Peerberry: 8 months on board, it runs smoothly (mostly)

Somewhat surprisingly last in November Aventus Group launched their own p2p marketplace Peerberry. Surprisingly because I did not expect more p2p marketplaces launching in Latvia as long as the regulatory environment is not fully binding. I really liked the platform from the beginning, as it already offered an autoinvest function and everything else looked nice. I guess this is the time for an update.

What happened during the last months?

Peerberry was further developped and some new external Loan Originators were added. Aventus therefor chases the path to become an open platform like Mintos or Viventor. Not like Viainvest, which uses its marketplace only for their funding needs. The financials of the loan originators added to Peerberry look reasonable, although most of them are relatively young.

The loan offering was also extended to more countries. Danish loans were ment to be sold at 11 percent but the investors luckily did not buy them at this rate. I guess 12 percent is the red line for lots of investors 😉 It is a good thing that it did not work out with lower rates, because the platform would go even lower with the next batch. Lower rates are ok with me, but not with unsecured payday loans. Real Estate deals like Estateguru is no problem for me to be below 12 percent. I guess the executives have now learnt their lessons, as the newest loan originator pays 13 percent from start.

You can see below an increase in monthly lending volume. Currently we are over 11 million lent so far. End of May there were 1354 investors which received about 55k Euro interest. This is a really good result for such a young platform.

Autoinvest and my yield

Just a hint about the autoinvest before I will talk a bit about my yield. The autoinvest seems to run only once a day, mostly by the end of the day. I notice that my funds are invested slightly before the day change. This is nice as my funds are then reinvested without cash drag. There were some days where my funds still needed a day or two to get invested, but this was due to the high loan demand.

My yield is shown as 12.43 percent in my dashboard. I cannot reproduce this figure, as I calculate my yields with the XIRR function. With XIRR I get below, but this has also to do with the XIRR function which is comparable only after 1 full year.I estimate my yield will be above 12 percent after one year.

During the next months we should see more development of the marketplace and welcome some more new loan originators. Follow me to Peerberry.

Grupeer now offers autoinvest plus some stats

Finally the autoinvest feature arrived at Grupeer. About 3 weeks ago this feature was introduced on the platform. Due to the low number of loans plus the great availability I think the autoinvest is nice to have at the moment, but it still makes my life easier to invest. I can spare me the log ins after I got a repayment or interest received information. Following I will show you my settings I use with my autoinvest. You can see it on the below picture (by the way, you find the ai in the invest menu in your account):

Unfortunately we have to set a minimum and maximum with the interest rate. I tried to set it from 14 percent to open end, but this does not work. Same thing with the loan duration. Plus you need to set an expiry date for the ai, again this field cannot be empty. There is room for improvement, especially with this point. For what do we need an expiry date for an autoinvest function? Ok, we can work around that by selecting a date in the far futur. Basically the ai is a smooth and intuitive solution, expect for the points I mentionned. Below the settings you will find a guide for the ai, if you need one. The ai kicks in within 5 minutes after you activated it. It just invested in one loan in my case. Really nice of my ai to choose the loan with the highest available interest rate, matching my settings. This is really great. It could have just invested in a loan with 14 percent and would still be between my parameters. It seems there is a rule in the background which tells the ai to pick the highest interest rate first, which lies in the settings. Unfortunately it was a project without cashback, well, we cannot have everything 😉

At the overview of the ai on the right hand side you see the button named “old”. If you push this button, your ai invests again in projects which you already have in your portfolio. If you press it again, it does it again 😉 This helps if there are only few loans available and you still want to invest all your funds. You do not need to change your criteria in the ai, and can still invest all your funds.

Stats: a clear uptrend

During its first year after inception Grupeer funded about 2 milions of euro. Right now we are over 5 millions, this means during the last 3 months about 3 million were funded. And the trend continues, as they increased the volume of new loans significantly. The marketing department sent me below chart:

We can really see an increase in new investors and funds invested. Really interesting that in April and May the Spaniards financed more then half of the total investments. Spaniards can be found in the top investors on other platforms as well, but never like in this case. Sure, the chart only shows two months and not the whole picture, but still impressing in my opinion. Spain seems to be very open to crowdfunding and crowdlending. I can see that as well, as I got a lot of traffic coming from Spain. I believe they are reading it in English or use google translate. Let’s hope that the marketplace can grow further and we do not have to deal with defaults. Follow me to Grupeer registration.

