Book 39. 236.There's a saying, "Fortune comes to those who have left over." Ultimately, this suggests that profit is simply the surplus of products. This surplus can be used for dividends to shareholders, compensation for inventory and waste, investments, and emergency reserves.

Hello. This is Watanabe Ten from the α and Hakubi Super Simple World Blog. Today's topic is a rewritten version of a previous article I wrote titled "A New Rule: Delivering 80%?? If You Predict 100 Units Will Sell, Deliver 90 Units!!" The previous article explained how delivering 80% of the stock to sell out can result in lower prices, but this time we'll go a step further and discuss the theme of "What is profit?"

What is profit? In the previous article, we showed that the reason costs are high is because of excess inventory and the disposal of unsold goods. To summarize the previous article, we proposed reducing total production costs by supplying 80% of the stable sales volume as inventory, thereby reducing inventory and disposal costs.

I explained that reducing costs in this way would lead to lower product prices and improved price competitiveness, enabling us to sell more products. In other words, my proposal was to increase sales volume and thus overall profit through a low-margin, high-volume sales strategy, rather than simply lowering prices.

This time, I'd like to change things up a bit and talk about what profit is. Normally, prices are set based on experience, whether it's a supermarket or a retail store. This is because prices are determined by combining various factors, such as price competition with other stores.

I've always believed that when setting a compelling price, it's easiest to determine a reasonable price by first deciding on the profit, and then adding the costs on top of that. This profit, when determining a reasonable price, is a fixed profit margin called a markup, which is determined upfront. However, this markup is also determined based on empirical rules.

The markup rate is based on the empirical rule that large, reputable companies typically have a profit margin of 23%. In fact, once the profit margin is determined, the cost is known during manufacturing, making it easy to calculate the price. In other words, if you first determine a profit margin of 23%, then for a product costing 1000 yen, the profit would be 1000 x 0.23 = 230 yen, giving you a reasonable price of 1230 yen.

However, if you truly want to find evidence, you need to look for a profit margin that is based on solid evidence, rather than simply using a 23% markup rate, where a good profit margin varies depending on the product category. In reality, I haven't fully identified the factors that underlie this profit margin.

The factors cited as the basis for profit in economics include the following: First, dividends paid to shareholders, costs to compensate for losses from inventory and disposal, and cash flow (investment funds) for the company's investments in new things.

To explain each of these factors, since shareholders own a company, dividends paid to shareholders are considered income gains and serve as compensation for the investment costs incurred by shareholders. Therefore, it can be said that companies must make a profit. Also, as mentioned earlier regarding the 80% delivery rate, inventory and waste are expenses, so if a company does not generate profits that exceed inventory and waste, it will incur losses and operate at a deficit.

Finally, there is the existence of contingency funds, which cover investments and emergency expenses.

I've listed several reasons for profit so far, but the simplest reason is surplus production. In other words, profit is what's left over after production has resulted in a surplus. I'd like to delve a little deeper into this point, but ultimately, I think profit is what's left over.

There's good fortune in leftovers. Next time, I'd like to delve deeper into this concept of surplus in relation to profit. That's all for now. Thank you for your continued support. This is Watanabe Ten. See you again.

Book 38. +4α. Your daily actions are your life and your proof of your character. The accumulation of your daily actions builds your credibility. Updated 2026.06.12

 Hello. This is Hakubi from α and Hakubi's Super Simple World Blog. Today's theme is "The arrogant Heike clan did not last long." When you hear the word "arrogant," what kind of situation do you imagine? Do you imagine the state of being like a tengu (a mythical creature) after winning and winning and winning?

Why do people become arrogant after winning? I don't have a very good image of the mythical creature known as the Tengu. Perhaps it's because, in situations where everything seems to be going their way, those who become arrogant escalate their behavior in a negative direction, leading them to become Tengu.

The world works in mysterious ways. Those who have won must remain humble if they wish to continue winning. This is because arrogance leads to self-destruction. Even if one amassses immense wealth, the moment one becomes arrogant, they take the first step towards ruin.

They don't treat other people as human beings. The Taira clan, a group of warlords in ancient Japan, left behind the saying, "If you are not a Taira, you are not human." This means that anyone who is not a Taira is not human, but why do people become so arrogant?

You'll probably notice that the situation around you changes when you keep winning. The cold world suddenly starts fawning over the person who's on the winning path. At first, the person on the winning path is fawned over with a sense of hesitation, but eventually they start to take that fawning for granted.

