There’s a lot of wealthy people who are cash poor. Giuliani is actually bankrupt — his existing creditors aren’t getting paid back in full — but if your wealth is in unusual real estate investments or privately held companies, it can be challenging to value or sell in the short term. Often, there’s other investors involved and complex contracts and relationships to untangle.

With Trump, it’s unclear if some of his properties would have the same value if Trump wasn’t involved. How do you value a controversial presidential candidate’s real estate? If he doesn’t pay you back and it becomes your hotel, golf course, or whatever, what is it worth? People who own condos in Trump Tower have said their condos are worth less because of his shenanigans. What is that building worth if he loses the election compared to if he wins?