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lectures/pv.md

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<!-- #region -->
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## Present Values
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# Present Values
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## Overview for present value calculations
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This lecture describes the **present value model** that is a starting point
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of much asset pricing theory.
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#### More about bubbles
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## More about bubbles
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For a few moments, let's focus on the special case of an asset that will never pay dividends, in which case
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$$ (eq:bubble)
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#### Gross rate of return
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## Gross rate of return
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Define the gross rate of return on holding the asset from period $t$ to period $t+1$
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