An S here. So, the risk of the assets of the software

business is what we are after. But then, I told you the numbers.

What numbers did I give you? I gave you numbers for beta equity.

So, what was the beta equity? Beta equity was 1.40 is equal to beta

asset, the unknown, plus, I told you on average the ratio of debt to equity was

how much? 0.25, remember?

All the data is with you. And which is, which is this industry?

S, software industry, beta asset. Again, the unknown, 'till now we are safe

[laugh]. We have how many unknowns?

One. How many questions?

One. Now, life is a little bit complicated if

I, if beta debt is also positive. What I made the problem pretty simple.

What did I say? The debt was largely riskless in this

industry, so I can put zero. Quick question, will this be true usually?

No, unless there's very low level of tech in the whole industry, right?

So typically, just as an example, beta debt is between 0.1 to 0.4.

I'm just giving you broad numbers just to give you a context in which to put it.

Why? Because there's always char, risk in debt

too. Remember this is corporate debt.

This is not, this is not straight forward government debt.

That too, without any coupons. Remember, if you have coupons there's

risk. Okay, can you solve this equation?

Heck, very easy. Beta asset security S will be equal to

1.40 divided by 1.25. You see how that I get, how did I get it?

Because beta asset is beta asset plus 1.25 beta asset and 1.4.

So, beta asset in the software business is 1.4 divided by 1.25 which I believe is

1.12. You see, I've done some homework before I

came. I think this is right and if this is not

just, just do a try, I think it's okay. So, 1.12 is the beta asset of which

business? The software business.