> exercise a non-liquid, highly volatile financial instrument? Buy something that can't be converted quickly and easily back into cash (non-liquid), and whose

> exercise a non-liquid, highly volatile financial instrument? Buy something that can't be converted quickly and easily back into cash (non-liquid), and whose value changes a lot (highly volatile). This means if it starts to go down, you can't get rid of it fast enough and you stand to lose a lot. > the expected value equation, given that Good Technology was nowhere near exit The value equation would be, the outcome ($) times the likelihood of that outcome. So the outcome might be big, but the chance for it is perceived to be small (given that they were nowhere near exit), so the expected value is not very high. Boils down to they spent their hard-earned cash buying something that might lose a lot of value, is unlikely to be a big win, and that they, once they buy it, are basically stuck with it. No wonder he disses the advisors (note all of this is just explanation of what is said, without judging if his premises are correct).