Welcome everyone to the fifth week of our capital markets and financial institutions course. We mentioned in the last episode of the previous week, that we are now moving to other financial institutions than banks. Well indeed, we've studied banks in greater detail, just because they are, first of all, important and fundamental financial institutions. And second of all, because they are the best tools to study the core issues of private information, that are key in understanding the structure and functions of capital markets and financial institutions. But now I'd like to say a few words about how people perceive capital markets. Remember in the previous week we said, well, for the majority of people, the bank is a smartphone. Now, what is capital market for the majority of people? Well, this is not these formulas that we have put on this flip chart, instead, this is the picture like there's lots of monitors and there's something green and red blinking. And then there are people with gestures and yelling, and also we know that sometimes there are huge fortunes, and then there're collapses, crises. So, this is this really energetic and moving thing for the majority of people's capital markets. And again, there is no contradiction. But the thing is that what people see, and what people watch in movies, these are the faces of capital markets, that are closely connected with another important service and with another huge institution. That is called an investment bank. And in order to understand what it is, we have to go back to the background. Now, the story here is as follows, we've have not only private investment. Private investment is the area of the bank, remember all this monitoring private information, that all deals with the idea of that there is some information asymmetry between one party and the other. But there are also public investments. So, if you want to buy a share of stock. Then you go to a broker, you consult about the price, then you make a decision the broker does that for you. And then you are the owner of the shares of stock. Now, it doesn't seem to be a lot of private information. A lot of special expertise in buying a share of Facebook or a share of Apple or something. Now, but let's think a little bit. So, when we deal with public investments, then we might see something different in terms of support and provision. And we will analyze this throughout this week, and to some extent some instruments will be discussed in our final six week of this course. And for now, we have to say just one thing. When we deal with public markets, then there is the demand for another powerful financial institution, for another skyscraper, and this is an investment bank. So, in the next episode. I will talk in some more detail about what public markets and public investments are. And this way, we'll be able to come closer to what exactly investment banks do, and we will discuss that in the episodes to follow.