How can you invest in cryptocurrency? Investment Strategies

For beginners and novices, I would summarize the stock market in general and digital currency in particular, like this:

1. Defensive – buy and hold portfolio of “well-known” brands
2. Defensive – buy and hold portfolio of “new” brands
3. Active trading with TP, SL and order placement

Reading tip: Which app do I use to buy and sell shares, cryptocurrency & Co. Here is the answer! My recommendation: trading app. Trading has never been so easy!

No investment advice or purchase recommendation!

All information provided here does not constitute investment advice or a recommendation to buy. All statements are my general published opinion. I have obtained the information from my experience as a private investor. This experience report cannot and is not intended to replace personal investment advice from professionals.

Strategy 1: Well-known brands, hold for the long term

Strategy 1 is simple and the “safest” form of investment on the stock market. Bet on known values. The easiest way to do this is through ETFs (index funds). These bundle several values from one area. For example, the DAX, it contains the largest, German, listed companies. If you invest your money here, you spread your capital on different companies from Germany. This minimizes your risk.

But you could also buy shares yourself that have been successful in the long term. Classics from the DAX, for example Daimler, Adidas, Bayer or Deutsche Wohnen.

In the field of cryptocurrencies comparable – Important: Much higher risk – with Bitcoin or Ethereum. You then hold these purchases in your portfolio for 1 year, 3 years or 5 years.

Strategy 1 summarized:

1. Buy known, solid (< 5 years) values
2. Hold your portfolio for a long time (> 1 year)

Strategy 2: New coins and broad investment portfolio

Why do I find coins under $5 so interesting?

My second strategy, which I want to present to you, deals with coin alternatives. By this I mean coins that have only appeared in the last 1-3 years. Another factor, they must be listed with large, reputable brokers. Because, the price of cryptocurrency is created by supply and demand. This means that only when sufficient demand is generated (range of brokers), the investment is profitable. The third central aspect is of course the price development itself, in the long term and in the short term.

1. Listing with major brokers
2. Relatively new (< 3 years)
3. Share price development

Bitcoin or alternatives? Here is a brief explanation of what makes the alternatives so attractive to me personally as an investment opportunity. As I said, economics is psychology. Coins are based purely on supply and demand.

Question 1: Short-term development +/- 6 months

• A) What is the probability that bitcoin will double in the next few months? So from currently ~ $45,000 to $90,000
• B) What is the probability that new coins, for under $5 will double in the same period?

Important for Beginners – It is not about whether a single stock makes $1.24 or $1.13 profit / loss. Ultimately, it is about relative changes (percent), just as with stocks. Which paper / currency / coin / etc. goes up 5%, 6%, 7%, etc. in 30 days. Ultimately, wealth building and profit maximization is not about specific values. You can easily compare the percentages of different investments.

Question 2: Long-term development +/- 12 months

• A) What is the probability that bitcoin will reach ten times its value? After 10 years on the market.
• B) What is the probability that a relatively new cryptocurrency such as XTZ (Tezos), TRX (TRON), EOS or XLM (Stellar) will increase its value tenfold, in the same time period?

Risk awareness: Price fluctuations

What you definitely have to be prepared for when investing in cryptocurrency is very high price fluctuations. While a stock might regularly lose 5 or 10%, cryptocurrency can go down up to 30, 40 or 50%.

If you have invested 10,000 euros and in the morning – 5,000 is in your account, stay calm!

Tip – Stock market always means strategy. Strategy means “a precise plan for a behavior”. That means for you simply said:

You sell at a profit. As a rule, you are not impressed by short-term price fluctuations.

Cryptocurrency Trading Tips: My top 3

For the reasons stated above (risk), it is so important (for individuals):

1. View cryptocurrency as a long-term investment strategy (3 months to 3 years).
2. Cryptocurrency is part of the investment portfolio (5 to 10%)
3. Diversify your crypto portfolio, just like you would with stocks in an ETF (spread a capital across multiple coins)

Investment portfolio: Shares, ETF, Commodities, Precious Metals & Co.

Briefly on diversifying your investment portfolio:

Cryptocurrencies are still very close to each other. With bitcoin as the perceived reserve currency, prices go up and down. If you spread a stock portfolio across several public companies, usually only a fraction of your stocks go in down, so a few papers, not all. With cryptocurrencies, market movements are closely linked.

