings. I'm sorry if there are any economies too. I guess I don't need to insult you. Why? What do we need to do before we consume something? When do you get the money to consume? You have to produce. So to consume you have to first produce. So production has to come before consumption. You can't consume unless you have a job. You can't consume unless you're creating something. You can't consume unless you're creating some value. And what are you consuming? Something somebody else produces. So there's production that you have to make. There's production somebody else has to make. And then there's consumption. Consumption can't be what drives the economy. Production drives the economy. How many of you have a problem of consumption? If you have money in your pocket, how many of you have real trouble spending it? Nobody has problems consuming. Consumption is easy. If somebody has a job and if you're securing that job and they pay their bills, they're going to spend the money. The problem is the jobs. Do you think economically? How do we create production? How do we stimulate economic growth through production, not through consumption? That's easy. Just give my wife some money. Can we take that out of the video? So in my world, the small view of the world that I have that I learned from Ayn Rand, the purpose of life is to flourish. The purpose of life is to be happy. The purpose of life is to make yourself happy. Nobody else can do it for you. You have to do it. And that flourishing, that happiness requires at the very least two important actions. One, to be rational, to think, to figure stuff out. It's our tool. It's our means by which we know reality. And second, we have to produce. We have to work. We have to create value. That to me, if I see somebody like Bill Gates, like Steve Jobs, they're clearly rational at least in your work. They're clearly productive. They're clearly creating value. And you can see that by the fact that they're making money. Making money is a good measure of value creation. They're good guys. They're really great. In my world, they're saints. They are the good guys. They are the moral heroes. They're the ones to set you should be broke for. Because they did the kind of things that are made there like good. They thought and they acted in a productive way. Not because they helped all of us. That's just a bonus. But because they helped themselves. Because they made their life really, really good. And when you make your life really, really good, you help other people. Not because you're trying. Because that's part of the way in which production works. We're all better off when we have billionaires in a free market. Not when they come and steal money from some people and give it to the billionaires. But when we're freely exchanged. When we're free to create. When we're free to produce. And when we're free to trade. So, what I'm asking you to do is to give. Something your mother has taught you. Something that your preacher has told you. Something that the philosophers have taught you. That morality somehow is about sacrifice. It's about others. It's about helping and sharing and giving and all this stuff. Some of that is nice. I hope that it's nice to share. But that's not what the essence of morality is. I challenge you to rethink morality. And to say no. What the good is. What the moral is. Is what's good for me. But properly good for me. Now, that sounds a little weird. Because that sounds like what I'm advocating for is to be selfish. But what do we understand? What do we be taught that selfishness means? Selfishness means what? Is it a good thing or bad thing? No. Why is it bad? What kind of behavior is that selfishness and courage? Thinking and producing? No, nobody ever taught you that. I'm the first person who ever told you that it's in your self interest to think and produce. What does everybody tell you that selfishness would lead to? Come on, you can tell them when you point a kid in the schoolyard and say he's selfish. What do you mean? He's a what? What's that? Speak up. Somebody translate. Nobody think about themselves but it's not just that. It's not like this kid is thinking about how I can make my life the best life that it can be. That's not what we point to. It's because he's going to lie, steal, cheat. He's going to exploit you in order to make himself bad. That's the fear we have. That's what we be taught. We be taught that self-interest equals cheating being a really bad person. We be taught that some of your self-interest that he's going to exploit you is going to take advantage of you. He's not going to care what I order about you. That's nonsense. How many of you have ever lied? Lying is a really, really bad strategy if you want to take care of your own life. Lying is just plain stupid because one, you almost always get caught. And if you do it in business, what happens to people who lie in business? Nobody wants to do business with them again. The other businessmen shun them and you get a bad reputation and you're not going to be successful. What happens in your personal life? If you lie to your wife, maybe you can get away with it, but if you lie regularly to your wife, she's going to leave you. If you lie to your friends and they catch you, they're not going to be your friends. Lying does not generate value. Lying is a destructive policy. It's bad for you. If you're really self-interested, if you really care about your life, you wouldn't lie. Because lying on a meditate is the opposite of being rational. What does rationality require? What does engineering require? Do you know what to solve an engineering problem? What is the first thing you need? Well, you have a problem. How are you going to solve it? What's the first thing you want? Facts. Information. Real facts. True facts. Because what happens if you introduce into your problem, solving, falsehoods? What's the solution going to be? Mom, we're not going to solve the problem. We're going to solve it in computer science. It's called very simple. It's called garbage in garbage out. That could be an engineering experiment, right? Garbage into engineering, garbage out. I use the wrong facts to build a bridge. It comes down. That's your lie. If you start lying, you're putting in garbage. You're going to get garbage out. If reason is really the most important thing, if rationality is thinking, the most important thing for your life, lying is a self-destructive strategy. It's bad for you. What about stealing? Oh, there's a pile of money there. Nobody's going to catch me. I'm just going to take it, and then I can consume. That's cool, right? Why not? Why isn't that for you to steal? What makes you happy? What makes a human being happy? What makes a human being feel good about himself? What makes a human being success? What's that? What you care about your life? Is that what you mean? Oh, you own your living. Yes. So what you need in order to be happy and not to flourish is self-esteem. Self-esteem. A sense, I am capable. I am good for this world. I can take care of myself. I am a value. And when do you get your self-esteem? Mostly. Where do you get your self-esteem? Where are you going to be in your life challenged? Where are you going to be driven? It's in your career, in your job. You're talking about the importance of being productive, right? Because that's where you get your self-esteem from. And when you earn money, even in the simplest job, I don't know if you remember, I don't know how many of you did this when you were kids, and you got your first job and somebody