Thursday, April 28, 2016

No Worries, It's All Hunky Dory

Unless the Straits Times plaster some headlines on the front page or the STI drops below 2,500, how would anyone know if the economy is doing bad?

I mean, obviously, it's not something that we can see with our own eyes, right? /sarc

How bad can things be with empty shopping malls?

I'm no undercover reporter or expert in retail, but many shopping malls look on the brink of dying to me. I've gone to so many shopping malls and wonder to myself "Are there more service staff in the building than actual shoppers?". I concede, weekends are still packed. But meh. If business and traffic was all that great, businesses wouldn't be closing. Maybe everyone is just walking around for the free aircon?

You don't need to look very hard to see empty, unused spaces as a result of malinvestment.

Cheap empty offices? Plenty of them, plenty of choices, all over the place. Not even that, but non-traditional offices are also becoming more popular, like hotdesking and colocating. Bootstrapping is the norm for entrepreneurs my age. You would be lucky to find a tenant under 30 who has the guts and ambitions to rent out an office space with whatever business he has.

How about retail? Shopping centres in prime locations with empty shop spaces? Strait Times found 19 of them. And we aren't even talking about those ones of the main shopping strips.

Don't even get me started on industrial space. There's plenty of these huge, mutli-tenanted facilities with dozens of small units just sitting empty. Every week is a "firesale". But who needs industrial space when demand is falling off a cliff? Take a drive around the industrial estates and see for yourselves.

Right now, I'm just working business as usual. I suppose if one pulls in enough profits for the company to cover their own salary, their job is relatively safe, no?

The stock market and global economy is one big yawn. The inevitable is coming. To quote Maroon 5, "even the sun sets in paradise".

Since I've been spending less time blogging, with less cynical and sarcastic posts, my readership has dropped a lot. It's all right though, no point coming here if I have nothing new to say. I'm no famous blogger, I don't need ad revenue and I do this as a hobby. However, I'm still pretty glad that I have written articles in the past that still generate a decent amount of traffic. I am a positive contribution to the world. Or so I tell myself. I sleep well at night.

I've been ramping up my socializing to front loads all those obligations of being a functional member of society because I know that once the shit hits the fan, I'll be busy back here gloating how I'm a genius. As of now, I'm that broken clock which is still right twice a day.

On top of that, I've been massively self-learning some skills and I've come up with a couple of small business ideas that is suitable for a freelancer to do in his own extra free time. Low cost (low risk), low skills needed, low maintenance and high odds of recurring income.

I have 1 idea currently in testing phase, ready to go live next week. I'm expecting to pull in a few hundred a year with zero effort on my part.

I have another idea (the biggest one) that I'm currently working with a partner. We're planning and doing all our research so that if we decide to sink in capital, our risk of failure is low, and even then our overall cost of failure would just be that small capital amount. That is going to take a few months to launch, but we're doing everything on our own as of now.

I have 2 ideas that have the possibility of working out pretty well. They are very niche and non-traditional, but there is a value-proposition and one of those propositions is the absolute rock bottom costs to my potential customers. Basically, I'm breaking into a market as the lowest cost solution provider, but I'm okay with that. The initial margins are low, to almost negative, but after the 1st year with each customer, all recurring revenue would be almost all profits and I've pretty much got them locked in and I've made for myself a perpetual revenue stream.

So, as you can see, I'm actually pretty busy. Screw these stupid ass markets. I've got lots of other better things to do than to watch this ridiculous shit show.

And yes, for all those still wondering, I am still short.

Tuesday, April 26, 2016

Japan is approaching Insanity

It's just shocking to find out that the central bank of Japan is a top 10 shareholder in 90% of the companies on the Nikkei. Please don't let that ever happen in Singapore.

Soon they will just own everything by paying for all it with their their printed monopoly money.

But, like I said before, I think the Yen appreciates (because of the carry trade unwind) before it finds itself in the good company of the hundreds, if not thousands of previously failed fiat currency graveyard. If it does manage to somehow survive, I can assure you that it will be a shadow of it's former self. How that affects the Nikkei, I can't even begin to hazard a guess, but I doubt it would be long term positive (in real terms, anyway).

