One lesson from David F Swansen
Many years ago in 2004 BPI invited the great David Swansen from Yale Endowment to speak to our clients. one of the messages that he left was this
ILliquidity accompanies several characteristics prized by serius investors. Less information tends to be available on illiquid securities, creating an opportunity to be rewarded for uncovering nuggets of data relevant to valuation.
David Swansen, page 91 of Pioneering Portfolio management
Apparently in the Hedge Fund area the less liquid funds perform better. why? because they can do things that the liquid ones can't do
what
buy less liquid an obscure investments
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