An update of my Iuvo strategy

Some 3.5 months ago I wrote about my new strategy with Iuvo. I think now is the time to make a first check and see if it was worth. I am aware that it is still early to evaluate, but the figures for now look promising. My yield used to be between 10 and 11 percent with prior to my change of strategy. Now I slowly approach a XIRR of 12 percent and hopefully more.


Really nice at Iuvo is that the primary and secondary market data is exportable and if you like analyze it in Excel for example. It is always good to have data to make some conclusions, but for me this data is too less detailed, especially in comparison to Bondora or Finbee.
Anyway, I was able to draw a picture for me out of the data. As you know, investors do not get any interest if the borrower does not pay. The loan originator “only” covers the capital, not the interest when a buyback occurs. We could argue if this is fair or not. In the end the investors decides if he wants to invest under this conditions or not. Even if this system looks inferior to other buyback schemes, it has its benefits. The loan originator is more stable in case of big defaults which need to be covered. Anyway, we have to accept the circumstances at Iuvo.

A figure of interest for me is in this case how many loans go into buyback without paying a single installement. In my portfolio I get 14.2 percent of these loans. As I only invest in loans with 14.9 interest rates in Euro and with weekly or bi-weekly installements. Taking this into account I compute a yield of 12.81% ((0.149 x (1-0.142)). This is just a snapshot. If I compare this to the loans on the primary market, with the same parameters, I get a yield of 11.95%. The defaults amount to 19.8% there. Now the question comes up, why is my non payer rate lower? There is only one reason: I am just pretty good 😉 Of course this is just nonsense, as I let the autoinvest do the work, so it is more hazardous. Or it is because of the snapshot. If many loans are bought back a day earlier to the snapshot, my current loan number is actually increased. Of course it could have also a statistical reason: I have less loans then the primary market, so I may be an outlier. I conclude out of my data (which I will monitor now monthly), that a yield of 11 to 13% is achievable with my settings. On top of the mentionned yields there are sometimes late fees, which improve the yield a bit.


The achievable yield with Iuvo lays in the middle of p2p marketplaces with buyback. I needed a long time to get acustomed to the fact that there are no interest payments out of the buyback. The longer I think now about this, the weirder it becomes to actually get interest out of buyback. What do you think about that? I am aware that other platforms handle this differently, which is not bad at all. We just have to deal with the cirumstances. In the end it is of course possible to achieve yields below 10 percent, if you are out of luck. Let’s hope this does not happen to us 😉 Just one side note for closure: the shown yield in your account is just the average yield of all your holdings in your portfolio. It has nothing to do with your actual yield.

Saving the best till last: Cashback offer up to 90 Euro

New investors can join Iuvo and benefit from a cashback promotion: 30 Euro Cashback (equals 3%) with EUR 1’000 invested, or 90 Euro cashback if investment is at least 2’500 Euro (equals 3.6% Cashback). After you invested the first thousand, you have 60 days to increase your ivnestment by 1.5k to 2.5k Euro total, to get additinal 60 Euros (or you just keep your 30 Euros already received). If you want to take advantage of this offer, drop me a message via contact form. I have to preregister you myself at Iuvo in the background with your email, after that you can register your account. As soon as I preregistered you, I will notify you quickly by email. To be clear: I get the same bonus by referring you, so you support my blog if you join through me. This is absolutely free for you.

Fastinvest: A post with mixed feelings

Fastinvest got my attention nearly a year ago due to this German thread. Back then the marketplace did not seem very interesting as the yields used to be much lower then today. Further, apparently there were people which clearly promoted the platform by impersonating as investors. You can see that in the mentionned thread. The postal adress was and still is in a building were virtual offices can be rented. The people behind Fastinvest are all from Lithunia and I guess they are working from there. Moreover the marketplace is under observation from Polish financial market authority.

Some weeks ago I was directly contacted by the platform’s marketing staff, as they wanted me to review their marketplace. I told them about my concerns by mentionning the above points. They told me they did not know anything about the fake users, which was the truth, as the guy in contact joined Fastinvest only recently.

Why do I now publish a post?