General:

Diversify your portfolio!

Don’t just buy 1 coin, divide your equity among several. Crypto should only make up 5-10% of your portfolio. The rest is made up of investment alternatives like stocks, ETF, commodities, precious metals, possibly FIAT currencies, etc.

Strategy 3: Hochtief Trading

Wealth accumulation with less risk, prefer long-term investment strategies. If you want to maximize your profit, you have to trade daily and stick with it.

Here’s some insight on how you can act even more “professionally.”

Traders who are aware of high risk use all their capital to make trades that are risky but have high profit. One possibility is cryptocurrencies, precisely because the price fluctuations are so high.

The higher the price fluctuation, the faster the deal

So it’s about daily, hourly, buy and sell. Unlike stock trading, this requires full attention as the price is subject to constant fluctuations. Your goal:

Taking targeted profits from differences in highs and lows

Trading explained: profit taking, loss stop and margin

These 4 aspects are particularly important here:

1. Margin (profit margin of the broker)
2. Take profit (TP)
3. Stop Loss (SL)
4. Buy planned in advance

Simply explained, it works like this.

Margin: Broker fees on purchase

First of all, let’s talk about “margin”. As you have already learned, the margin is the profit margin of your broker (provider of the platform, website or app). Some brokers take an additional order fee of 5 to 10 €. With most “modern” apps, you no longer have to pay this, only the margin.

Tip! Trade without order fee and without Marin? If you have your residence outside of Germany, then you can trade with Robin Hood (no advertising link)! The highlight: Robinhood is free of margin trading. I would also like to, unfortunately I have my residence in Germany. Unfortunately we can’t do that in Germany. Not yet. I myself trade, after I really tested all apps, everything from stocks to ETF and Crypto with Etoro.

This fee for the purchase, is usually about 2% of the price. The selling price is the actual value. The purchase price is the actual value plus the broker’s margin.

• Sell: $100 (price)
• Buy: $102 (including margin of $2)

Take Profit: Take profits

As soon as you buy, you usually set 2 values as a trade. Your TP, i.e. “Take Profit” indicates when your order should be sold again.

A simple example is psychological values, like $10,000 price value, $10,200 price value, $11,000 price value, etc., when we talk about bitcoin. For a stock like Tesla, this would be just $880, $890, then $900 again.

When, which jump is how high, you can not predict, but you can guess. The biggest jumps are usually on

• X.5 – something like $9.50 or $15
• X,0 – even values like 10$ or 200$

The fluctuations are smaller for X.1 steps.

Once a stock or other tradable asset reaches these levels, many traders take the profit, why? Because many do. As a result, the price goes down. Reminder: supply and demand.

If this downward price jump is greater than the broker’s margin, the automatic sale through the take profit (TP) is worthwhile.

This way you can buy the coin again at a lower price directly after the price collapse. With this purchase, you then directly set a new TP and can use even small price fluctuations to maximize your assets.

Calculation example: profit taking

This is how the game of “Take Profit” and “Margin” works.

• You buy for $150, have $147 value
• Price goes to $200 (some sell through TP automatically, you do too).
• Profit: 53$, assets increase to 200$
• Price drops to $180
• You buy for 200$, have 196$ value
• All others now have $180 value

This way you try to take only price increases. In this way, your capital increases step by step without being reduced by falling prices.

Because of your increased capital, you now hold a higher value.

Portfolio increase: + $ 16

You repeat this step over and over again.

This way you protect your capital from falling prices (if your price targets, within the investment strategy, are reached).

Your assets have increased by +$16 (despite re-investment), i.e. a whole +10.6%.

Profit + $16
Relative + 10.6 %

This profit is not taken by the majority of investors. This is where you get the extra profits.

Stop Loss (SL): Stop losses

The principle is quickly explained. Stop Loss(SL) protects you from too high losses.

Stop Loss is the counterpart. If the cryptocurrency falls below a certain value, the position is automatically sold. In regular stock trading, you might set your stop loss at 60%, 80%. That is, if the paper is at 60 or 80% of the purchase value, it is sold.

You can define the values at any time. Either as a concrete contribution, or as a percentage value.

Plan ahead for purchases: Buy cheap at lows

Do you know the saying: In the purchase lies the profit?

You can buy financial products directly, i.e. execute a “Direct Order” or place an order.

