How To Build A Long Term Portfolio With Crypto

Building a long-term crypto portfolio requires a strategic approach that balances growth potential with risk management. By understanding fundamental principles and establishing a clear investment framework, investors can navigate the volatile cryptocurrency market with confidence. This guide aims to equip you with essential insights to develop a resilient portfolio designed for sustained success over time.

From selecting promising cryptocurrencies to implementing effective allocation and security measures, this comprehensive overview covers the key components necessary for constructing a robust long-term investment in digital assets. Staying informed and adaptable ensures that your portfolio remains aligned with market developments and personal financial goals.

Table of Contents

Introduction to Building a Long-Term Crypto Portfolio

Establishing a strategic approach to cryptocurrency investments is essential for achieving sustainable growth over the long term. Unlike short-term trading, where quick gains are often prioritized, long-term crypto investing requires careful planning, discipline, and a clear understanding of market dynamics. A well-constructed portfolio can withstand market volatility and capitalize on the overall growth trajectory of the digital asset space.

Fundamentally, building a long-term crypto portfolio involves adhering to key principles that promote resilience, diversification, and informed decision-making. This approach aims to minimize risks while maximizing potential returns, aligning investments with personal financial goals and risk tolerance. Understanding these principles helps investors remain committed during market fluctuations and avoid impulsive reactions that can undermine long-term success.

Core Principles of Sustainable Crypto Portfolio Management

Effective long-term crypto investing is rooted in principles that foster stability and growth. These include diversification across different digital assets, disciplined asset allocation, regular portfolio reviews, and a focus on fundamental value rather than short-term price movements.

Diversification: Spreading investments across various cryptocurrencies reduces exposure to the risks associated with any single asset. For example, combining established coins like Bitcoin and Ethereum with promising altcoins can mitigate volatility and capture growth opportunities.
Asset Allocation: Determining the proportion of the portfolio dedicated to different assets based on their risk profiles and growth potential helps maintain balance and aligns with long-term objectives. For instance, a conservative investor might allocate more to stablecoins and blue-chip cryptocurrencies, whereas a risk-tolerant investor might include more speculative tokens.
Regular Rebalancing: Periodic review and adjustment of portfolio holdings ensure alignment with evolving market conditions and personal goals. Rebalancing might involve taking profits from overperforming assets and reinvesting in underperforming ones with strong fundamentals.
Fundamental Focus: Emphasizing projects with solid use cases, active development, and strong community support helps sustain long-term value. Rather than reacting to short-term hype, investors should evaluate the intrinsic potential of their holdings.

Typical Goals and Expectations for Long-Term Crypto Investors

Long-term investors in cryptocurrencies generally aim to build wealth gradually, with an emphasis on capital appreciation and portfolio growth over multiple years. Their expectations tend to be grounded in realistic assessments of the market’s potential and inherent volatility.

Common goals include:

Achieving significant portfolio growth through compounding and market appreciation over 3 to 5 years or longer.
Hedging against inflation and traditional financial system risks by holding assets with decentralized and limited supply aspects.
Participating in the technological evolution of blockchain, DeFi, NFTs, and related innovations, often with a view toward long-term adoption and mainstream integration.
Maintaining a disciplined investment strategy that avoids emotional reactions to short-term market fluctuations, ensuring consistent contribution and rebalancing.

Expectations should be realistic, recognizing that the crypto market is highly volatile and that long-term growth involves periods of downturns. Successful long-term investors develop patience, risk awareness, and a commitment to their strategic plan, which ultimately fosters resilience and sustainable wealth accumulation.

Foundations of a Robust Crypto Investment Strategy

Establishing a resilient and effective long-term crypto portfolio begins with understanding and implementing core strategic principles. These principles serve as the foundation for managing risk, optimizing returns, and ensuring consistent growth despite the volatile nature of cryptocurrency markets. A well-structured strategy hinges on diversification, accurate risk assessment, and clear investment criteria that align with individual financial goals and risk appetite.

Building such a strategy requires deliberate planning and disciplined execution. By focusing on diversification across different cryptocurrencies and asset classes, investors can mitigate specific asset risks and capitalize on varied growth opportunities. Additionally, assessing personal risk tolerance allows for tailored investment parameters that match one’s comfort level and financial capacity. Establishing clear initial investment criteria ensures disciplined decision-making and helps maintain focus on long-term objectives amidst market fluctuations.

