> liquidity just shifts that risk to someone else This. This! Shifting risk is not productive — it may be in some “economic” model, but by the hand of the mar

> liquidity just shifts that risk to someone else This. This! Shifting risk is not productive — it may be in some “economic” model, but by the hand of the market it is waste heat - and only compounds the probability of edge cases. People shave off a return for holding the hot potato! Not one factory is built, not one wage increases, and not one investment made save for the HFT yacht. This gets at my problem with the secondary market in general and why I believe dividends should be the only repayment terms for equity… it would align with the tax favors bestowed in our current market