• Direct order (immediate)
• Placed order (pre-planned)

You can buy cryptocurrency directly or plan your purchase in advance. So, if you expect the cryptocurrency to fall below a certain price, you can schedule the purchase in advance to drive your profit further up.

Let’s say bitcoin is currently at $45,300 and stagnating. You have time to trade, but you think that the price will go below 45,000 today, maybe even 44,800, because there is hardly any momentum in the market. Instead of buying directly at the price of $45,300, you place an order at the price of $44,950. Should the case occur, you will have made 0.77% extra profit.

With the high-low strategy, you can generate even more profit in combination. If this pre-order works 5x, your fortune increases additionally by itself by the fortune increase in each individual trade. So to speak, compound interest, only as profit.

1. Trade – 0.77 %
2. Trade – 1.55 %
3. Trade – 2.33 %
4. Trade – 3.12 %
5. Trade – 3.91 % (+0.06%)

Sell + Buy: Trading Tip

With my articles and guides, I want to help you save money! In my first trade, I made -5,500 euros in 1 hour. Why? I wanted to practice quickly. Because besides my companies, I only have the morning and the night for trading.

What is the Quint Essence?

“Quantum interest” explained: take short-term profits

I came up with the term “quantum interest” to clarify the concept. We do not wait for the big end, we also use small jumps (price movements) to take interest (profits).

A quantum leap is often perceived as something big. In fact, however, a quantum leap is the smallest possible unit in physics, simply put. Smaller than any virus, smaller than any atom, smaller than a proton, even smaller than an electron.

As you have already learned in the article on trading strategies, taking profit from small movements, is a good strategy to build your wealth further. Because that’s how you take:

1. Gains from long-term increase in share prices and
2. Gains from short-term price fluctuations

Time sale and schedule new purchases

I have built this table myself to calculate when I re-enter after a TP (Take Profit; selling the stock/currency/etc.). For this I subtract the margin x2 (i.e. the trading fee of the trader). At eToro, for example, you pay round about the following fees (margin) per trade:

• Cryptocurrency: 3%
• Shares: 0.2 %

Download: Sell / Buy Table

In my table, the whole thing looks like this. In the line “Sell” you enter the rate at which you have set your TP. Of course, the table is also available for you and the community as a free download:

• Sell / Buy – Table, Download

The table contains:

• Calculation margin sale / purchase for cryptocurrency (% at eToro)
• Calculation margin sale / purchase for shares
• Calculation leverage (spreadsheet 2)

Price Alert for Realtime Trading

In addition, I set up a price alert. This is then always slightly below the price, usually 0.5 – 1% before my TP. So I can reorder directly after the sale.

Tip! You can also “buy” automatically! To do this, you do not place your order directly, but buy at a certain price value. You can do this easily when buying the cryptos, stock, etc..

Leverage effect explained (Leverage)

What does leverage mean for financial products?

Leverage means increased capital / risk.

For pretty much all products you can use leverage in trading apps and with brokers. Simply put, a short-term loan from the broker. This increases the profits and (!) the risk. You give $1,000, take a leverage of 10, and you have $10,000 of capital tied up.

X10 = from 1.000 you make 10.000

Examples of levers:

Also, some mapped index funds automatically have leverage, such as the China 50.

Strategies for trade: risk assessment

You are probably already aware of the risk of the 3 forms of trading.

1. Defensive – buy and hold portfolio of “well-known” brands
2. Defensive – buy and hold portfolio of “new” brands
3. Active trading with TP, SL and order placement

Strategy 1 is defensive, you bet on “known brands” and hold the individual stocks for a long time, i.e. at least 6 months, maybe even 3 or 5 years. The risk is lower in relation to strategy 2 & 3.

Strategy 2 focuses on new values. No matter if cryptocurrency or stocks. For cryptocurrencies, this means that you buy Bitcoin (BTC), Ethereum, Litecoin (LTC), Dash, but also XTZ (Tezos), TRX (TRON), EOS or XLM (Stellar) in the portfolio. By diversifying across different assets, you try to minimize the risk for individual failures. The principle of an index fund. As an example and comparison to stock trading, here you would bet on new brands like Nio or Niu in addition to Tesla as an electric car manufacturer.