I really wrangled and am still wrangling, if I should write about them or not. Some days ago I had a conversation with a frequent reader of this blog, who is an investor at Fastinvest for nearly a year now. According to him everything is running smootly with the platform. After posting my German post I received an email from another legit investor who confirmed what the other guy told me. Lastly the marketplace was introduced by an affiliate provider who runs the schemes for Mintos and other p2p platforms. Bevore they let new marketplaces on their platform, they check the company and the people. Mostly the representatives have already been met in person. This gave me confidence. In the end it just might be that I am too prejudiced, but still I am not completely convinced. Therefor I remind interested investors to be careful and do not invest huge amounts to start. I got in with a few hundreds of Euro.


It is easy to register and pretty fast. Just click register and you will see below overview. It seems as Fastinvest is also developing a crypto exchange und you can participate in their ICO. This is another point which I do not like. Anyway, for p2p loans, just take the middle option.

After typing in your data you need to chose an account currency. Available are USD, GBP, PLN and Euro. Watch out, the currency setting cannot be changed by you. I chose USD, as I liked the opportunity to invest in Dollars. But there are no USD Loans at the moment as it seems. So I will go with Euro, which I sent there. By the way, they offer an fx exchange facility, with no fees… but with huge spreads I guess 😉

Buyback and yields up to 16%…

But only in Zloty 😉 Euro loans are up to 15% with a duration of 6 months. All loans are equipped with a buyback guarantee (reminder: a guarantee is only as good as the party which gives it). The loans can be sold back to the marketplace on a daily basis, but in this case you will lose all the interest. The buyback will be activated the day after maturity, so no waiting period of 30 to 60 days as we know it from other platforms. So we have an idea about the cash flows we will receive. From the loan side the platform looks promising.

Autoinvest und Portfolio

There is already an autoinvest feature or you can chose to invest in existing investment profiles. Investment profiles are already preset and you just need to activate it and are good to go.


I have to admit that I like the marketplace from a technical point of view and I am really happy with its features. It looks clean and smooth. There are a lot of features which other platforms don’t have. This is really positive. The odd gutt feeling didn’t disappear though. I cannot ignore the points I stated at the beginning. I wil run my testinvestment and will update my experiences in the coming weeks. Maybe I will know more about the employees by then. Follow me to Fastinvest.

If you have already some experience with Fastinvest, please leave a comment below.

Update to risks with foreign currencies

As I told you in January, I just have updated my update to the foreign currency development against the Euro. The Euro gained traction against most other currencies during the first quarter of 2018. There might be many reasons for that, I just want to point out three of them. 1) Economy looks good in the Eurozone (mostly all over) 2) There is a sense of politial stability in Europe at the moment and last but not least 3) The guy in the USA is always good for spreading some uncertainty (which drives Investors out of the USD into different valuta).

Again I had a look on a 10 year period, I just rolled one quarter further. This means we are looking not at the period from March 31st 2008 to March 30th 2018 (March 31st 2018 was a Saturday, so the period closes on Friday 30th). There were some changes which you can clearly spot in below illustration. Please note that the comparison is beetween 10 year periods, this means we are comparing December 31st 2007 to December 30th 2017 with March 31st 2008 to March 30th 2018.

Source: Bloomberg / own calculations

As you can see the Euro gained strength againgst Swiss Francs, British Pound, Georgian Lari and the Australian Dollar. It lost a little bit against the Polish Zloty and the Czech Krona during the period. As the Danish Krona is pegged to the Euro, there was no change. Graphically it looks like this:

Source: Bloomberg/own calculations (31.03.2008 – 30.03.2018)

Most impressive are the Euro movements against the Swiss Franc and British Pound. As the Franc lost, the pound gained (so now may be the time to go into the Euro, if you are a GBP Investor ;)). GBP Investments gained nearly 8 percent in the last three months against the Euro. This shows really nice, that currencies can easely fluctuate in double digits in several weeks. During crisis the fluctuations normally are bigger (look at the annual tables below). It is not bad to think twice before going into a foreign currency. It might pay off, or not, but you need some mental strenght at some point to hold through ;). If you decide to buy some foreign currency, you should look for low change fees (low spreads). Most of the time your bank will charge you more then some specialised companies would. Check out Transferwise, Currencyfair (40 Euro Bonus) or Revolut.

