Assume in the morning an equity mutual fund owned $20,000,000 in stocks and $1,000,000 in cash, owed $2,000,000 in bank loans and 10,000,000 shares outstanding. The stock prices increased 20%, yielded 1% in dividends and the MF manager paid down half his debt. Now assume that because of the strong performance the fund receives $30,000,000 in flows. The MF manager then invests all of the new money in stocks. All the stocks in the portfolio lose 12%. How much value has the MF manager generated?