 Good day fellow investors, I just wanted to say hi and to show you where I come from, where I was born and there is also a very important value investing lesson here. So this is where I grew up for the first 30 years of my life as you can see in Old Town on the Mediterranean Sea and what I wanted to discuss is here behind me you have a luxurious villa, a hotel and here is a pizzeria with other 7-8 apartments and everything is for sale. The asking price 1.6 million, 4.5 million, 2.2 million. So I wanted to discuss the difference between the asking price, selling price, actual value and then the margin of safety. So this villa for example it it's rents out for between 5 000 euro and 9 000 euro per week. The season here lasts 2 to 3 months, let's say 3 months full capacity which is unlikely because they give also daily but if you rent that out let's say grossly they net 12 weeks times 6 000 net of fees that is what 60, 72 000 per year. When you pay the maintenance, the insurance, the cleaning, the everything you get let's say to 50 60 000 per week. On a million that's 5 percent, on 1.6 million that's 3.5 percent. So then as a value investor you don't look at relative 3.5 percent is good on a relative base. As a value investor you look at an absolute return. I want 10 percent so the value for me 50 000 times 10 10 percent price earnings ratio of 10 is 500 000. So the asking price is 1.6 million the selling price might probably be 1.2 1.1. The real value for a value investor is let's say 500 000 that's how it goes and then you want to buy at the margin of safety and then you go down to 400 300 000 and you might say this is crazy these are crazy numbers just here a little bit down a big seafront property you can see it here was sold 20 years ago for 20 000 something the same size as this 20 000 talking about blood in the streets buying during the war etc etc. So just to put a little bit things into perspective what value investing really is and if you dig deep you will find what it is you will find these properties these properties for very very low prices across the world. I'm enjoying a little bit my holidays so just greetings from Croatia I wish you all the best I hope you had great holidays and I'll see you in the next video