> beyond a certain point, liquidity > stops having any practical value. Hogwash. Price improvement is "practical value". If you're selling an asset, there a

> beyond a certain point, liquidity > stops having any practical value. Hogwash. Price improvement is "practical value". If you're selling an asset, there always practical value to have an immediate buyer willing to pay you a better price than the next guy. That's why auctions go to the highest bidder rather than the second higher bidder.