The overnight test

For your consideration:

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Brilliant. I try to think about this often, especially in times of investment distress. 

Liquidity makes this a strange thought for assets like real estate - if transaction costs were eliminated, how much different would our real estate markets look?

It is also a fun experiment for non-investment goods. If you woke up tomorrow with no wardrobe for instance, what would you replace of what you owned before, and what would you forget?

Anyhow, I am certain that my firm's portfolios pass this test, and I encourage you to consider it for your own investments.

Robinson Crawford