The overnight test
For your consideration:
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.