Monday, April 25, 2016

Singapore Savings Bond: Apr 2016 Review, June 2016 Preview

Hey everybody, here's my monthly post on the SSB closing and the forecast for next month. I'm trying to streamline my posts to make them more condensed and info-packed in a regular structure, so it's both easier for readers to quickly digest the article and for me to pump them out on a regular basis.

I have made a similar posts in previous months, and I think I will stick with this format.

First up is update of the subscription of the previous issue. As previously mentioned, the SSB will probably have $300 million available to be issued every month of 2016. While it is a HUGE drop from the $1,200 million that they were offering in 2015, the SSB take up rate has been... pathetic, so it makes sense to cut down on the total offer to boost up the fill rate. It looks a look less sad now.

For the Apr 2016 SSB, a pathetic take up rate of just under $20 million was done. That's almost 6% of the issue. Demand for SSBs look low to actually even decreasing in the future. By just looking at the absolute amount, you can see that demand is falling. Many credit the falling and unattractive yields and I would not disagree

This month, again, as expected, the yield curve was manipulated by moving the 1 year rate down to match the 2 year rate. Of course, having a yield curve inversion is a no-no. This move is similar to what happened for the Dec 2015 issue last year, but of a much smaller magnitude. The 5 year rate strangely showed a higher than normal deviation from its predicted value.

Moving onto the next SSB, we use the same old-fashioned method of looking up the data from MAS and constructing the table below. As a refresher, the current month's rates are used as a proxy for the issue in 2 months time (For example: Apr 2016 rates are used for the June 2016 issue). Also, if you are in the first 3/4 of the current month, you application this month is for the bond that is too be issued on the 1st of next month (For example: Apr 2016 applicants will receive the June 2016 issue). I hope this clears up some of the confusion people have regarding the names of the issues.

There are 16 out of 21 data points available for this estimate, making this estimate slightly less accurate than the previous month. I would hazard a guess of 0.90 / 0.95 / 1.60 / 1.95 as the final yields.

Finally, this month we will not be seeing a yield curve inversion. To me, short end rates have fallen drastically over the past few months.  From a high of 1.2%, if we post 0.90% we're looking at a 25% drop in yields in a short span of just 6 months. Although no yield curve inversion is a sign that things aren't that bad, the general drop across yields through all timeframes is also not a good sign either.

This upcoming issue looks set to be the weakest SSB issue since it has started. All time lows across all the timeframes should be posted in the next issue. The current month's issue is definitely better than next month's issue, if your decision were really that simple and binary.

I would not be applying for this month's issue, and I'm 99% I will not be applying for next month's one as well.

Friday, April 22, 2016

Margin Call

*ring ring*

Me: Harlow?

Bob: Hello, Mr GMGH?

Me: *ahem ahem* Yes, speaking.

Bob: Hi Mr GMGH, this is Bob from your CFD brokerage.

Me: Oh hi Bob.

Bob: Hi Mr GMGH. I'm just calling to let you know that your account is in margin call.... for about the past month now. Are you aware of that?

Me: Of course Bob, you guys call me every few days to remind me that.

Bob: Ah yes, of course Mr GMGH, that's what we're supposed to do! Anyway, I need to notify you that your positions will be closed out once your account hits X% of your current margin position. Do you understand what this means?

Me: Yup, I understand.

Bob: All right Mr GMGH. Ideally you would want to top up your account so that you won't be in margin call and have the possibility of your positions being closed because of market fluctuations. Of course you could close your trades to reduce your margin levels, or at least make sure to monitor your positions very closely so that your account doesn't fall below the close out levels.

Me: No worries Bob, will do.

Bob: All right Mr GMGH, that's all. Yup. Have a nice day.

Me: Thanks, you too!



Saturday, April 16, 2016

"Support" Your Insurance Agent Friends?

I have mentioned it before, but there is just an overwhelming flood of insurance agents out there in the market today. Not to say that it is not a respectable job, but seriously do we need so many insurance agents per person? I admit that it is an important job function in our society, and there are some great agents out there who are doing a great job, but there are a lot more quacks prescribing one-size-fits-all cures (ILPs) to everybody without understanding their needs or objectives. Really, the quality of the average agent is laughable, until you realize that it's people's money and lives that they are potentially messing around with, then it is just sad.

Recently, a few of my friends have come to me with their woes of having an insurance agent friend.

Their insurance agent friends have been pestering them to sign on plans with them, using the usual methods of guilt and emotional blackmail.

