The ease and quickness with which assets can be converted to cash.
Illiquidity is the opposite of liquidity; either an asset cannot be converted into cash (e.g., a leased machine cannot be sold to raise cash) or an...
Investing in a variety of maturities to reduce the price risk to which holding long bonds exposes the investor.
The argument that greater liquidity is valuable, all else equal. Also, the theory that the forward rate exceeds expected future interest rates.