Scott --

Thanks for weighing in. My take is that it's tough to make statements like "always" or "never," though I'd be unlikely to invest in a fund with a significant liquidity mismatch. I'd be even more unlikely to manage one. How can you be a thoughtful investor when someone else controls your time horizon?

I'm not sure what the right regulatory take is -- that's another side of the organisation's [https://blogs.cfainstitute.org/marketintegrity/] specialty -- but I know the IMF is taking a hard look at it. Hopefully they come up with a good solution. I'm glad it's not my problem to solve!

All best and thanks for reading --

Will