Markets are efficient, but they are complex. And so based on your individual needs, you can optimize for yourself and outperform for yourself. So we talked about liquidity as a good example there, but that's not the only example where some people care more and less about liquidity. I think volatility is another good example.

After I went through my exit, I was talking with an advisor at Goldman Sachs and he said, okay, you know what we can do for you? We will get you half the S and P return for 25% of the volatility. And I said, all right, well, how about you give me four times the return for twice the volatility?

And, you know, he looked like I had two heads and I thought, you know, this guy has no idea what's going on, but we were both right, but we just had two very different objectives where I said, okay, I don't need this money for 40 years. I mean, I would rather a perfectly linear line, but it's not that important to me that's a straight line.

I care more about where we're going to be in the end. In these efficient markets, if you're willing to recognize the things you want to optimize for and the things that you're not trying to optimize for, you can get for yourself a much more efficient outcome.