I want you to pay attention to this point: those who have a winning strategy will inevitably encounter the fact that they have only won once. The reason why it's only one win is because that one win is significant. Everyone has a chance to be promoted to a leadership position at least once. For a leader to be a leader, they need to perform their duties sincerely without becoming arrogant. Leaders fall from power because they are no longer fit for the position of leader.

As you may have already realized, almost everyone, including you, has probably been entrusted with a leadership position at some point. Whether you become a true leader or not depends on whether you were able to seize that one opportunity and satisfy those around you.

Let me ask you again: you too have been a leader at some point, haven't you? Whether you receive special treatment as a leader afterward depends on whether you were able to seize that opportunity. Those who, when given special treatment by others, mistakenly believed they were special themselves and failed to seize the opportunity are probably either people who couldn't produce results as leaders, or people who became arrogant and were eventually overthrown as leaders.

Everyone has the chance to be entrusted with leadership at least once. Pride goes before a fall. Seize that opportunity and build an unshakeable position as a leader. The more times you serve as a leader, the more likely you are to be entrusted with leading larger organizations. In larger organizations, the more results you achieve, the greater the rewards you will receive.

I recommend that even if you're a leader, you should maintain the same position as an ordinary member. It's probably best to feel like you're roughly average within the organization. However, I must say that while everyone has the chance to become a leader, not everyone can become one.

If you can seize that one or two chances and become a leader, remember the saying, "Pride goes before a fall," and if you remain humble, pledge loyalty to the organization, and fulfill your duties, you will likely have no need to worry about being removed from your leadership position. The arrogant Taira clan is a funny thing; as they accumulate victories one after another, they gradually begin to take those victories for granted.

I value the proverb, "Tighten your helmet straps even after victory." I treat everyone with humility and sincerity. Ultimately, everything comes down to one's daily conduct. If you quietly and humbly complete your work on a daily basis, you won't be criticized by those around you even for minor troubles. Your daily conduct is your life and your proof of your character. It is the accumulation of your daily conduct that builds your credibility.

If you habitually treat people as if they're not human, you'll only gradually lose their trust. Refrain from unpleasant words and actions towards everyone, and even be kind. These small actions build your life and your credibility. Almost without exception, you should stop speaking ill of others. The rich don't fight. If you avoid fighting, you'll be able to escape uncomfortable environments.

After that, if you stop looking down on people like the Taira clan did and start treating them as equals, I think everything will go well. I believe the saying "The rich don't fight" is true. When you become rich, you can leave relationships you don't particularly like and associate with people you like. At that point, you will have escaped the "pride of the Taira clan was short-lived" mentality and reached the state of mind where "the rich don't fight."

I have a question for you. Are your relationships with the people around you comfortable? If you are satisfied with your current relationships, that's fine. But if you are feeling uncomfortable with your current relationships, then take a step outside. You could start something new, or you might need to change something.

You may not be winning all the time. However, if you're associating with people who don't treat others like human beings, try stepping outside and thinking about how you can surround yourself only with people you like, like the wealthy. I don't think you'll regret spending time on that. With just a little courage, you have the potential to live a more comfortable life.

Please, by all means, cross the line. That's all. Thank you for your growth. It was outstanding. See you again, Alpha.

Book 37. If you want to live a more secure and reliable life in this uncertain world, studying is one option.

Hello. This is Watanebe Ten. Today's topic is uncertainty. When I think of uncertainty, the first thing that comes to mind is default. Default is when a company fails to repay its debt obligations, and recovering from a default requires considerable effort and hardship, and it has a far greater social impact than we can imagine.

The most prominent example of a recent default was the collapse of Lehman Brothers following the Lehman Shock, a historic event that resulted in the loss of a large number of jobs. I witnessed this Lehman Shock, an event of uncertainty that will go down in world history, but I only became aware of the problem in 2010.

Until then, I was a high school student who didn't read newspapers or watch the news, but after entering university, I witnessed the Lehman Shock, the ultimate example of uncertainty. Many students faced difficulties finding jobs, and I remember being anxious about whether I would be able to find one myself.

I started reading newspapers after entering university, and I realized how amazing they are—they contain information about everything happening in the world. When I first started reading newspapers, I thought of them as just free papers that were kept at my parents' house.