Diversification Across Cryptocurrencies and Asset Classes

Effective diversification is crucial in reducing exposure to the inherent volatility of individual cryptocurrencies. Instead of concentrating investments in a single asset, spreading holdings across various coins and tokens can buffer against adverse market movements. Diversification also involves including different asset classes related to blockchain technology, such as decentralized finance (DeFi) projects, non-fungible tokens (NFTs), or blockchain infrastructure platforms.

Here’s why diversification matters:

Risk mitigation: If one cryptocurrency experiences a significant decline, others in the portfolio may remain stable or appreciate, balancing overall performance.
Exposure to growth sectors: Different assets perform differently based on technological advancements, adoption rates, and regulatory changes.
Enhanced stability: A diversified portfolio is less susceptible to the adverse effects of market shocks specific to individual cryptocurrencies.

Assessing Risk Tolerance and Aligning Investments

Understanding personal risk tolerance is fundamental to constructing a portfolio that aligns with one’s financial situation and investment goals. Risk tolerance reflects the degree of market fluctuation an individual is willing to withstand without panic or hasty decisions. It influences asset selection, diversification level, and investment horizon.

To accurately assess risk tolerance, investors should consider:

Financial capacity: The amount of capital available for investment and the ability to absorb potential losses without jeopardizing essential expenses.
Investment horizon: Longer-term investors may tolerate higher volatility, seeking capital appreciation over years or decades.
Emotional resilience: Comfort with market swings and confidence in maintaining positions amidst downturns.

Matching risk tolerance with investment choices involves selecting cryptocurrencies with volatility levels that align with one’s comfort zone. For example, conservative investors might prefer established coins like Bitcoin or Ethereum, which, despite price fluctuations, exhibit relative stability. Aggressive investors may allocate more to emerging altcoins with higher growth potential but greater risk.

Establishing Initial Investment Criteria and Parameters

Setting clear investment criteria prevents impulsive decisions and fosters consistent strategy execution. This involves defining specific parameters that guide the entry, management, and exit of investments, tailored to individual goals and risk appetite.

Key steps in establishing these criteria include:

Defining investment goals: Clarify whether the focus is on capital preservation, growth, income, or a combination thereof.
Determining allocation limits: Decide on maximum exposure to individual assets and overall portfolio percentage dedicated to cryptocurrencies.
Setting entry and exit rules: Establish criteria for purchasing assets—such as technical indicators, valuation metrics, or market conditions—and conditions for selling, including profit targets or stop-loss thresholds.
Assessing liquidity needs: Ensure that selected assets can be liquidated promptly if necessary, and that portfolio structure aligns with expected cash flow requirements.
Monitoring and review: Implement regular review intervals to evaluate performance, reassess risk tolerance, and adjust parameters in response to changing market conditions or personal circumstances.

By rigorously defining these parameters, investors create a disciplined framework that supports long-term growth while minimizing emotional decision-making and impulsive reactions to market volatility.

Selecting Cryptocurrencies for a Long-Term Portfolio

Constructing a resilient and growth-oriented long-term crypto portfolio requires careful selection of the right cryptocurrencies. The process involves evaluating the viability and potential of various projects to ensure they align with your strategic investment goals. A disciplined approach to selection can help mitigate risks and capitalize on future growth opportunities within the dynamic landscape of digital assets.

Effective selection hinges on understanding key criteria that distinguish promising projects from less viable ones. This involves analyzing factors such as technological innovation, team credibility, community engagement, market adoption, and fundamental use cases. Additionally, distinguishing between established cryptocurrencies with proven track records and emerging tokens with high growth potential is vital for diversifying and optimizing a long-term investment strategy.

Criteria for Evaluating Cryptocurrency Projects’ Viability and Potential

Assessing a cryptocurrency project requires a comprehensive understanding of several core factors that influence its long-term success. These criteria provide a foundation for informed decision-making and help identify projects with sustainable growth prospects.