People, I have come to tell you that you should ask them to fuck off.

Almost all insurance agents will present to you their product recommendations. Almost always it is an expensive option. Half the time it will be for an ILP. The other half of the time it will be for whole life insurance. 0% of the time, it will be for a term insurance.

That's all right, their incentives and rewards are structured that way. It's hard to blame them for acting in self interest, because who doesn't? Just ask them to give you the product brochures and the benefits illustration to you so that you can look it over and read. If you don't understand ANYTHING, you should ask them to explain it. If you still don't understand, then you shouldn't sign anything yet until you do. If you sign without knowing anything, you're a fucking moron and you can't be saved.


Now, here's the extra part that all you lazy buggers out there like to skip: Do your own independent research, especially regarding term insurance.

Go read up what exactly is insurance and it's purpose. (hint: NOT A FUCKING INVESTMENT)

Go read up why insurance IS NOT an investment.

Go read up about the difference between term insurance / whole life insurance and why would people want to choose one insurance over the other. (hint: the only good reason is estate taxes, which are non-existent in Singapore)

Go read up about ILPs and their cons (and pros).

Go read about horror stories about whole life insurance and what people would have done instead.

Go read why term insurance + own "investing" is usually superior to "investment" insurances.

Go search for term insurance plans and find quotes online to compare.

Now with all this information at the tips of your fingers, think about your objectives and personal situation, then understand what insurance you need and why you need it.


If you are too lazy to do all of that, go buy from your insurance agent. Someone has to do it, and it doesn't seem like it's going to be you.

If you are too scared to insure or invest on your own, go insure yourself and buy "investments" from your insurance agent.

If you really don't understand anything, go talk to your insurance agent and get a good explanation by them of their product. You should be very very aware of the difference between sales talk and product guarantees.

Basically, if you're stupid, lazy, scared or a combination of those, then there is actually no option for you to handle your insurance yourself. In this case, by all means go and "support" your insurance friends. Having really bad and expensive insurance and investment plans is better than having nothing at all. Just make sure your insurance agent friend isn't an idiot. Like I said before, with the massive quantity and low quality of agents being pumped out, odds are high that your agent isn't one of the few good ones. Especially if that agent has never, ever, sold a term life policy before. Run Forest, run. 'Nuff said. *drops mic*

But if you are a smart and rational person, it is likely that you will realize that the purpose of life insurance is negligible if you have no dependents and entirely loses its purpose if you are retired (not income producing). You would have also found out that whole life insurance is an unnecessary way to transfer wealth to your dependents since Singapore does not have estate taxes. You would eventually reach the rational conclusion that not only is term insurance the exact product that you need, but it is also the cheapest insurance product available.

Unfortunately, this conclusion also means that pretty much no agent will want to process these for you, so you need to approach the insurance companies directly and *gasp* fill out your own fucking forms. If you're too lazy to do that, I'm sorry, you don't deserve to have cheap insurance. Please call your agent.

Do not "support" friends that sell you expensive things that you do not need. It is pure fallacy that because something is more expensive or presented in a shiny package by a person in a pressed suit that it is superior in every aspects. All you have to do is find the aspects that are important to you, and pay for what you are looking for.

In a nutshell, buy what you need, don't buy what you don't need. But first, think about if you need it or not.

Thursday, April 14, 2016

MAS Policy Summary: We're Fucked

The MAS just came out with their policy statement today, so it's probably being reported on official news outlets and being analysed by "economists" and what not. I'm sure that they will be spinning it positively and focusing on stuff like "still positive future outlook", how low inflation is great and whatever other stories they like to come up with. But I'll just summarize what it says to me.

First off, the SGD is not longer gradually appreciating. MAS has decided to scrap our currency appreciation policy and instead target zero appreciation. Honestly, this isn't a bad policy, since all other major currencies are competitively devaluing. In this crazy world, zero appreciation is relative appreciation already. However, in other words, if you view this relatively, we're basically devaluing to remain competitive. Fuck the Euro, fuck the USD and fuck the JPY. If everyone else can devalue, why can't we too? CHIONG TO BE WORTHLESS, CHIONG AH!

Second, the local economy is shit. QoQ growth is 0%. Taking into account seasonality, things are getting shittier. The only sectors that should be okay are areas propped up by government spending, such as healthcare, education and public transportation. Basically, they are spending on whatever they can, since no one else is doing so.

