[MUSIC] So which of the four industries do you think has more intangibles? A retailer, an internet company, a pharmaceutical or consumer electronics, which one? Well if you would agree with me that actually a retailer, intangibles? Not that much perhaps the brand. An internet company? Yes, perhaps the brand. Consumer electronics? The bid. Now, a pharmaceutical company, one of the big things that pharmaceutical companies have is that they have something we call patents, right? So, those patents are the rights to distribute and sell some product that has been developed over the years, right? And those patents are worth a lot of money. So just because of that number of 54, it's actually you can say that the first one is a pharmaceutical company because it has a lot of intangibles, which it refers basically to patents. Are they all the things that can confirm us, that the first one is the pharmaceutical company? Well if you look at just the number that is above, it says good will. Now, good will, what is that? This is again this is a foundation of management course, it's not an advance accounting course. So, perhaps you don't know what good will is, it's fine, it's okay. It happens that companies many times they merge or one company buys another company. Now the synergies that are created in merging an acquisition and actually written down in the balance sheet as goodwill. And it turns out, that out of the four industries that I put there the industry that has more activity in terms of emanates merging acquisitions is actually a pharmaceutical company. So it's not surprising that we have such high goodwill in a company like a pharmaceutical company. There is even one more element that can tell us why this would be a pharmaceutical company. Let's move from the balance sheeting to the P&L part. This is really interesting because you can see that actually gross margin is 80%. This is really high gross margin, right? It means that the costs of goods sold are very low. However, the gross is only 14.8%. So you would agree with me that 80% minus 15% is going to be around 65%, which includes financial expenses and taxes. But OPEX is going to be the biggest part of the cost of the company about 50% or something more. Now it is consistent with the pharmaceutical company to have big OPEX. Because all the research and development, all the R&D goes into the OPEX. What is very expensive in a pharmaceutical company is not the raw material to make the pills, right? What is very expensive is all the amount of R&D that is devoted to develop any new Pharmecal. Now we got the first one, right? Do you agree, which company is it? It's Pfizer, it's a pharmaceutical company. [MUSIC]