Strategy 3 requires your constant attention. You have to keep an eye on the prices, their origin, course and current values. Only then you can estimate how individual values will develop. The risk for mistakes is accordingly large if you want to trade “on the side”.

Now for the big question:

Can you make a lot of money with trading?

My trading strategies currently look like this, that I have 2 portfolios. My return in the investment account 1) is about 3.41% and in 2) currently about 8.56% per month.

1. Investment account (Strategy 1)
2. Trading Training Account (Strategy 2/3)

My current trading strategy: 50 / 50

50 / 50 means – One “serious” with stocks and ETFs and a second with stocks, ETFs, cryptocurrency and sometimes commodities / precious metals. So to say: 1) my investment account and 2) my trading training account. In both are about 50% of my capital.

As described, my return in the investment account 1) is about 3.41% and in 2) currently round about 8.56% per month. Your first important learning of the trading strategies above is also back: %-values are more important than Euro or US Dollar.

Accordingly, you can express the question, can you make a lot of money with trading? but also in numbers.

Development: Long-term trading

Thus, an investment of $10,000 grows in one year, with a monthly return of 3.41%.

• Investment: $10,000
• Capital after 1 year: $13,983.81
• Increase: + $ 3,983.81
• Yield / month: 3.41
• Yield / year: 39.84

Development: Daily Trading

Thus, a $10,000 investment grows in one year, with a monthly return of 8.56%.

• Investment: $10,000
• Capital after 1 year: $22,735.18
• Increase: + $12,735.18
• Yield / month: 8.56
• Yield / year: 127.35

Warning: You can only achieve such returns with 1) practice 2) significantly higher risk and 3) constant “readiness” in trading.

Cryptocurrency: reading tips

1. Trading App: Recommendation
2. Cryptocurrencies: List
3. Cryptocurrency future? History

Trading App: Recommendation

eToro App – Trade stocks, ETF, cryptocurrency, in my blog you have already learned a lot about trading. Lots of questions of course: which app do you trade with, what do I recommend? So today I want to share with you my favorite trading app, eToro. 29.88% asset growth in 12 months, with low risk through “Copy People” and “Copy Portfolios” or up to 127.35% through active trading and trading strategies. Learn about the app, fees and more here step by step.

• Trading App

Cryptocurrencies: List

BitCoin, BitCoin Cash, Ethereum, Litecoin, Dash, Ripple, Zcash or Binarcy Coin: They are considered the answer to traditional means of payment. Through the digitalization and decentralization of money, banks become superfluous. Only buyers and sellers are responsible for the control and security of their digital money. You want to invest in Bitcoin & Co. too? We have an overview of the most popular cryptocurrencies here.

• Cryptocurrencies: List

Cryptocurrency future? History

The world is increasingly sent into lockdown by the new Covid-19 virus. March 2020 was the month in which stock market prices also plummeted. Papers like those of Lufthansa fell to ~ 1/5 of their pre-value. Minus 80% losses in a few weeks. This happened to almost all sectors, except e-commerce and online trading. In contrast, the price of Bitcoin and other cryptocurrencies is holding up. What makes cryptocurrency stand out? Why im wanting to buy more cryptocurrency? Since March, BitCoin (BTC) has reached 453.9%. Ethereum (ETH) 376.2% and Binary Coin (BNB) at 428.5%. Currency trading is attracting more and more investors, including individuals. The phenomenon is strong in forex, but more investors are also getting involved in the stock market, as seen recently at GameStop. A look at the development, 12 months after the start of the pandemic, in mid-February; with the consequences of the lock down in March.

• Cryptocurrency future?

Share, ETF, Crypto: My experiences / mistakes

Stocks, ETF, Forex, Cryptocurrency, Social Trading – Here’s a little list of a few learnings that cost me money but are so simple you should know them! You want to buy stocks, index funds, cryptocurrency like Bitcoin or Ethereum, foreign exchange (currencies)? You’re thinking whether house bank, direct bank, online broker or app? Trading all on your own at risk or new options like social trading via app? My experiences and mistakes!

• Share, ETF, Crypto: My Experience

Additionally, in the following there may be slight grammatical errors, as this article was written by a German tax expert. This does not detract from the quality of information.

Procedure: Founding Stiftungen

Before we delve into the subject of Familienstiftungen (henceforth also called Family Foundations), let us first give a general overview of the topic of foundations. A basic insight into the definition, prerequisites such as assets and the process of formation, before we take a closer look at two subject areas: 1) foundations and real estate, and 2) family foundations. Let’s start with the question: What is a foundation?