However, after entering university, I continued to read the newspaper obsessively, reading it all day long until I felt omniscient, as if I understood everything in the world. Thanks to that, although I now only read one or two newspapers a week, I believe that even if I refrain from reading for the next two or three years, I will be able to understand a newspaper article immediately after a long break, thanks to the level of reading comprehension I developed during my university days.

Newspapers are a source of money. More accurately, the information contained within them is what's valuable. From the political section to the business and international sections, any investor, especially one involved in stock market investments, will undoubtedly read their newspaper every single day.

Now, speaking of uncertainty, the Lehman Shock was a major event that significantly changed my values. While the Lehman Shock wasn't the direct trigger, it made me realize the importance of information.

At that time, the turbulent dawn of the 2010s was hit by the Great East Japan Earthquake of March 11, 2011. Speaking of uncertainty, I worry about the future. It's a vague sense of crisis about what I'll do if I suddenly find myself unemployed and penniless. That's why I always make sure to invest in myself so that I'm prepared for any eventuality.

I believe that even something as simple as reading a newspaper is just like work. If you have a desk job, you might be gathering information for tasks like creating documents. Even though a newspaper contains current events, I think that simply reading it superficially will only allow you to grasp the flow of the times, and you won't be able to reach its essence.

In this increasingly uncertain world, information is a crucial step in resolving that uncertainty. It is precisely because of this uncertainty that we rely on news, newspapers, and the internet to obtain information. Speaking of newspapers, they offer information not as self-contained stories, but rather as a continuous, narrative type of information.

I think that even just looking at a newspaper, it contains the equivalent of dozens of pages of information in a book, so I admire people who subscribe and read it every day. However, for someone like me who likes to skim through the information, reading the newspaper every single day is a chore, so I subscribe to a daily subscription by buying it at a convenience store.

Even though it's a newspaper, there isn't much truly new news; you can see that political, international, and business stories progress little by little each day. If you read it every day, there are some articles that are as thrilling and exciting as an adventure novel, but most of the articles are just rehashes of previous issues.

I read the newspaper once a week, and following the theme of uncertainty in this article, I think that new news is a manifestation of uncertainty. When something that was uncertain and difficult to predict actually happens, it becomes a major event, which is why the media gives it so much attention.

One of the best things that has happened in my life is that I started studying, but even then, I only began studying seriously when I was close to adulthood. Before that, I neglected studying, let alone reading the newspaper, but I did devour popular contemporary novels. I've written quite a lot, but I would say that life, including mine, is a bundle of uncertainty.

I'm now in my mid-thirties, and I'm glad I continued studying. Ultimately, reading the newspaper and studying can be seen as self-satisfaction. However, I believe it's true that studying helps you acquire knowledge, transforming uncertain and unknown things into something a little more certain and secure.

We were talking about newspapers, but even something as simple as a newspaper can be a valuable resource for determining a course of action or a policy in the face of the unknown and uncertain. I believe that if you want to live a more certain and secure life in this uncertain world, studying is one option.

Whether it's studying or a hobby, consistently pursuing something for a long period of time can become a lucky charm that saves you at unexpected moments. Life is short. We must make the most of this limited time and keep moving forward to avoid the trap of uncertainty.

Once uncertainty becomes a thing of the past, it ceases to be uncertain. Uncertainty is simply the feeling you have at the moment such an event occurs. I started studying when I was transitioning from a minor to an adult, and I've continued studying ever since. What will you continue to study in this uncertain world?

That's all. Thank you for your continued support. This was Watanabe Ten.

Book 36. I started practicing when I was 19 and have already accumulated about 80,000 hours of practice. I'm not bragging. I'm aiming for 100,000 hours and will continue to improve.

 Hello. This is Watanabe Ten from the α and hakubi's blog. Today's topic is about fishing. When you hear "fishing," you might imagine catching fish in a river or the sea. However, I myself have never actually fished, so in this context, "fishing" is more of a metaphor or allegory.

I know that fishing requires long-term patience. You have to diligently train yourself over a long period of time, whether it's 5, 10, 20, or 30 years. As for how long you should continue, the amount of time you practice each day varies from person to person, so I think the total amount of practice time over a period of time is one way to go.

It might be helpful to compare practicing 8 hours a day for 3 months with practicing 3 hours a day for 3 years. One is 8 hours x 3 months = approximately 800 hours, the other is 3 hours x 3 years = 3000 hours. While a simple comparison of practice time isn't entirely fair, it's clear that practicing 3 hours a day for 3 years results in a longer total practice time. By adding various techniques and improving the quality of practice, you can achieve both quantity and quality.