Thirdly, the global economy is shit too. They recognize global easing and stimulus policy by other central banks, but concede that cyclical headwinds (ie market cycles) is going to equate to shit demand and growth for everybody. While it might not be negative, it would definitely be slowing.

Fourth, inflation is still as shit as ever. While core inflation is 0.4%, CPI all items is an eye-popping -0.7%. Which should be pretty fucking obvious since core inflation excludes housing and private transport, both of which are obviously trending lower. They are further lowering their inflation expectations. Why wouldn't they? They just admitted that car prices are expected to be lower, along with housing rentals (bye bye landlords expecting 3% yields).

Summary: we are fucked.

I don't know about you and your industry and sector, but the industry that I am in is clearly suffering a lot (don't ask, I won't tell). I would not be surprised if many of the businesses shutter over the next 1-2 years. Among friends, almost everyone that I talk to are telling me that their industry or even their own company is cutting headcount and freezing hiring. Even the usual job hoppers are telling me that they are gonna bunk in until this "recession passes" and then they will start their hopping again.

Deflation is obviously here. Just check out the MAS core inflation chart data. Or even better yet, read the monthly inflation statistics which shows CPI all items. Basically, all previous times that outright deflation were here were during crisis periods. 1998, 2002 and 2009. And we are very very close into slipping into official negative core inflation, which basically just confirms that the backdrop of the economy is same as in all those periods.

Personally, I don't really worry too much about what is going to happen in the future. My investments are actually positioned for a global shitstorm and I have my beautiful emergency fund, as well as a huge warchest ready to help and offer relief to distressed people who desperately need to offload their rapidly depreciating assets at firesale prices.

The last few times our economy was in a rut, it was a proven good time to buy properties on the cheap. I am fairly certain and confident that housing prices will be cratering in the next few quarters, along with our local economy and the global economy.

Am I an asshole? Yes, I am an asshole. But I am a prepared asshole, and that is probably actually even worse than your average asshole on the street.

Tuesday, April 12, 2016

Lots of Chart Porn

Check out this link on ZH.

Honestly, like seriously seriously honestly, what's the argument for the bulls?

More central banking stimulus?
Low rates justify higher stock multiples?

That pretty much seems like the only 2 arguments that they've got.

C'mon baby, give me hell.

I want to watch the world burn.

Sunday, April 10, 2016

FULL RETARD: -1% Loans in Germany

ZeroHedge just shared this very interesting article about NEGATIVE loans in Germany.

So how it goes is that, Santander Bank is offering loans to customers at 100% upfront for 2 years, and they pay back monthly installments over 24 months that ends up only costing 99%.

To all the bank telemarketers who call me constantly informing me that I am specially selected by the bank to be extended a personal loan..... just stuff it until you can offer me negative rates. (I guess I must have a really good credit rating)

If this isn't insanity, I seriously bloody hell don't know what is.

Saturday, April 9, 2016

Re-Employment Age Up. Will SRS Withdrawal Go Age Up Too?

Just saw a CNA news article reporting that the re-employment age is now up from 65 to 67.

When I wrote an article about the SRS last year, my genius readers wrote about just contributing a nominal amount into the SRS account to sort of "lock in" your initial contribution, so that the withdrawal age hopefully doesn't change. I did do a contribution of $1000, and since December until now, my investment is happily returning about almost 2% already. Not bad, not bad.

So anyway, does the re-employment age going up directly affects the SRS withdrawal age? Well, as of now, no. And I don't think that this would happen, unless they change the official retirement age, which is still 62.

Well, the thing is that the SRS withdrawal age is directly linked to the official retirement age, and not the re-employment age. The re-employment period from past 62 until 67 is just an extra "option" for older workers who want to continue working. Some people enjoying working and having a purpose, others feel that it would be better for their finances to continue working longer.

I don't really have a comment about the retirement age because I don't plan to retire once I hit 62. I plan to retire once I have enough money and when I feel like it. And probably at that point of time I would actually switch careers to do something that I enjoy more, so it wouldn't actually be "retiring" per se.

But I digress.

I still am very curious if the eventual change of retirement age (oh, don't fucking kid yourself. It WILL go up, the only question is when) will affect the withdrawal age of early contributors. Obviously, I've already implicitly made a bet so with my $1000 SRS contribution.

