The relevant part is not if you can make a profit, but if there is a "promoter" which says that. He gave an example how buying a house is not a security even if

The relevant part is not if you can make a profit, but if there is a "promoter" which says that. He gave an example how buying a house is not a security even if you expect prices to go up, but buying the same house through another legal entity with management can be a security.