I also started writing this blog, "Kiyofuji Medical School Blog," around the end of May 2026, and I intend to continue working on it for 5, 10 years, or even longer. From this point forward, I'd like to focus on proverbs as the theme of this blog, and write at length about them. I have many thoughts on the idea that if you train for a long time, that is, if you fish, you can be happy for a lifetime.

I, too, have diligently practiced my current job for a long period of time. The key to practicing for a long time is not to think of it as work. It's important to basically think of it as a hobby or a game. If it's a hobby or a game, you can enjoy it and it's easier to maintain the motivation to continue practicing and improving.

I know that many people start many things but stop after a year or two. The reason they stop is that they can no longer find time to practice for some reason. Even if you practice for three hours a day for three years and accumulate a total of 3000 hours of practice, if you stop, your career will end there.

I know that if you stop practicing or training, that's as far as you'll go. The key to continuing to put in the effort is to take a short break after stopping and then start again. Regarding this blog, I've decided to refrain from posting on the old blog and start a new one called "Kiyofuji Medical Academy Blog".

The reason I was able to let go of my old blog and easily accept it as a sunk cost—an expense that I can no longer recover—is because I judged it to be the best course of action. The old blog will still exist without its data being deleted, but for me, it is now a legacy of the past.

I believe there's value in challenging myself with something new each time and refreshing things like this blog. I plan to use this blog to share my research on topics at a high school level and the results of that research. To all elementary, middle, and high school students, please check it out!

Also, as a practical challenge for me, there's the one-year hurdle, and I often find myself wanting to quit after a year. Since I own two other blogs besides this one, I'd like to work on those at a moderate pace as well. For this blog, I'm aiming for a five-year career for now.

"Fishing will bring you happiness for life" is a Chinese proverb, and I think it's good to learn various proverbs. Great figures from the past were amazing. They left behind many famous quotes and proverbs, and there is much to learn from them. I would like to ask you all: What would you like to know?

Through fishing, I want to practice patience and the importance of waiting until a fish bites. Fishing is a strange thing; if you're impatient, you might not catch anything. Trying to get immediate results will only lead to ruin. By steadily continuing one thing at a time over many years, you'll develop skills that will be useful wherever you go.

I train diligently every day without rest, and even when I eventually achieve social success, I will continue to practice steadily. Pride goes before a fall. I must never become conceited just because I've succeeded. Even when things go well, it's necessary to continue practicing steadily and find ways to reach even greater heights.

The first part of this article discussed whether 800 hours of practice or 3000 hours of practice is better, but when we talk about work, we keep in mind that practice should be done over a long period of time, until retirement or the end of one's life. For a beginner angler like me, the time it takes to catch a fish can feel like wasted time. However, in reality, the time spent practicing diligently before catching a fish not only improves your fishing skills but also provides an opportunity to experience the satisfaction that comes from that practice.

When it comes to practice, whether it's a hobby or work, some people might find it difficult to get started. However, if you think of it as a game where you are the main character, you can easily get motivated. I talked about fishing this time, and I think it wouldn't be a bad idea to try fishing again if I have the chance. Fishing will keep you happy for a lifetime. Getting married will keep you happy for three days. That's interesting, isn't it? I hope you can practice little by little.

By the way, I started practicing as a hobby when I was 19 and have already practiced for about 80,000 or 90,000 hours. I'm not bragging. I'm aiming for the milestone of 100,000 hours and will continue to make great strides. Let's all do our best together. That's all. Thank you for your support and for watching my progress. This is Watanabe Ten. See you again.

Book 35. I'm aiming for a website-style blog. I'll limit the total number of articles to 250-500 and focus on creating meaningful content.

 Hello. This is Watanabe Ten from the Kiyofuji Medical Academy Blog. This time, I'd like to introduce this blog, "Kiyofuji Medical Academy Blog." This blog site has a long-term domain registration for the benefit of long-term readers. This is because I intend to continue blogging for a long time. Currently, the domain is valid from mid-May 2026 until 2030. I also recommend this web hosting service.

The reason I emphasize acquiring a domain name is because I'm a beginner who started a blog site using a free blogging platform. Of course, I also emphasize this to those of you who have already acquired a domain name through a rental server for serious blog management from the start. I believe both approaches have their pros and cons, and I don't know which is right or wrong.

