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A pension fund, constrained by the limited investment options available in public markets, has decided to hire an investment consultant to explore potential investment opportunities within the liquid markets of the United States. As part of the evaluation process, what specific characteristics and features of the illiquid markets in the U.S. should the consultant highlight and discuss with the pension fund managers?
A
Municipal bonds are usually more liquid than pinksheet over-the-counter equities.
B
The traditional public, liquid markets of stocks and bonds are larger than the total wealth held in illiquid assets.
C
The share of lliquid assets in institutional portfolios has generally gone up in the past 2 decades.
D
During the 2008-2009 Financial Crisis, liquidity dried up in repo markets but not in commercial paper markets.