Most publicly-traded securities, such as stocks and bonds, are fully liquid, meaning that investors are able to buy and sell them at will. Full liquidity has the advantage of being able to “cash out” on a moment’s notice, and the disadvantage of having the “value” of a security determined by whatever the last purchaser was willing to pay for it. As we have seen in recent times, during volatile market cycles, the minute-by-minute re-pricing of securities is not necessarily beneficial to anyone. That being said, illiquid securities are generally difficult investments for all but the most trained and sophisticated investors. There is little or no way to cash out if an investor requires his money back at a time other than the one designed by the security’s issuer. At Westcourt, our clients are long-term investors who require flexibility, but not “real-time” liquidity. We seek investments for our clients with periodic liquidity, to provide some comfort that their investments are not tied up indefinitely.