Hi Matt,

Thanks for clarifying.

I have a somewhat unusual take on the liquid vs. illiquid discussion. Namely, that when most people talk about liquidity they are talking about principal liquidity. Yet, there is also 'return on capital' liquidity, too.

For example, when Twitter goes public it will have principal/share price liquidity, but it will be years and years until individual investors are paid a dividend/return on capital liquidity. When looked at in this way rental properties suddenly become a liquid investment as the rental income is received as cash even if it may be difficult to sell an individual property.

Another example, I have owned a convertible preferred stock for almost ten years. My yield on cost basis is 18%, I received my entire principal back in the form of dividends several years ago, even though the convertible preferred security itself is 'illiquid.'

One final example. What about education? I will never be able to get my principal back, yet education is highly liquid as represented by my ability to get paid for what I know and my ability to get paid for teaching what I know. But is education a liquid asset?

Hopefully food for thought,

Jason