The Waller Rule and the Fed's Liquidity Target

In this low liquidity environment, what asset allocations would you recommend if converting to CAS is not an option? Some investment such as retirement accounts cannot be converted into CAS without harsh tax penalties. I think the safest bet here is to look for bonds in the three to five-year space in the dollar curve. And then it may also be of relevance to add allocations to Asia since the liquidity trends are much more benign in Asia than in the West right now.