Are you looking to save more on your property investment in Germany? Our full guide:

• Real Estate Germany – Saving Money

What is a Foundation? Easy Explanation

How does a foundation work? In general, a foundation is an institution that uses assets to pursue a defined purpose. The purpose is determined by the founder himself.

Any natural person over the age of 18 may establish a foundation, but also any purely legal entity and associations with legal capacity. Assets are, so to speak, the only requirement for establishing a foundation. In principle there are:

• Gemeinnützige Stiftungen (i.e. Charitable Foundations or Non-Profit Foundations)
• And there are other sub-forms, like the family foundations (further down)

What do Charitable Foundations do?

Before we now come to the family foundation. here once again the difference: Non-profit organizations are active in the church or pursue other, charitable purposes. For example, they award scholarships, support kindergartens.

Income from these activities in turn benefits these purposes (the foundation).

So if you had 10 million in your account, you could take 1 million and use it to set up such a charitable foundation. If you don’t have 10 million in your personal assets, check out AF Tax Coaching, where you can learn how to convert taxes into personal assets. That only at the edge!

Procedure of the Foundation: Purpose, Assets, Legal Form

First to the question: What kind of legal form is a foundation? There are two legal forms available to you as a founder when setting up a foundation. One is a foundation with legal capacity, called “rechtsfähige Stiftung”, the other is called a “treuhänderische Stiftung” (fiduciary foundation).

Variation 1: Founding a Rechtsfähige Stiftung

It acts independently, so it must also have a foundation board of directors that represents the foundation in all matters.

Variation 2: The Treuhänderische Foundation

Here you transfer the share capital to the trustee according to the contract. This trustee manages your assets separately from his own and according to the statutes of your foundation.

Once you have made your decision, the foundation phase comes.

The procedure for setting up a foundation is clearly regulated in Germany, like other legal forms:.

• Check requirements (purpose and assets)
• Choose foundation purpose
• Determine foundation assets
• Select foundation beneficiaries
• Select legal form
• Foundation business and statutes
• Recognition by the foundation supervisory authority and the tax office
• Transfer share capital
• Run a foundation

You now know the basics of the foundation.

A foundation pursues a specific purpose. It works with the assets provided by the founder (share capital). It can be independent or be managed in trust. So far, so good. Now we come to the exciting part: Real estate, tax optimization and family foundation.

Familienstiftung: Perfect Tax Optimization for Real Estate

You may have read our article on real estate tax optimization with an Immobilien GmbH, and wondering what the advantages of a Familienstiftung are. A family foundation is usually set up to build up assets. More explicit: for tax-optimized asset accumulation. But you can also use family foundations for tax optimization in real estate.

A quick example:

Capital gains are tax-free (after speculation period)

With a Familiensstiftung, you pay only 15% corporate tax on the rental of real estate

Erbschaftssteuer, Schenkungssteuer, income: Basically Tax Free

The founder and his children may each take one third of the proceeds. This means that two thirds of the profits are gone. What does that mean? Your charitable foundation is almost completely tax-free, as well as inheritance tax, gift tax and income. These taxes are critical to take into account, as they are a significant proportion of the additional costs you pay when buying a house in Germany.

A family foundation is usually founded by one person. The founder transfers his assets to the foundation. This in turn triggers the gift tax. However, in the foundation contract you have a tax-free amount.

Freibetrag bei Gründung: the Tax-Free Amount

The amount of the allowance depends on who is the beneficiary of the foundation. If your wife is the beneficiary, you would have a tax-free gift amount of 500,000 euros. If one of your children is a beneficiary of the foundation, the transfer is free of gift tax up to 400.000 Euro.

Important! this tax-free amount is only valid for the foundation. If you donate after the foundation has been established, the tax-free amount you can claim is only 20,000 Euro.

Remember this when founding:

• Transfer of assets upon incorporation
• Allowances up to 500,000 (spouse is beneficiary)
• Foundation after foundation with tax allowance of 20.000

Invest in real estate: Only 15% corporate income tax (rental income)

Once your assets are invested in your foundation, you can use and invest the existing assets.

Now comes the trick. A foundation is subject to corporate income tax. So you pay only 15% corporate income tax instead of trade tax.