But guys.... seriously, if you want to retire at 30, or 40 or 50, you can do it. You can do whatever the hell you want. I feel like punching the next idiot I see on my newsfeed crying about how his government is so harsh and forcing him to work until 67.

Boo bloody boo hoo hoo. Go suck an egg.

Wednesday, April 6, 2016

The Panama Papers Explained: Corporate VPNs

Okay, the Panama Papers is probably finally hitting MSM, which is cute, since usually 99% of the time no one cares, no one understands and no one will do anything about it.

I sure hope the shit hits the fan, and one of the first people I'd like to see cry is the Icelandic PM for still being such a dick after being exposed and then still lying about it. I wonder how dirty his money is.

Surprisingly, this Vox article has a very simple and easy way of explaining the Panama Papers leak, which I would encourage you to read.

And as the simple cartoon briefly explains, not all shell companies operate illegal activities. There can be really good reasons to have a shell company, and there can be really bad reasons to have a shell company as well.

It's like "junk bonds". It sounds like a shitty bond because of its name, and it could be shitty, but it is not always the case. The words just have a very negative association. Likewise "Shell corporations" sounds very sketchy, but they are not always illegal corporations.

The best analogy of a shell corporation that I can give is that it is like a VPN. It simply masks the identify of the owners. Whether it is used for legitimate or illegal activities is up to the owners.

I'm not here to debate if shell companies should be illegal, what's the controls that should be in place and limitations of these companies... that's for lawyers, bankers and politicians to fight it out. However, I would of course be very interested in the outcome. As mentioned, I think shell companies are like VPNs. And I use a VPN.

Right now though, what I am most interested in is to think about this: As an individual, what sort of risks would this bring to me?

Perhaps in the future, they will be a lot a lot more capital monitoring and capital controls in an attempt to thwart illegal money activities. Some banks and ATMs have limits as to how much physical cash that customers are allowed to draw out daily. If you have $50,000 in a bank account and there is a limit of $1000 of withdrawals a day, it would take 2 months to withdraw your cash and by then the bank would have ran out of money.

I've watched videos of people living in third world countries who have had their wealth ravaged by capital controls and hyperinflation, it never looks pretty.

As an individual, what can you do?

On the most basic level, I would never have only 1 bank account. I am sure many of you do not as well. I have 5 official bank accounts, and I am considering opening up 2 more while closing one. On top of these bank accounts, I have several places that can keep my money, but the risks are that the people keeping my money are not financial institutions and I would still need a bank account to retrieve my money. The plus side is, I don't need to withdraw the money into a Singaporean bank account.

On an intermediate level, I have a sizable amount of gold and silver and I am a bit more intimate with the physical gold and silver markets compared to most people. It would not be hard for me quickly convert cash into precious metals if I had to. I understand how the physical markets work, what products are the standard and the risks I take if I decide to place a "put" on my wealth. Buying gold and silver is like going to a strip club. Almost everybody knows what it is, but few people have actually done it and understand the finer details of it. Basically, I'm a strip club regular, and you've don't even know what it looks inside.

On an advanced level, I am considering about opening a bank account in a foreign country. Most countries will not just let anyone open up a bank account with them. Usually, you would need to be a citizen or PR, or employed in another country to do so. I have done so before (where and how, I will not disclose). In this regard, I might be more experienced than most people. It might not be immediate, but that's the medium term plan for now.

For readers that have closely read my posts, it should be of no big surprise that I have a plan B when it comes to Singapore (and possibly leaving Singapore). I don't know whether it is because I am getting older and more observant to the facts of life or if it has only recently been getting worse, but I am observing more and more "ugly" Singaporeans and it irritates me to the core. Of course, I could be like the majority of these whiny bitches and head over to social media comment boxes or take it to the forums and find over like-minded people so that we could all stroke each other and feel good. But no. That option is for people who are in NATO. No action, talk only. I talk about shit, and then I do it. Even though I am a Singaporean, I do not believe that just because I was born here and I have lived here most of my life, that I am required to be stay here, work here and die here.

If I am unhappy about my situation, I take action to fix it. Planning to have an overseas bank account and overseas investments is not illegal and it is not treason. It is in fact a prudent option to mitigate your financial risks and it also provides you with a platform to launch an alternative life. Even if I never have to execute my plan B, at least I would have a diversified stream of income as well. And of course, massive peace of mind to sleep like a baby at night.

