Why Liquidity Is Treated as a Liability, Not a Feature

Most investors prize liquidity. Family offices often avoid it. Not because they don't value flexibility — but because liquidity creates temptation, and temptation erodes discipline.

This episode reveals why sophisticated families deliberately lock up capital in illiquid assets — not despite the constraints, but because of them. Illiquidity is governance encoded into the investment itself.

The Capital Stack — a daily briefing for family offices, next-gen principals, and trusted advisors who allocate long-term private capital.]]>