Part 3/10:
David makes a compelling analogy: a team's increasing valuation does not equate to owners earning money the same way a homeowner profits from appreciation. For example, owning a house that appreciates in value doesn't mean the owner has more cash unless they sell or leverage that appreciation. He compares this to a plumber repairing a shower—just because you have a valuable asset like your house doesn't automatically mean you have cash on hand, making it clear that valuation increases are often paper gains rather than liquid assets.