paid you your first paycheck or your first cash, and you burned it because you did something. That felt good. It feels good to know that you've earned something, that you deserve it, that you've produced something, that you've created about, it makes you feel valuable. That's self-esteem. That's true happiness is built from that. When you steal something, what are you basically telling yourself? I can't make it. I can't produce. I can't earn it. I have to take somebody else's earnings. I have to live off of somebody else, and completely dependent on other people. It's not about me anymore, it's about them. It's destructive. You're never going to get self-esteem. On the contrary, it's going to destroy whatever self-esteem you have. Nobody who's a thief was ever happy, because of goodness about yourself. Yes? Is it wrong idea Steve Jobs? Is it that Bill Gates told me the other day Bill Gates didn't steal an idea from Steve Jobs. You might be referring to the fact that Bill Gates bought MS-Docs originally from another company for very little money because he realized the value of it and they did not. That was his genius. Now, he took an idea in a sense of the graphical interface for the Macintosh and turned that into Windows. But that wasn't stealing. That was taking, making his own spin on it, just like Samsung didn't steal the idea of a smartphone. But they certainly took an idea and they developed it. But he mixed it in with his own particular genius, his own capacity to market his own ability to produce. But there was no stealing there. Stealing is using force to take somebody else's stuff or lying to somebody, to take somebody else's stuff. It's not about, you know, you can copy if what you're copying is not copyrighted, if what you're copying and then you add something to it and you make it different, which is what Steve Jobs and Bill Gates did. So we have this perception of interest as involving lying, stealing, and cheating. But the fact is all of those activities lying, stealing, and cheating are all self-destructive. They're all bad for you. A true self-interested person doesn't lie, steal, or cheat. Not because he cares about you or me, but because he cares about himself. Now what about treating other people? Really self-interested person treats other people really badly Right? Most of our most important values come from other people. Friendship, love, trade. Those are all incredibly self-interested. Right? I am friends with somebody because what? Because he provides me with something valuable. Friendship, conversation, shared values, we might just think the same music, but it's that shared something. It's a value that I get out of the friendship that keeps us friends. I don't know if you've ever had a friend where it's all one direction, but one party's a giver and the other one doesn't give it all. It doesn't last very long. At all. Don't try it out with your spouse. Love is about trade. It's about give and take. It's about sharing values. It's about giving and taking. If it's all one direction, it doesn't last. And love is the most selfish of all values. Why do you love somebody? Because they make you feel good. People tell me, no, no, no, love is self-less. Love is about sacrifice. Try this one. The day of your marriage, go up to your spouse to be and tell them, honey, this is a huge sacrifice to me. I'm not in this for myself at all. I'm just doing it as a favor to you. No. Love is about me and about her. Loving me, so it's about her. Right? It's about two souls valuing each other, getting pleasure out of each other, gaining value from each other. That's what it's about. Being self-interested is not about not caring about other people. It's the exact opposite. It's about loving other people because you want that relationship and valuing other people who are productive because you gain from their part. I, in some sense, when Steve Jobs died, I had tears in my eyes. I don't usually get tears in my eyes when people die. I, in some sense, love Steve Jobs because I really enjoy everything that he created. I've been using Apple since 1989, Apple products since 1980. I love those products. I love what he did, what he created, what he built. So I got teary-eyed when he died because I loved him. We love the people who produce value to us if we're truly self-interested. So be self-interested by being rational, by being productive, by loving life, loving value, loving other people who produce and are rational and creative. Be entrepreneurs. Create values. Be the kind of people that we should love, that we should admire, that we shouldn't just do it because you've created something, you've built something, you've made something of the one life you have in this time. And I'll just end with some a little bit of politics. What economic social system, political system, makes entrepreneurship possible, makes self-interest possible, makes it possible for you to pursue your own happiness, to choose your values. What's that? No, it's capitalism. Because why is the essence of capitalism? The essence of capitalism is freedom. A pure capitalist system basically says that the government does one thing and one thing only. It protects us from crooks, from criminals, from foxes. But other than that, leaves us alone. Leaves us alone to get new businesses, leaves us alone to pursue our happiness, to pursue our values, to pursue what will make us flush. And you know, I don't know what's going to make you flush or you, or you, or you. You know. The government doesn't know what's going to make you guys flush. No bureaucrat, as smart as he could be, no supercomputer could figure out what would make you guys flush because it depends on your passions, on your values, on your ideas, on your innovations, on your creativity. Happiness is individual. It's not collective. There's some principles irrational. Other than that, I like Beethoven, you like Mozart. So, if you're real entrepreneur and you really care about your own life, what you want is to be left alone. What you want is not to be forced. What you want is not to be cursed. What you want is not to be put in a straightjacket and told how to think and what to do and what not to do. What you want is freedom and free markets are what freedom is. It means free of coercion, free of force. That's what capitalism is. Capitalism is not what Marx told you it was. It's not what most of our professors tell us it is. All capitalism is is a system in which we are free. Free from force. It's a system of private property that encourages us to be entrepreneurs, that encourages us to follow our passions, to build, create and make stuff. So, if you want to be entrepreneurs, you kind of have to fight for your freedom because we live in a world where governments and your neighbors and your friends and the community want to strain you, want to constrain you, want to tell you what type of businesses you can open, where you can open them, how you can open them, what you can do, what you can't do. And that's tragic and that's sad. So, you got to fight for freedom. So, to summarize, I am entrepreneurship is great. I am making money is fantastic. I am building and creating values are wonderful. I think if everybody in the world pursued their self interest, we would be in heaven already. And people who pursued their self interest deal with one another very simply. We trade. Value for value. Win, win. That's what life should be about. Win, win relationships in every part of our life. So, good luck. Make a lot of money. Be great entrepreneurs. Thank you all.