Source: Bloomberg/own calculations; annual returns

here the othere currencies in tabular form:

Source: Bloomberg/own calculations; annual returns


This was it with the pdate to the currencies. If you want to have added more currencies to the overview, drop me a line. I will gladly take them into consideration. The next update will follow in July. Last but not least, appologies for the silence during the past weeks… I had some technical difficulties.

Crowdestate: Autoinvest and secondary market explained

There are a lot of new features at Crowdestate during the last few weeks. After I did an update not long ago, secondary market has been released. Nice thing to offer a possibility to liquidate to the investors. Firstly I want to tell you some things about the autoinvest feature, as you have only slight chances to invest manually on the primary market, despite the recent increase of new projects.


Projects yielding about 10 percent or more with a volume below 1 million Euro it is hard to bid manually, as all is sucked up by autoinvest settings nearly instantly. This means that sometimes not all investors using an autoinvest get their bit of the project if the demand is too big (which happened to me before). As per Crowdestate’s statement older (date of inception) are prefered to newer autoinvests. So I suggest you set up an autoinvest immediately after sign up. I set my autoinvest very wide barriers. All types of projects which yield at least 12 percent and have a duration of less then 24 months are allowed to invest. Maybe I will increase the duration as I got a secondary market at disposition. As new projects are announced 24 hours prior the first capped bids can be made, I still have a chance to pause my ai for that project if I dislike it (I am not sure if this would change my ai’s inception date though, but I don’t think so). Given there is only one project added at the time being. As per mentionned reasons I relinquish to fine tune my autoinvestment settings. But you can set it really subtle if you like to.

Secondary market is (still) lucrative

This week I discovered the secondary market randomly, I do not remeber having received a message about the implementation by Crowdestate. For the fun of it I put my project up for sale which I invested in a week earlier, with a premium of 2 Euro, which is 2 percent on my 100 Euro investment. I did not check if it has sold, and did not receive a confirmation. About 2 hours later I have received a message that my bid to the new project which went open for capped bids in the meantime was confirmed. In the background my sale went through within minutes and my autoinvest hit again with the money I just received form the sale. With a holding period of one week and an investment of 100 Euro I made 2 Euro, annualised the return would be over 100 percent. It is senseless though, as 2 Euro remain 2 Euro, annualised or not ;). As I had now another project in my portfolio I waited until it was sellable and tried to repeat. And voila, it sold this time for a premium of EUR 2.50 in less then a day. I pulled that one again, but with a premium of EUR 3.50. Of course it is not worth the hassle, but my play instinct awoke. I really hope this market situation does not last long as it prefers older investors over newer ones which is unfair. As I told you now about this possibilty I guess it will be over shortly anyway. As more people try this strategy, the lower prices should get, which would be fair.

Seling and purchasing is free at the moment, hopefully it stays like this. To be able to sell a project it needs the status as settled, then you can set the price by clicking sell. You need to confirm the sale by a code which you get delivered on your mobile phone.


I like Crowdestate more and more. I do hope that the supply of new loans increases, and of course we do not see big defaults. Follow me to Crowdestate’s registration.

Interview with Grid Wealth (Irish p2p)

Months ago I discovered Grid Finance and opened an investor’s account. Here and there I got a notification about new loans, usually in the range of 10 to 20k Euro. So far I haven’t invested, as the company representatives told me, they will not try to expand their p2p lending. I thought it would not make any sense to invest, although I really like the Irish p2p sector, due to my great experiences with Linked Finance and Flender. During the last few weeks I noticed an increased number of new loan notifications, so I thought maybe they changed their mind, but this is not the case. Nevertheless, I asked them some questions and got a nice reply from Andrea Linehan, the groups commercial director.

1) can you tell me when was grid business founded and by whom?

GRID was founded in 2013 by Derek F. Butler who is now GRID Chairman and CEO (

2) how does business and wealth match together in one company?

GRID Business services the small business community in Ireland with funding solutions made up of one or more finance products. The capital for these finance products comes from a broad source of providers including institutional lenders, family offices and GRID Wealth’s retail lenders. GRID Wealth is a dedicated business unit representing and servicing retail lenders for our P2P product.

3) how many loans have you funded so far? How many delayd/defaults?

Default rate is at 0.25%

4) what are your goals for 2018?

