Search found 8567 matches

by Doc
Mon Oct 15, 2018 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

And *most* of a significant allocation to FI is not realistically subject to use in rebalancing. To review for a 60/40 mix: 10% drop in the stock market means shifting 2.4 of the original 40 to stocks, 6% of your original FI 20% drop, shift 12% of your original FI 30% drop, shift 18% 50% drop, shif...
by Doc
Mon Oct 15, 2018 9:15 am
Forum: Investing - Theory, News & General
Topic: Is your Taxable account crowed with "highly correlated" but not "substantially identical' funds? how else can you TLH
Replies: 15
Views: 886

Re: Is your Taxable account crowed with "highly correlated" but not "substantially identical' funds? how else can you TL

Of course brokers report what you sell in a taxable account. That is what a 1099-B is. Will brokers report a wash sale? I don't know for sure, but at least Vanguard will make adjustments if CUSIP are the same in the same account. As far as I know brokers are only obligated to report wash sales with...
by Doc
Sun Oct 14, 2018 3:59 pm
Forum: Investing - Theory, News & General
Topic: Vanguard website problems [Transactions won't go through, 500 error...]
Replies: 94
Views: 3846

Re: Vanguard website problems [Transactions won't go through, 500 error...]

MFInvestor wrote:
Sun Oct 14, 2018 2:35 pm
They report that they only received 75 complaints. That number seems very low to me.
Maybe they only got 75 complaints because there phones weren't working either. :twisted:
by Doc
Sun Oct 14, 2018 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

Again you seem to ignore the point I made then you repeated yourself a couple of posts ago. We both gave examples of how even a large decline in stocks results in having to sell a minority of one's FI to rebalance. IOW almost everyone fulfills the criterion you give in the last sentence. For that p...
by Doc
Sun Oct 14, 2018 1:51 pm
Forum: Investing - Theory, News & General
Topic: Short Term Bond yield over 3%
Replies: 65
Views: 7375

Re: Short Term Bond yield over 3%

I can understand that if you are only considering the correlation with equities, but I don't think that's really all you do. I believe you have mentioned owning investment-grade bonds for at least some of the portion of your fixed income not targeted for rebalancing into stocks. If I held TIPS, I w...
by Doc
Sun Oct 14, 2018 12:24 pm
Forum: Investing - Theory, News & General
Topic: Short Term Bond yield over 3%
Replies: 65
Views: 7375

Re: Short Term Bond yield over 3%

Correlation with equities is related to credit risk, which tends to show up in a financial crisis when stocks tank, as happened in late 2008. Usually but not always. TIPs vs Nominals in late 2008: https://i.postimg.cc/bwYtFWRg/TIPS-vs-Nominals-Capture.gif This is why I gave up on TIPS. :(
by Doc
Sun Oct 14, 2018 11:27 am
Forum: Investing - Theory, News & General
Topic: Short Term Bond yield over 3%
Replies: 65
Views: 7375

Re: Short Term Bond yield over 3%

I am sill puzzled by the emphasis of some posters solely on the SEC yield in choosing a short term bond fund when for intermediate term funds one would also consider other factors such as the duration, credit worthiness, correlation with equities, performance history etc. If you are comparing two f...
by Doc
Fri Oct 12, 2018 3:25 pm
Forum: Investing - Theory, News & General
Topic: Short Term Bond yield over 3%
Replies: 65
Views: 7375

Re: Short Term Bond yield over 3%

I don't really want anything less than 6-month or more than 2-year maturity, so the index fund comes closer to what I want. I'm putting much more into individual Treasuries than I have in the fund. OK, so you know more than the management team at Vanguard Short Term Treasury fund and go with the lo...
by Doc
Fri Oct 12, 2018 3:11 pm
Forum: Investing - Theory, News & General
Topic: Does Fidelity offer the best index products for a passive investor compared to Vanguard
Replies: 45
Views: 3708

Re: Does Fidelity offer the best index products for a passive investor compared to Vanguard

You will get calls from the Fidelity reps to sell you other items. Just think of when you get the low price for an oil change or a brake job on your car. You take in the coupon and you are told you need other things for your car. We have had an account with Fidelity since 2002 and have never gotten...
by Doc
Fri Oct 12, 2018 2:46 pm
Forum: Investing - Theory, News & General
Topic: Treasury Bonds are the Only Bonds You Need
Replies: 195
Views: 21324

Re: Treasury Bonds are the Only Bonds You Need

I think this thread shows us how complicated the bond market can be. Because many investors (including me) don't fully understand how the band market works, it is an inefficient market, and leads to incorrect pricing. Also, I believe even the rating agencies are subject to misreading risk. So, I av...
by Doc
Fri Oct 12, 2018 2:43 pm
Forum: Investing - Theory, News & General
Topic: Short Term Bond yield over 3%
Replies: 65
Views: 7375

Re: Short Term Bond yield over 3%

Short-Term Treasury Index Admiral with SEC yield of 2.75% is TEY for me of 3.09%. Duration is 1.9 years. I own some of this fund in taxable, but it's only a small portion of my fixed income. Why do you prefer ST Treasury to ST Treasury Index? Typo. Fixed. I prefer the index fund since duration is s...
by Doc
Fri Oct 12, 2018 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

I don't think it's common for people to think they can sell CD's at a premium when rate declines for the small part of their fixed income allocation which is likely to end up getting rebalanced into stocks. It does seem common for people to think it means anything that treasuries change in price an...
by Doc
Fri Oct 12, 2018 2:05 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity announces simplified index fund structure]
Replies: 20
Views: 2435