Technology and Innovation: The project should demonstrate a solid technological foundation, including scalability, security, and unique features that solve existing problems within the blockchain ecosystem. For instance, projects like Ethereum introduced smart contracts that expanded blockchain capabilities beyond simple transactions.
Development Team and Leadership: A credible and experienced team enhances project viability. Transparency regarding team members’ backgrounds and previous successes adds confidence to the project’s potential. Projects with active development teams and clear roadmaps are generally more promising.
Use Cases and Adoption: The project should address real-world problems or offer innovative solutions that can attract users and businesses. Widespread adoption signals market validation and long-term relevance.
Community Support and Engagement: A robust, active community often correlates with project vitality and resilience. Community engagement indicates user trust and ongoing interest, which are critical for long-term sustainability.
Tokenomics and Supply Dynamics: Analyzing token distribution, inflation rate, and incentives helps determine the project’s economic sustainability. Well-designed tokenomics align stakeholder interests and promote network growth.

Comparison of Established Coins versus Emerging Tokens

Choosing between established cryptocurrencies and emerging tokens involves understanding their respective advantages and risks. Established coins have a history of resilience and liquidity, whereas emerging tokens may offer high growth potential but come with increased risk.

Established cryptocurrencies like Bitcoin and Ethereum have proven their resilience over years of market cycles, providing liquidity and relative stability. They serve as foundational assets within a portfolio, offering a safeguard against volatility. These assets typically have extensive infrastructure, regulatory clarity, and broad market acceptance.

Emerging tokens, on the other hand, often present innovative solutions or niche market opportunities. They tend to have lower market capitalization, which can translate into higher growth potential if they succeed. However, their relative infancy makes them more susceptible to volatility, regulatory uncertainties, and project failures. Proper due diligence is essential before investing in these assets.

Framework for Researching Project Fundamentals

Developing a structured approach to researching cryptocurrency projects ensures thorough evaluation and reduces speculative risks. A systematic framework encompasses multiple dimensions of the project, from technological soundness to community backing.

Technological Assessment: Review the whitepaper, underlying architecture, and development progress. Confirm whether the project has a clear technical roadmap, security measures, and scalability solutions.
Team Analysis: Investigate team backgrounds, expertise, and previous successes. Transparency and communication channels with the team are indicators of project credibility.
Community and Ecosystem Support: Explore social media presence, developer engagement, partnerships, and user feedback. A vibrant community often translates into ongoing development and adoption.
Market Metrics and Liquidity: Examine trading volumes, market capitalization, and exchange listings. These metrics reflect liquidity and the potential for entry and exit without significant slippage.
Regulatory and Legal Considerations: Assess potential legal risks, compliance status, and jurisdictional issues that could impact the project’s longevity.

A diligent application of this framework enhances the ability to select cryptocurrencies with strong fundamentals, aligning with your goal of building a stable, long-term portfolio capable of weathering market fluctuations and capturing growth opportunities.

Portfolio Allocation and Rebalancing Techniques

Establishing an effective long-term crypto portfolio involves meticulous planning around asset allocation and regular rebalancing. These strategies help maintain desired risk levels, optimize returns, and adapt to changing market conditions. Proper allocation ensures diversification across various cryptocurrencies and related assets, while rebalancing preserves the portfolio’s intended structure over time.

Implementing disciplined allocation and rebalancing techniques is crucial for mitigating volatility inherent in the crypto market. These methods enable investors to systematically manage their investments, minimizing emotional decision-making and maximizing long-term growth potential. Combining these strategies with sound investment principles enhances the stability and resilience of a long-term crypto portfolio.

Optimal Asset Allocation Percentages

Determining the right distribution of assets across different cryptocurrencies and related assets is foundational to long-term success. Optimal allocation depends on the investor’s risk tolerance, investment horizon, and market outlook. Typically, a diversified portfolio might include a mix of major cryptocurrencies, emerging altcoins, and stablecoins, balanced accordingly.

Below is a sample table illustrating an example of optimal asset allocation percentages among various crypto assets for a balanced long-term portfolio:

Asset Class	Allocation Percentage
Bitcoin (BTC)	50%
Ethereum (ETH)	25%
Large-cap Altcoins (e.g., Binance Coin, Cardano)	15%
Emerging Altcoins	5%
Stablecoins (e.g., USDC, USDT)	5%

This allocation emphasizes the core holdings of dominant cryptocurrencies like Bitcoin and Ethereum, complemented by smaller allocations to altcoins and stablecoins to diversify risk. Adjustments should be made based on individual risk appetite and market conditions.

