Yes. And? The alpha dynamics of a liquidity related sell-off are heavily tilted towards folks with locked up capital. Why do you think every manager and their

Yes. And? The alpha dynamics of a liquidity related sell-off are heavily tilted towards folks with locked up capital. Why do you think every manager and their mother has raised a distressed fund?[1] You can have access to that return profile simply by having some capital ready to deploy as an individual, for the reasons I described above. This can add massive alpha. [1] https://www.bloomberg.com/news/articles/2020-06-17/record-number-of-distressed-funds-rush-to-raise-cash-in-downturn?sref=PkIt53hx https://www.bloomberg.com/news/articles/2020-06-17/record-nu...