14
Apr
10

¿Iliquidez paga?

David Merkel tiene un breve e interesante post sobre iliquidez, el cual comienza con un juego de palabras: no todo puede ser liquido; no todo deberia ser liquido; no todo sera liquido. Lo valioso es el relato de su experiencia:

(…)

Now, when I was a bond manager, because my client had a large amount of long noncallable liabilities, I bought less liquid debts when I received adequate compensation to do so, but not more than my client’s balance sheet could tolerate.  That allowed me to make better money for my client, but without increasing risk.  Hey, use the advantages that you have.

But remember, even if you understand the illiquid security perfectly well, but you don’t understand your own liquidity situation, you might find yourself in a situation where you have to sell, but few others understand the security, and no good bids are offered.

(…)

Phrasing it differently: we only hold illiquid assets, or illiquid amounts of assets when we know a lot more than the market. We have paid the barrier to entry, and are the heavy hitter now.  We make money off of superior knowledge, though illiquidity means that trades will be infrequent.



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