Procedures for Periodic Rebalancing

Regular rebalancing maintains the portfolio’s alignment with its original target allocations, preventing overexposure to volatile assets. The process involves systematic evaluation and adjustment of holdings at predetermined intervals, such as quarterly or semi-annually.

Set a Rebalancing Schedule: Decide on fixed intervals (e.g., every 3 or 6 months) or trigger-based rebalancing thresholds (e.g., when an asset’s allocation deviates by more than 5%).
Assess Current Portfolio: Evaluate the current asset allocations against target percentages. Identify which assets are over- or under-weighted.
Execute Rebalancing: Sell portions of over-allocated assets and purchase under-allocated ones to restore the original balance. For instance, if Bitcoin’s share rises from 50% to 60%, sell some Bitcoin and buy Ethereum or stablecoins to bring the ratio back to the target.
Account for Transaction Costs and Tax Implications: Minimize unnecessary trades to reduce costs and tax liabilities, especially in jurisdictions with capital gains taxes.
Document and Review: Keep records of rebalancing actions and periodically review the strategy’s effectiveness, adjusting schedules or thresholds as needed.

Use of Dollar-Cost Averaging and Other Investment Methods

Dollar-cost averaging (DCA) is a prudent method that involves investing a fixed amount of money at regular intervals, regardless of market prices. This approach reduces the impact of volatility and prevents emotional trading, especially in a highly fluctuating crypto environment.

Benefits of DCA include:

Mitigation of timing risk by spreading out entries over time.
Smoothing of purchase prices, reducing the likelihood of buying at market peaks.
Encouragement of disciplined investing behavior, avoiding impulsive decisions based on market swings.

For example, an investor planning to allocate $12,000 over the year might choose to invest $1,000 each month into their crypto portfolio. During market dips, this method allows purchasing more units at lower prices, enhancing long-term gains. Conversely, during bullish runs, it keeps investments disciplined and prevents overexposure.

Other investment techniques include value averaging, targeted rebalancing, and utilizing automated investment tools or robo-advisors, which can help maintain adherence to long-term strategies while reducing emotional biases. Combining these methods with a clear allocation and rebalancing plan creates a resilient approach to long-term crypto investment management.

Security and Storage of Crypto Assets

Ensuring the safety and proper storage of your cryptocurrency holdings is a fundamental aspect of building a resilient long-term portfolio. Unlike traditional assets, cryptocurrencies require specialized security measures to protect against theft, hacking, and loss. Implementing robust security protocols helps preserve your investments and maintain confidence in your portfolio’s integrity.

Secure storage involves selecting appropriate wallets, safeguarding private keys, and establishing reliable transaction procedures. These steps are crucial in preventing unauthorized access and ensuring that your assets remain protected over the long term. As the crypto landscape evolves, staying informed about best practices and emerging security technologies remains essential for all investors.

Choosing Secure Wallets

Choosing the right wallet type is the first step in securing crypto assets. Wallets are broadly categorized into hardware wallets and software wallets, each with distinct advantages suited to different security needs and usage scenarios.

Hardware wallets are physical devices designed to securely store private keys offline, making them highly resistant to hacking attempts. Popular options include Ledger Nano S/X and Trezor Model T. These wallets are recommended for long-term holdings due to their robust security features and offline storage capabilities.

Software wallets, on the other hand, are applications or programs installed on computers or mobile devices. They offer greater convenience for frequent transactions but are more vulnerable to malware and hacking. Examples include mobile wallets like Trust Wallet and desktop wallets like Electrum. When choosing a software wallet, opt for those with strong encryption, regular updates, and reputable security protocols.

For added security, consider using a combination of hardware and software wallets, keeping the bulk of your assets in hardware wallets while utilizing software wallets for day-to-day transactions. Regularly updating wallet firmware and software ensures that you benefit from the latest security patches.

Safeguarding Private Keys and Implementing Multi-Factor Authentication

Private keys are the cornerstone of cryptocurrency security, providing control over your assets. Protecting these keys from theft, loss, or exposure is paramount in maintaining your portfolio’s safety.