Re: [Fidelity announces simplified index fund structure]

Isn't Russell indexes considered relatively poorly constructured among the peers. I wonder why Fidelity uses this index, possibly cheaper licensing costs for them, which makes up for the lower ER marketing strategy. Once upon a time the Russells were constructed such that changes in the index were ...
by Doc
Fri Oct 12, 2018 6:44 am
Forum: Investing - Theory, News & General
Topic: [Fidelity announces simplified index fund structure]
Replies: 20
Views: 2435

Re: [Fidelity announces simplified index fund structure]

Elysium wrote:
Thu Oct 11, 2018 7:24 pm
Also, can someone explain why their Large Value index fund is trailing the Vanguard counterpart by such a large margin?
CRSP index?
by Doc
Thu Oct 11, 2018 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

<snip> ... for all but very high stock allocations a large portion of fixed income is not realistically subject to being sold to buy stocks and there will almost always be some which is not. And for that portion, for a given maturity, the fact that treasuries show a price increase and CD's do not i...
by Doc
Thu Oct 11, 2018 1:30 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity announces simplified index fund structure]
Replies: 20
Views: 2435

[Fidelity announces simplified index fund structure]

From an email: A more simplified fund structure Because you're an existing shareholder, we're writing to inform you about recent enhancements to how the majority of our index funds are structured and named. The following changes will begin to roll out in November. • A simplified index fund structure...
by Doc
Thu Oct 11, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

Kevin, thanks for the feedback. I have trouble getting my mind around these "which FI security is best" threads because the discussion is almost always about yield and the risk associated with the FI alone whether it be term or credit risk. I look at my high quality FI in terms of how it reacts with...
by Doc
Thu Oct 11, 2018 9:27 am
Forum: Investing - Theory, News & General
Topic: Vanguard Upgrade and Quicken
Replies: 6
Views: 1521

Re: Vanguard Upgrade and Quicken

Could you give more details about how to transfer individual mutual funds into brokerage accounts? My mutual funds (manually updated, not downloading from VG) are each in their own individual account. Now I have upgraded to brokerage accounts, and several of each mutual fund accounts are now to be ...
by Doc
Wed Oct 10, 2018 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

If you are more concerned about rising yields (term risk) than reinvestment risk, you could stick with shorter-term fixed income until your risk aversion profile changes, but most will ding such a move as market timing Kevin, would you please elaborate on this idea. I'm having a problem understandi...
by Doc
Wed Oct 10, 2018 12:03 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 438
Views: 64911

Re: 2-year CDs at Vanguard and Fidelity Today

Maybe you can read this thread and understand before commenting whether brokered CDs are better or worse than bond funds? I never said that CDs are better or worse than bond funds. I only said that comparing YTD performance of a bond fund with the future returns of a CD held to maturity is not the ...
by Doc
Wed Oct 10, 2018 11:41 am
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 438
Views: 64911

Re: 2-year CDs at Vanguard and Fidelity Today

That's why we look at SEC yields. Also, if you look at FDIC CDs current yield vs current treasury yield, CD will still beat it for the same terms. SEC yields don't tell you anything about early withdrawal penalties. I'm not very familiar with brokered CDs but I just took a fast look and didn't see ...
by Doc
Wed Oct 10, 2018 9:27 am
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 438
Views: 64911

Re: 2-year CDs at Vanguard and Fidelity Today

Vanguard short-term bond admiral index's SEC yield is 2.98%, and Vanguard short-term treasury admiral's SEC yield is only 2.72%. Both have negative return YTD with and short term bond has 40% of its holdings in 3-5 years. This means if one has CDs vs these bond funds you have already been out-perfo...
by Doc
Tue Oct 09, 2018 3:58 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting and selling a mutual fund within 30 days of purchase
Replies: 10
Views: 536

Re: Tax loss harvesting and selling a mutual fund within 30 days of purchase

It would not be a wash sale since you did not repurchase. As long as you sold the same lot that you recently purchased there is no wash sale. But if you are using an average cost cost basis method that many do with mutual funds the lots sold are based on FIFO (First In First Out). In that case you ...
by Doc
Mon Oct 08, 2018 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

Not all brokerages have such low yielding accounts, with Vanguard and Fidelity you can use a federal money market fund. Schwab has that negative and their $10 minimum commission on secondaries, but there are a couple things that I like better at Schwab, too. I can move money from Schwab to buy some...
by Doc
Mon Oct 08, 2018 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

I don't have a Vanguard account, my Schwab account does not let you sweep into whatever cash fund you choose - it goes in their very low paying one, then you have to transfer it to a higher paying one. I only sweep our Schwab taxable account about every 2 or 3 months. But we are using Treasury note...
by Doc
Mon Oct 08, 2018 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

I prefer to have my interest added on to the CD each month, rather than paid out to the brokerage cash account - just don't like the smaller amounts laying there waiting to accumulate in order to reinvest the money. Just seems like a better way to grow the value of the CD to me. The seven day yield...
by Doc
Mon Oct 08, 2018 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

Regarding the Swedroe Rule. It's known as the 'Swedroe rule' around here, but I'm not sure if DFA developed it first. Yeh, Swedroe has written something like "that's what DFA does and those people are pretty smart guys." His "Bond Book" 1st ed is March 2006. I haven't seen a newer version. My proble...
by Doc
Mon Oct 08, 2018 8:15 am
Forum: Personal Finance (Not Investing)
Topic: Which is better CD - rates and terms?
Replies: 64
Views: 5051

Re: Which is better CD - rates and terms?

There's the 'