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It's been fascinating to watch how differently asset classes have performed lately, share markets delivering strong double-digit returns while unlisted commercial property trusts and residential property in Melbourne and Sydney have struggled.

But this episode isn't about which asset class wins. It's about something quietly more important: liquidity, and the optionality it buys you.

Liquidity is how quickly and cheaply you can turn an asset into cash without disruption, and crucially, it's not about whether you expect to need cash, but whether you can access it if your circumstances, your view, or the risks change. 

Campbell makes the balanced case for both sides. Liquid, listed assets let you invest gradually, rebalance with new capital, manage concentration, and control your tax timing, but they also make it dangerously easy to act on emotion. 

Illiquid assets can protect you from your own worst instincts and give you control over the asset itself, but you don't really know what they're worth until you sell, and "liquid" unlisted funds can freeze redemptions exactly when it matters.

The real insight? The right level of liquidity shifts across your lifetime, and knowing when illiquidity stops working for you is the key.

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Important

This podcast provides general information about finance, tax and credit. It doesn't take into account your specific objectives, financial situation or needs, so you need to assess whether it's relevant to your circumstances before acting on it. If you're not sure, speak to a licensed, trustworthy professional.