Antti Ilmanen, AQR – Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least | #413
The Meb Faber Show - Better Investing
Investing in Ill Liquids
An investor benefit from the smaller drawdowns and mentally, you are less likely to capitulate when you don't see some ugly losses. But what i'm then saying, and i think litly saying as well, that benefit doesn't come without a cause. It means whatever amount of illiquidity premia that would seem fair for locking your money for many years, you may get only a fraction of that,. If anything, because there's this smoothing feature that we all appreciate. And we shall pay something. We accept smaller or no illiquidity premium because of that. So i think that's something which, whenever i talk to investors like ires onats, it just e
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