31. If you get much below $ 150 million, you have an illiquid market, 32. Works of art are highly illiquid , and the art market is notoriously volatile. 33. The smaller the investor, the more risk becomes a factor in illiquid sectors. 34. Prices barely moved in illiquid U . S . trading shortened by Good Friday. 35. Recently, many hedge funds have turned away from investing into restricted illiquid investments. 36. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments. 37. This can have significant risk as the market for the illiquid may have moved. 38. There are no established secondary markets for exempt market securities and they are illiquid . 39. The ratio of Illiquid Assets to Total Assets should be at least 25 %. 40. Financial intermediaries will become both insolvent and illiquid .