Store private keys offline in secure locations, such as hardware wallets or paper backups stored in a safe deposit box. Never share private keys or seed phrases with anyone.
Use strong, unique passwords for wallet access, avoiding common or easily guessable terms. Consider password managers to securely store and generate complex passwords.
Implement multi-factor authentication (MFA) for all accounts related to your crypto holdings. MFA adds an extra layer of security by requiring a secondary verification method, such as a one-time code generated by authenticator apps like Google Authenticator or Authy.
Regularly review access permissions and revoke any unnecessary or outdated authorizations. Stay vigilant against phishing attempts that may try to trick you into revealing private information.

Establishing a Secure and Reliable Transaction Process

Executing transactions securely is essential to prevent errors and unauthorized transfers. A structured approach minimizes risks associated with crypto transactions and enhances your overall security posture.

Verify the recipient’s wallet address carefully before initiating a transfer. Use QR codes or copy-paste functions to reduce the chance of manual errors.
Confirm transaction details multiple times, especially the amount and destination address, before approval.
Use hardware wallets or trusted software wallets with built-in security features to sign transactions.
Enable transaction notifications and two-factor authentication where available to monitor activity and confirm legitimacy.
Keep a detailed record of all transactions, including date, amount, recipient, and transaction ID, for future reference and potential troubleshooting.

By adhering to these security and storage best practices, investors can significantly reduce vulnerabilities and safeguard their long-term crypto holdings. Maintaining a vigilant and disciplined security routine forms the backbone of a resilient and sustainable crypto investment portfolio.

Risk Management and Long-Term Monitoring

Effective risk management and consistent monitoring are essential components of a successful long-term cryptocurrency investment strategy. As markets are inherently volatile and unpredictable, investors must adopt systematic approaches to safeguard their assets and ensure their portfolio remains aligned with their financial goals over time. These practices help in identifying potential issues early, allowing for proactive adjustments that mitigate losses and maximize growth potential.

Implementing robust tracking methods and risk mitigation strategies enables investors to respond swiftly to market shifts, reducing exposure to significant downturns. Regularly analyzing market signals and adjusting holdings accordingly ensures that the portfolio remains resilient amidst fluctuating conditions. This section explores practical techniques for monitoring performance, mitigating risks, and interpreting market cues to maintain a balanced and sustainable crypto investment portfolio.

Tracking Portfolio Performance Over Time

Consistent performance tracking is fundamental to understanding how well a long-term crypto portfolio is achieving its objectives. Effective tracking involves leveraging various tools and metrics to evaluate asset performance, portfolio growth, and risk exposure. Accurate monitoring helps in identifying underperforming assets, reallocating investments, and recognizing beneficial trends that can inform future decisions.

Investors should use a combination of portfolio management platforms, spreadsheets, and market analytics tools. Many platforms offer features like real-time valuation, historical performance graphs, and risk analysis dashboards. Setting up regular review intervals—such as monthly or quarterly—ensures timely insights into the portfolio’s health. Additionally, tracking key performance indicators (KPIs) such as return on investment (ROI), volatility, and Sharpe ratio provides a comprehensive view of risk-adjusted performance.

Comparing Risk Mitigation Strategies

Risk mitigation is crucial for protecting long-term investments from market downturns or unexpected shocks. Two common strategies include the use of stop-loss orders and asset diversification, each serving different purposes and offering unique advantages.

Stop-loss orders automatically sell a security when it reaches a predetermined price, limiting potential losses during sudden price declines. This method provides a disciplined approach to exit positions without emotional interference, especially during volatile periods. For example, setting a stop-loss at 15% below the purchase price can prevent a significant loss if the market takes a downturn.

Asset diversification involves spreading investments across various cryptocurrencies and asset classes to reduce exposure to any single market event. By holding a mix of assets—such as Bitcoin, Ethereum, and a selection of altcoins—investors can buffer against the poor performance of individual assets. Diversification also includes geographic and sectoral spreads, further reducing risk. Combining these strategies—using stop-loss orders for individual holdings and maintaining a diversified portfolio—creates a balanced risk management framework that adapts to changing market conditions.

Interpreting Market Signals and Adjusting Holdings

Proactively responding to market signals is vital for maintaining a resilient long-term portfolio. Recognizing key indicators such as technical chart patterns, volume trends, sentiment analysis, and macroeconomic data enables investors to make informed decisions about adjusting their holdings.

Technical analysis tools like moving averages, Relative Strength Index (RSI), and MACD can reveal overbought or oversold conditions, signaling potential entry or exit points. For instance, an RSI value above 70 might indicate an overbought market, suggesting a possible correction, whereas an RSI below 30 could signal oversold conditions ripe for buying opportunities.

