Usually, just as a holder’s desire to sell and asset increases (because he has become afraid to hold it), his ability to sell it decreases (because everyone else has also become afraid to hold it). Thus (a) things tend to be liquid when you don’t need liquidity, and (b) just when you need liquidity most, it tends not to be there.
Howard Marks is out with his latest memo, and it’s a great take on the concept of liquidity. Every serious investor is reading this today and you should too.
No further preamble, just go:
The Only Thing You Need to Read Today http://t.co/6RZZe9RHjU
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[…] Joshua M Brown Usually, just as a holder’s desire to sell and asset increases (because he has become afraid […]
RT @ReformedBroker: The Only Thing You Need to Read Today http://t.co/6RZZe9RHjU
RT @ReformedBroker: The Only Thing You Need to Read Today http://t.co/6RZZe9RHjU
The Only Thing You Need to Read Today http://t.co/kmXIhR3ieJ http://t.co/EaPJDHZnwP
The Only Thing You Need to Read Today by @ReformedBroker http://t.co/ZpW9hcOw5v < Are Avg. ppl in ETF’s b/c they’re cheaper, or more liquid?
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The Only Thing You Need to Read Today by @ReformedBroker http://t.co/Xs7R7dpyM5
RT @ReformedBroker: The Only Thing You Need to Read Today http://t.co/6RZZe9RHjU
Thanks @reformedbroker for the Howard Marks soundbite – good reminder http://t.co/QhBrP4RQ5c #investing http://t.co/XxnnUC9YTL
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