We are adding additional finance products and capital providers to the platform so that we can service a wider range of businesses and with larger loan facilities.

5) who can invest with grid?

We work with national and international investors from institutional lenders, family offices, corporates and retail investors.

6) how do you separate from your irish competitors like linked finance/flender and one soon to enter player?

GRID gives Irish businesses access to a number of finance products fulfilled by a broad source of capital providers. While we do provide access to P2P as a finance product, it is only one part of a larger offering. We understand that the one-size-fits-all approach to finance does not work for Irish SMEs and a more bespoke designed solution is required to truly help a business to achieve their growth and expansion goals.

7) are there fees for investors?

Yes, investors pay fees also but each fee structure is different depending on the size of the funds, the product they are financing and the cost of their capital. The fees are deducted from the monthly payments, when received.

8) given my experiences with lending to irish business which are great, can you explain why irish borrowers mostly pay on time. What is the secret behind irish paying morale?

The very low default rate at GRID is due to a number of factors. Firstly, our credit model is exceptionally robust, meaning we only approve applicants that have a proven capacity to comfortably repay their loan. Secondly, despite when a proven capacity to repay has been demonstrated sometimes businesses get into difficulty. Our team work closely with our customers to help them navigate difficult times if they occur and offer advice on how to bring their repayments back up to date. Often times it is simple guidance on cash flow management that can lead to a loan performing again. Our experience is that business owners want to meet their obligations and having a supportive finance partner helps them to do this.

Thank you Andrea for your answers. What a pitty that Grid Finance is not trying to grow their p2p business. I believe there would still be room in Ireland to grow. Maybe they change their mind, if there will be more and more loan requests….

Grupeer accelerates the supply

It has been now over a year withGrupeer, since I found the marketplace. On February 17th 2017 I started my first investments on Grupeer. I really do like the marketplace, even if there are some shortcomings (read more below), although I have placed them in to the Top 3 of my Top 10 ranking.

Loan supply increases drastically

During the last weeks, there were always more loans coming to the primary market. Further the supply of Russian loans increased and should now be at about 200k per month. At the moment there are over 300k available on the primary market, all loans have 14 or 15 percent interest, some offer 1 percent cashback additional. You get the cashback paid out on your account, just after you invested. The loans have a duration of up to 12 months, some are only 4 months.

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The Russian loans are originated by two Russian companies where Grupeer holds the majority, they want to have the control over these companies so that they can intervene and monitor. There are no property projects at the moment, and I don’t have any information when a new one will be added. The first property project (Hotel Dominik) was repaid in time.

What’s missing

Still no secondary market available, although it was announced on the platform’s start. Ok, the loans are not long term, so we do not really need a secondary market. But I think a platform should have this feature, it is standard in my opionion. I cannot give you any indication when we will get a secondary market, but we will get one 😉

As it seems all loans have been repaid early or on due date (we ignore the few cases where it was one to two days too late due to weekends). There comes the question to my mind: How can this be? I have no clue and did not receive a satisfactory answer to date. I will stick with it and inform, when I know more.

Latvians are excluded

Coincidentally I discovered that Latvians, better put: people who live in Latvia, are excluded from the platform. I was really surprised to hear that, as Grupeer is incorporated in Latvia. There is an easy explanation though. In Latvia it is forbidden to sell debt to private investors. I have written an article about regulation in Latvia here, and this is the reason why Mintos had to restructure their loan contracts. It seems that Grupeer just took the easier path and excluded the Latvians, as it seems there are not many of them investing on Grupeer.


As I already said I really like the Grupeer, but it seems to be still unknown to the majority of investors. There were only financed loans of about 1.5 Million Euros, which plays in one league with Robocash I would say. It would have been more, but the supply was not there during the first months. I will post a follow up when I know more about the non existing delays.. Follow me to Grupeer.

Crowdestate: Update after more than a year

After more then one year after my first investment with Crowdestate I can finally give an update. My first investment was repaid earlier than expected (after about 14 months). Yesterday I got noticed that I received my principal back plus interest. I received 17.04 Euro of interest on my 100 Euro investment which accounts for a great XIRR yield of 15.22%. It seems as the appartements from my development project sold better than anticipated. I am completely satisfied how this one went. They put together nice project material and gave periodic updates, as I expect it to be. The coming weeks and months will show how my other projects perform. Here you can read my first post on Crowdestate from a year ago. To date, my expectations have been met by the marketplace.

