Peter Lynch on liquidity:
"Another way that a lot of fund managers hemmed themselves in was by worrying about “liquidity.” They avoided all the wonderful small companies—a good collection of these could do wonders even for a big portfolio—because the stocks were “thinly traded.” They’d get so absorbed in this problem of finding stocks they could get in and out of in five days or less that they’d lose sight of whether these things were worth owning in the first place."
"In stocks as in romance, ease of divorce is not a sound basis for commitment. If you’ve chosen wisely to begin with, you won’t want a divorce. And if you haven’t, you’re in a mess no matter what. All the liquidity in the world isn’t going to save you from pain, suffering, and probably a loss of money."
Ann: Full year guidance update June 2024, page-8
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