| --- |
| title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_011036)" |
| source: "House Oversight: Estate Documents (Nov 12)" |
| sourceUrl: "https://www.justice.gov/epstein" |
| date: "2026-01-01" |
| category: "House Oversight" |
| eftaNumber: "HOUSE_OVERSIGHT_011036" |
| ocrPages: 1 |
| ocrChars: 2038 |
| ocrElapsed: 0.0 |
| parseTier: "external-legacy" |
| engine: "engine undisclosed (ep-nov-12.greg.technology mirror)" |
| externalSource: "greg-ep-nov-12" |
| externalLicense: "not granted" |
| externalCredit: "ep-nov-12.greg.technology" |
| externalUrl: "https://ep-nov-12.greg.technology" |
| --- |
| |
| I point instead to the millions who don't sell. I argue that depreciation and |
| amortization are the same in essence. Loan payments are all interest at the start, |
| and all amortization at the end, by inference from the present value rule. |
| My risk theory is a mini-surprise. It shifts focus from the risk of the asset to the risk |
| aversion of the owner. Another mini-surprise is the feature of my growth truism |
| pointing out that deadweight loss means negative unrealized output. |
| I will revisit these topics in more depth after I cover the necessary groundwork in |
| comparing the accountancy for human capital and the firm. |
| Assets, Owners and Revenue |
| Assets means examples of capital of either factor. Their owners are all members of |
| the reproducing population assumed in the axioms. Each, from newborns up, owns |
| human capital at least. Value and growth and cash flow and output are properties of |
| capital. Tastes, aims and ends are properties of owners. Human capital reads its |
| owner's aims, and manages both factors to realize them. Positive cash flow is |
| outflow from assets to owners, to exhaust or reinvest or give away as they like. In |
| the last two cases, the owner is mediating transfer out. She also mediates transfer in |
| from reinvestment or gift received. |
| Think of capital as source and present value of foreseen cash flows. Owners are the |
| foreseers, the recipients of positive cash flows, the exhausters of some in taste |
| satisfaction, the deciders of the time preference rates giving present value, and the |
| mediators of transfer out and transfer in (negative cash flow). In the case of the |
| diamond ring, the psychic positive cash flow arrived without mechanics. The more |
| typical case reaches the same outcome indirectly. |
| (Net) output of an asset is its value added, or creation of value. Output can be |
| realized as outflow to owners for reinvestment or gift or exhaust, or it can be left in |
| as growth. The part left in is proprietary or unrealized or self-invested output. |
| Chapter 6: Parallels with the Firm |
| 2/4/16 |
| 2 |
| HOUSE_OVERSIGHT_011036 |
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