>>> It is an odd artifact of history that private markets have zero liquidity This is formally true, but in practice, not so. I have invested in a bunch of pr

>>> It is an odd artifact of history that private markets have zero liquidity This is formally true, but in practice, not so. I have invested in a bunch of private equities funds over the last 8-10 years and the average life of an operation is about 3 years, which is about what they are aiming for: >>> They would only have to hold positions for 2–3 years, instead of ten, and could recycle their cash back into early stage startups. And I'm doing precisely this. Recycling my cash into private equity.