You only pay trade tax with a family foundation if it is a business. However, the pure purchase, administration and holding of real estate is not commercial. You are only putting your assets to work. Don’t forget that you will still have to pay the Grunderwerbsteuer though.

Stiftung or GmbH?

Perhaps you will now say that I could also found a Vermögensverwaltende GmbH? Yes, but:

At some point you will surely want to sell one of the properties. This is exactly where the difference between a family foundation and a real estate GmbH arises.

If you sell a property through the GmbH, the profit from your sale is completely taxable, i.e. 15%, sometimes even 30%.

If you sell a property through the foundation, the capital gain is completely tax-free, as long as you have waited for the 10 year speculation period.

Speculation Period

In order to slow down the price increase in the real estate market, the following simple regulation exists in legislation: If there is a period of at least 10 years between the purchase and sale of a property, the proceeds of the sale remain exempt from taxation. Thus, real estate investments should be of a long-term nature and short-term profit taking should be less attractive.

What if I Want to get Money out of the Foundation?

If you withdraw money from your family foundation, 25% capital gains tax is due. The same applies to withdrawals from a GmbH (distribution of profits). Who gets the money, i.e. who is the beneficiary, was already determined by you when you established the family foundation.

Advantages of the Family Foundation: Conclusion

So with a family foundation you combine the advantages of the Immobilien GmbH, with only 15% corporation tax on rental income and the tax-free capital gain (after speculation period), from the 11th year, as with private individuals, through the family foundation.

With this legal form you can therefore build up a tax-optimized and large real estate portfolio. The more favorable tax burdens let your stock grow faster, finally you can service liabilities faster and reinvest faster.

Best of all, you will receive 85% of your rental income after taxes, in addition to the tax-free capital gain after the speculation period.

Family foundations also have advantages for the next generations, your children and grandchildren. In case of inheritance, your shares will be divided equally under the first line of inheritance, that is spouse and your children. If they die, the foundation is passed on to the next generation.

Lastly, a little note for you:

More tax tips! Save Taxes like the Super Rich

My big goal for this and next year: I want to give you more tax tips for German real estate! It’s complicated and difficult to get into the real estate market when you don’t come from Germany. It’s even more difficult to understand how to invest properly, and stop wasting your money on paying unnecessary and unwatned taxes. We have a wealth of resources on tax optimiyation for real estate in Germany. From taxes for beginners to practical tax tricks, like US president pays $750 income tax and 1 billion block of shares almost tax-free. Save taxes like the super rich! Get to know the world of tax optimization together with me!

Equity bottleneck? Advantages of interim financing

There can be various reasons for interim financing. You already own a property, but would like to move for professional or private reasons and cannot sell your house so quickly? As can be inferred from the name of this financing solution, this option gives you a chance to have fixed capital or funds available in the future at the current time.

You can apply for a form of financing for a maximum of 24 months in the amount of the equivalent value

The most common questions about bridge financing in advisory meetings are:

• How long does bridging finance last?
• What is a bridging loan?
• How does interim financing work?
• What is bridging finance house?

House and apartment purchase: definition of interim financing

Interim financing, also known as pre-financing, does not come alone. Rather, it is usually applied for together with an annuity loan and counted as an equity component. You can apply for this form of financing for a maximum of 24 months in the amount of the equivalent value.

Repayment of this additional financing is possible at any time without an early repayment penalty to the bank. If you sell a property you own, for example, before the interim financing period expires, you can redeem the loan at any time and from then on only pay the agreed instalments for your property financing.

Pre-financing and interim financing: Experience

Pre-financing and interim financing give you maximum flexibility and ensure that you do not have to postpone a planned house purchase or apartment purchase due to fixed finances, for example those invested in tangible assets.

Another advantage is the fact that the interim financing is counted as equity in the interest calculation of the annuity loan and secures you the best interest rate. The value is there, so you can ensure a relaxed ratio of loan-to-value and loan-to-value through bridging finance.

Thus, pre-financing and interim financing are considered as equity capital

You can use interim financing as equity capital if you own two properties as a bridging loan or if you want to use capital from an insurance policy that is due to expire in the foreseeable future as part of follow-up financing . In these cases, your capital cushion or the existing tangible asset flow into the equity valuation of the real estate financing and have a positive effect on your conditions.