Remember, no one got on the Titanic thinking that it would sink.

Monday, April 4, 2016

Nostramoney: 2016

Stock markets dumps in Q2.

Global CBs panic and do even more of what has already not been working in Q3. Rate hikes get postponed indefinitely.

Trump becomes President in Q4.

Just a play play prediction, don't take my word for it.

Friday, April 1, 2016

Singapore P2P Loans?

P2P loans is actually quite a decently big thing in other parts of the world.

The biggest P2P players I think are RateSetter and Zopa in the UK. I honestly have not read all the details about all these players to find out whats their differences are, but I roughly know that P2P lending involves a borrower and a lender agreeing on a loan amount, interest rate and the tenor.

One of the things that makes me scratch my head is how do they know that the borrowers are credit worthy? Do they take collateral? Apparently, it does not seem so and they only have a contracted debt owed outstanding against the borrower. Of course, since RateSetter is big enough and have been operating long enough, they do have a "Provision Fund" that can help cover losses in case of defaults, and that's quite a nifty feature. Zopa has their own "Safeguard" which is sort of like an insurance fund against losses too, but only for the more risk adverse lenders who don't mind lower returns.

All this is pretty hunky dory since RateSetter currently offers a 4.2% return for essentially a 1 year fixed deposit. That's pretty good, isn't it? Do take note that the UK 10Y is lower than the SGD 10Y (1.4% vs 2%), which means that their risk-free rate is actually lower than ours. That means if this was in Singapore, we could be looking at returns of 4.5% or more, I'd reckon.

But alas, Singapore does NOT have P2P lending (at least until I found out about something of that sort in the next paragraph). I don't know if its because of MAS regulations or because the SGD is not a major currency and the P2P lending scene is still considered too green to even begin. Personally, I have always been quite bummed out about it and I have even asked a banker friend of mine why hasn't anyone set up such a business in Singapore. I suppose if it could be done, it would have already been done by one of the many big successful companies that have done well overseas.

Interestingly enough, I stumbled upon something very very interesting today. I never knew, but Silver Bullion has been offering P2P loans for a while! There are some important distinctions from the RS or Zopa model.

The most important key feature of these P2P loans is that the borrower has to put up collateral in already stored precious metals worth a minimum of 200% of the value being borrowed. This means that if a borrower wants to borrow $10k, he needs to have a minimum of $20k worth of precious metals already stored with Silver Bullion.

What is more interesting is that if the value of the precious metals falls to 110% of the loan amount, and the borrower isn't able to fund a margin call, Silver Bullion has the right to liquidate the collateral to pay back the lender.

Personally, I actually think that this is actually rather safe for a few reasons:

  1. There is collateral
  2. The collateral amount is 200% the value of the loan
  3. The collateral is kept with a 3rd party and not by the borrower
  4. The collateral would be liquidated at 110% to ensure the lender does not lose capital

If you ask me, the only problem that I see so far is the reliability of Silver Bullion to hold up their end of the bargain, which is to monitor the collateral value, liquidate it quickly enough and finally, to responsibly manage the money and not run away with it.

Then again, they do have a bloody vault in Singapore with tons of metals in there. It's not like they can just up and go without nobody knowing. At least, I suppose not. Not easily, anyway.

As much as I do enjoy BullionStar as my precious metals dealer, I must admit that they are seriously losing their competitive advantage. Their BSP programme is clearly still a big draw and plus point to them, but their pricing is really slipping and making them seem not as competitive. There are quite a large number of products that are cheaper at Silver Bullion than BullionStar. I do remember that the last time I did my research many moons ago, this was not the case. Either Silver Bullion got a lot more competitive, or BullionStar has been getting greedy as of late.

Anyway, I do not vault all my precious metals, except those that I already know and plan to sell in the future for capital gains. Likely, I would use BullionStar to continue gradually accummulating BSP to realize potential capital gains in the future. However, I had already registered at Silver Bullion and I will no longer hesitate to purchase my physical holdings which I keep at home from the dealer with the cheaper price. Finally, I will be looking and exploring this P2P lending that Silver Bullion is offering.

Any comments and thoughts on P2P lending? I do find this very different from crowdlending, which are done by MoolahSense and CapitalMatch. Looking forward to hear from anybody!