Who is allowed to invest?

The marketplace is open to investors from all over the world, you just need to make a wirement to the platform’s Estonian Bank account. If you can’t do an EUR wirement (or if it is ridiciously expensive) you can use Transferwise or Currencyfair (you get 40 Euro Bonus until first of April, no joke, if you transfer at least EUR 1’000.- or its equivalent in any other currency). Only restriction is that you need to be at least 18 years old, or be mature in your jurisdiction.

Now with autoinvest – which is necessary

As I started to invest with Crowdestate there was no need for an ai. You had first 24 hours time to study the project and invest a capped amount. After 24 hours the cap was deleted and you were able to invest as much as you wanted.

The last projects which I saw were sold out within minutes after publication. This had to be done with an autoinvest. You can set the amount, duration and interest rate you would like to invest in. If you prefer you can further refine the settings and have different levels to choose from. In my opinion the settings are self explanatory. I will only set the top levels.

According to the platform there will be an increase of listings in the coming weeks (in my opinion the listings increased already during the last weeks)


I really like the marketplace, although you cannot underestimate the risks involved (you see that on the high interest rates for example). There are always a lot of things that can go south with development- and/or financing projects. As per the available documentation, it seems that the platform deeply checks all projects which builds trust for me. You can check out all the old projects to get a better understanding. In the end you are merely a shareholder than a creditor with most of the marketplace’s projects. Keep that in mind before investing. Follow me to Crowdestate.

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Viainvest reports solid earnings for 2017

Viainvest, or put it correctly: its parent company Via SMS Group, reported its unaudited financial statements for 2017. Unaudited means that this report has not been validated by a statutory auditor like pwc, ey etc. Let us assume, that the figures are correct 😉 My first thought: Why aren’t they capable to upload a nice copy of their statements? Or at least scan and upload it straight…? Does not change the figures though, but the first impression is somewhat dilletantic. Personally I would make sure that my figures are presented in a nice fashion.

Lower net profit due to expansion

Net profit decreased from more then 1.1 million Euro in 2016 to a bit more then 838k for 2017. This was expected as they invested in the Viainvest marketplace and went into new markets. You have to invest money to earn money ;). The figures look solid and I don’t want to go too much in to detail, as the interpretation is hard for externals. In bookkeeping (reporting) there is always the possibility to sugercoat. In the end, we are anyway scrapping only the surface.

Catching my eye

While screening the report I found it exciting that Via SMS Group is in posession of more then 2 mio in liqudity. Missing liquidity would be a warning sign. The situation is not that great though. If (when) there will be a recession, the defaults will rise and the capital buffer will diminish. There are not many assets in the balance sheet besides the loan portfolio. No(t much) property or any other bigger assets which store value and could be sold just in case. You can take a look at the balance sheet on page nine of abovelinked pdf report.

It gets really interesting from page 18 onwards…

…as there you see a lineup oft he loan quotas in the different (arrear) states. A bit more then a fifth is in the area of 90 or more days delay, and this number is deducted from the total portfolio. This is somewhat better then 2016, as you can see on page 19. We can therefor say: the expansion of the loan volume did not lead to a deterioration of the non-payer quota. Nice to know, we will see if this will be sustainable. Further you can have a look at the loan distribution per country, as well on page 19. On page 23 you have an overview of all subcompanies from the Group, which mostly belong completely to the Group.

Viainvest seems to penetrate into new business fields in 2018, as an e-money institution (like paysera) was founded. Plus, they do some sort of crypto secured loans…


As already said: sound results. Viainvest is for sure (together with Peerberry) one of the most (financially) sound marketplace in the Baltics.. One shall never forget that the the pack will be reshuffled during a recession. Further I want to express that if even 839k Euro in net profits sound very good, profit figures need to be taken with caution. Profits are not liquidity on the accounts, and liquidity is what keeps companies going. Profits can base on illiquid balance sheet positions, which maybe never can be liquidated (I know there are standards to avoid such things, but history has proven that this is not enough in any case ;)). I don’t want to talk down the annual report, but I think it is good to be reasonable skeptic and a good portion of common sense are never misplaced. All in all I have to say: Well done Viainvest!

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