Fundamental signals, such as regulatory developments, technological upgrades, or macroeconomic shifts, also influence asset performance. When market signals indicate increased risk—such as regulatory crackdowns or security breaches—investors should consider reducing exposure to vulnerable assets. Conversely, positive developments like network upgrades or institutional adoption may justify increasing holdings in promising projects.

Maintaining a disciplined approach involves setting predefined criteria for when to reallocate or rebalance holdings based on these signals. Regular review of market conditions, combined with a well-defined plan for adjustment, helps in navigating volatility and capitalizing on emerging opportunities while minimizing losses during downturns.

Staying Informed and Adapting to Market Changes

Maintaining a long-term crypto portfolio requires ongoing vigilance and flexibility. The rapidly evolving nature of the cryptocurrency market demands investors stay well-informed about new trends, technological innovations, and regulatory developments. Being proactive in adjusting investment strategies based on fresh insights allows investors to optimize their holdings, mitigate risks, and capitalize on emerging opportunities, thereby reinforcing the resilience and growth potential of their portfolios.Continuous education and market monitoring are essential components of a successful long-term crypto investment approach.

In this section, we explore effective methods for staying current with industry developments, organizing reliable information sources, and adapting strategies in response to market shifts.

Designing a Schedule for Ongoing Education on Crypto Trends and Innovations

Establishing a structured timetable for learning ensures consistent engagement with the dynamic crypto landscape. This schedule should incorporate regular intervals—such as weekly or biweekly sessions—to review new developments, technological advancements, and market analyses. A typical ongoing education plan might include:

Dedicated time slots each week for reading trusted industry publications, blogs, or newsletters.
Monthly webinars or virtual conferences featuring industry experts and thought leaders.
Quarterly reviews of whitepapers, project updates, and technological reports from reputable sources such as CoinDesk, CoinTelegraph, or official project websites.
Participation in local or online crypto communities and discussion forums to exchange insights and stay connected with peer investors.

Scheduling these activities in advance helps to integrate continuous learning into daily routines, enabling timely responses to new trends and innovations.

Organizing Sources of Reliable News and Analysis

In the fast-paced crypto environment, discerning credible information from noise is vital. Investors should curate a set of trusted news outlets, analytical platforms, and official project channels to monitor market developments effectively.Key strategies include:

subscribing to curated newsletters from reputable industry analysts and research firms to receive timely summaries and insights.
Following authoritative sources on social media platforms, such as Twitter accounts of well-known crypto journalists, developers, and project teams.
Utilizing specialized data aggregators and analytics tools like Glassnode, Santiment, or Messari for in-depth market metrics and trend analysis.
Cross-referencing news items across multiple sources to verify information accuracy and reduce susceptibility to misinformation.

Maintaining an organized repository of these sources, such as a digital folder or a dedicated dashboard, ensures quick access and helps synthesize complex information for informed decision-making.

Process for Revising Investment Strategies Based on New Information and Market Shifts

Adapting to new information involves a systematic review process that aligns your portfolio with current market conditions and technological developments. This process should include:

Regularly scheduled portfolio reviews—such as quarterly or semi-annual assessments—to evaluate the performance of holdings relative to market trends.
Analysis of recent news, technological updates, or regulatory changes that might impact specific assets or sectors within the crypto space.
Revisiting your investment thesis and risk tolerance in the context of recent market movements, such as a surge in DeFi projects or increased institutional interest.
Adjusting allocations—either increasing exposure to promising assets or reducing holdings in overvalued or high-risk tokens—based on updated insights.
Documenting decisions and the rationale behind strategy adjustments to maintain clarity and facilitate future reviews.

Implementing a disciplined approach to strategy revision ensures that your long-term portfolio remains aligned with evolving market realities. It avoids emotional reactions and supports a data-driven, adaptable investment strategy grounded in continuous learning and vigilance.

Final Wrap-Up

In conclusion, building a long-term crypto portfolio is a disciplined process that combines strategic diversification, diligent research, and ongoing monitoring. By applying these principles thoughtfully, you can enhance your chances of achieving steady growth while effectively managing risks. Remember, patience and continuous learning are vital in navigating the evolving landscape of cryptocurrency investment.