Actually, even free blogs can be monetized if your goal is money. However, the difference lies in whether you pay for a web server and domain name, and whether you want to operate the site as a personal website. As an individual, I have no intention of abandoning my domain, but if you abandon a domain, the website, such as a blog, that uses that domain will be reset to its original address.

My biggest fear is losing data and making the site inaccessible. If I have backed-up data, I can easily restore the blog site and display the original site, but once I lose the domain, I lose the online address of that site. In other words, the readers who were accessing that blog site would not know which address (URL) to access.

I'm certainly not wealthy, but I think it's wise to secure a web hosting service and domain name for the next three years. That's because blogging requires a long-term perspective, and just like the idea that fishing will make you happy for life, it requires a long-term strategy. Blogging itself isn't something that can easily increase page views in a short period of time.

I'm aiming for a website-style blog. By keeping the total number of articles constant, for example, by setting a limit of 250 or 500 articles, I'll reduce the number of new posts and increase the amount of meaningful content within the blog. In other words, I'll expand the content by adding various things to the content of each article I've posted in the past.

Here, let's discuss the difference between a general-interest blog and a specialized blog. General-interest blogs, such as diaries that cover a variety of genres, are more sensitive to trends than specialized blogs. Therefore, the articles posted are only temporarily relevant and quickly lose value over time.

As a result, a large number of miscellaneous articles are produced that no one accesses. I think it's a great waste to produce so many articles that no one reads. Many past articles are excellent and worth rereading, and there should be many past articles that are valuable assets.

I think I need to change my blog site to one that encourages readers to reread older articles. This will encourage repeat readers to access past posts again and again. Instead of posting new articles every day, publishing them in batches at the beginning of the month or week will increase the likelihood that readers and fans will reread older articles in the time leading up to the new posts.

The reason why readers and fans don't read past articles is that they have already read them once, so they have lost value to the readers, and at the same time, they are already full of daily updates.

I don't recommend simply rewriting and rewriting past articles. It's fine if you display both the original and the rewritten article side-by-side. Go ahead and churn out lots of rewritten articles. However, I don't recommend deleting the original article just because you've written a rewritten one.

This is because if the blogger's abilities were at their peak when they wrote that past article, rewriting it after that peak could result in a less polished article. However, everything is impermanent, and if the author has honed their skills since writing that past article and has surpassed their peak, then it's more likely that readers will reread the original article after reading the rewritten one.

The only thing I can say is that rewriting an article doesn't necessarily mean it will be better than the previous one. I think it will be positioned somewhere between a general blog and a specialized blog. In other words, I intend to post personal life lessons and research findings, but the articles will never become outdated after being uploaded.

I want to make one point clear here: I intend to make efforts to increase traffic to past articles. This is because one-time visits don't increase total traffic. Let's both continue to improve our skills.

That's all. Thank you for your continued support. This is Watanabe Ten.

page 10. Human connections are the greatest treasure!? Because we live our daily lives, not on a desert island, there are things we can't see.

 It's been a while. This is Beta from the Inishie R plusA blog. Today's theme is "Human connections are treasures. Networking is worth more than money."

Please understand that the request for this article is to let the time and space flow freely. Now, there are few things that can be called coincidences as much as human connections, aren't there?

Human encounters are a product of chance, and many people have had the almost superstitious experience of suddenly realizing they've built a network of acquaintances. Especially after striking it rich, relatives will flock to you, undoubtedly expanding your network. However, these acquaintances are often so elusive that you don't even think about them normally.

However, I believe there are many kind-hearted people who, when faced with a crisis, receive a helping hand from connections they hadn't even considered. So, parents are eager to get to the conclusion, wondering what the point is.

I believe that connections are a treasure more valuable than money. In other words, all activities in human society are based on relationships between people, and without human relationships, nothing can be meaningful.

The story of Robinson Crusoe often comes up when discussing this topic. I'm curious about what happened to Robinson Crusoe in the end, so I'll look into it.

Clatter, clatter, clatter. Ding. I looked up the story of Robinson Crusoe in a simple soy sauce flavor, but it seems the original is a rather hardcore tonkotsu (pork bone broth) flavor. It doesn't seem to be a completely uninhabited island, and the original story seems to be more like a B-grade horror movie.

Here, we'll proceed with the children's version of Robinson Crusoe. I believe the story is about Robinson Crusoe living on a completely deserted island for a long time and finally being rescued by a ship that happens to be passing by.

