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Alsadius comments on Financial Effectiveness Repository - Less Wrong Discussion
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The difference in liquidity there exists for institutional investors - it's faster and easier to sell a billion dollars of T-bills than a billion dollars of Amazon. For a retail investor with maybe a thousand bucks in a single position, the difference is irrelevant.
I think this topic is rather about retail investing than about how to be an institutional investor.
Exactly my point. It's a distinction that exists in the literature, but it's not relevant here.