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Quotes on Liquidity

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Quote Authors

Arnold Van Den Berg, Arthur Rock, Benjamin Graham, Bernard Baruch, Bill Miller, Charles Ellis, Charlie Munger, Chris Browne, Chuck Akre, Daniel Kahneman, David Abrams, David Swensen, Dean LeBaron, Dean Williams, Edward Thorp, Edwin Lefevre, Fred Schwed Jr, George Soros, Henry Singleton, Hetty Green, Howard Marks, Joel Greenblatt, John Bogle, John Kenneth Galbraith, John Maynard Keynes, John Neff, John Stuart Mill, John Templeton, Lou Simpson, Marty Whitman, Meir Statman, Michael Price, Mohnish Pabrai, Myron Scholes, Paul Tudor Jones, Peter Bernstein, Peter Cundill, Peter Lynch, Philip Carret, Philip Fisher, Richard Thaler, Robert Kirby, Robert Shiller, Robert Wilson, Seth Klarman, Stanley Druckenmiller, T. Rowe Price, Walter Schloss, Warren Buffett,

“
Liquidity does not exist unless someone else is willing to give you cash in exchange for the piece of paper you want to sell.
”

Peter Bernstein
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Volatility matters, because it defines the uncertainty of the price at which an asset will be liquidated.
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Peter Bernstein
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Liquidity is a concern of the short-term investor and a minor matter for the long-term investor.
”

Peter Bernstein
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The whole institutional structure of the marketplace rests on the assumption that the other side of the trade will always be there; without that assumption, even the gutsiest of market-makers would refuse to stay in business.
”

Peter Bernstein
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Rational investors will part with their cash only when they believe they are properly compensated for the loss of liquidity and the pain of disquietude.
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Peter Bernstein
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My experience is that when people want to give something away at a ridiculous price because they have to, not because they want to, that's a good time to buy.
”

Seth Klarman
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Money flows, in effect, can render fundamental analysis futile in the short run, even while creating a compelling longer-term opportunity.
”

Seth Klarman
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At times of shock, converting illiquid assets to cash to build flexibility is very expensive. Finding an umbrella in a rain storm might be impossible or very costly.
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Myron Scholes
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It's liquidity that moves markets.
”

Stanley Druckenmiller
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