Robinson Crusoe likely made his own tools, gathered food, and secured shelter. Even though Robinson Crusoe's story takes place on a deserted island, the possibility of survival meant he could still maintain hope for his own life.

In fact, if I were in Robinson Crusoe's shoes, I think I would try to sulk and sleep as much as possible, use my laptop in bed, and always end up falling asleep.

In other words, I don't possess the vitality of someone like Robinson Crusoe, and even in this everyday society, the need for recognition from others holds significant weight for me.

When we talk about the need for recognition, it's basically about getting "likes" on social media, but many people find meaning in life by being acknowledged and praised by others. Ouch!!

I messed up. Sorry for the sudden announcement. I was asked to write this article in a light, flowing style. I almost started writing it seriously. That was a close call.

Even if I were Robinson Crusoe and had to live alone on a desert island, I'd most likely decide to go with the flow and live life to the fullest. In typical desert island life, you start off with energy, but gradually you become sloppy, and something ominous like a crash can happen.

As I write this story, I think of Mr. So-and-so, who continued to fight alone throughout World War II. If he had just had the opportunity to communicate with those around him, even just a single word, he would have known that the world war had ended long ago and that Japan had become a defeated nation.

Perhaps, even in this everyday society we live in, there are some people who live without communicating with anyone, just like they would on a desert island.

If you're a pensioner, your money will be deposited into your account every month, and when you go shopping, all you need to do is ask at the checkout if you need a bag; there's no need for any communication.

Of course, if an infectious disease like COVID-19 were to spread, you would immediately notice something was wrong without having to wait long. However, if you live without a computer, smartphone, or television, you won't be able to access any information.

Hmm. This is starting to sound a bit occult and dark. Let's get out of this tunnel. Ugh. Here we go. Even if Robinson Crusoe lived in modern times, he would probably be living a similar life to him.

If I could take just one thing to a deserted island, I would request a survival book without hesitation. Not a survival knife, but a survival book.

If you were to bring a god along as a friend, the deserted island might even transform into an incredibly advanced, technologically savvy nation. After all, a god can grant any wish.

Up until the modern-day Robinson Crusoe story, it seemed like it was going to turn into a serious tale, but I'm a little overconfident in my own abilities that I was able to take it in a Copernican-like shift and turn it into a mythical story about befriending the gods.

If I were to give a modern-day Robinson Crusoe the same advice, I would say, "Stay on the channel." But, in reality, this isn't funny, which is the cool side of this blog.

Well, that's 2000 characters. This blog has been getting a bit too long lately, so I'm going to diet. Let's diet! That's all. I'll finish with a light soy sauce flavor. A perfect way to end the day. Let's dance. See you later.

Book 34. Which assets are more desirable to hold? Inventory < Deposits < Goods < Cash. Updated 2026.05.09

 Hello. This is Beta. Today's topic is currency. Speaking of currency, cash is the most liquid asset among all forms of money. Deposits are also highly liquid in terms of how easy they are to convert into cash and how easy they are to use for payments, but they are not as liquid as cash.

The functions of money include a measure of value that serves as a benchmark for money, a store of value such as deposits in banks, and a medium of exchange that mediates the exchange of goods. In this regard, I believe that money's function as a medium of exchange is the most important.

This is because, if one does not place importance on money as a store of value, meaning accumulating deposits, then money as a medium of exchange becomes a very important element. Deposits are currency, they are money. However, if one finds value in goods as commodities rather than accumulating currency as deposits, then money as a medium of exchange becomes important.

One value system is one in which people find more value in owning goods than in owning money. They prefer to own diamonds, gold, silver, cars, and houses rather than keeping savings. During wartime, however, a reversal occurs where goods are more valuable than cash.

And the following equation holds true. We assume that the equation "deposits < goods" is true. Is this assumption correct? The relationship between cash and deposits is similar to the relationship between goods and inventory. Based on that, deposits < cash and inventory < goods indicate high liquidity.

If our previous assumption is correct, the liquidity equation would be: Inventory < Deposits < Goods < Cash. Goods are already sold, deposits are held in banks, and inventory is unsold goods, so the liquidity equation above seems reasonable.

While the relationship of liquidity is generally deposits < commodities < cash, in wartime or other circumstances, commodities can be more valuable than cash, reversing this trend. It is the asset value of commodities as physical goods that allows them to rival cash in value.

"Did they hold onto assets that were highly liquid?"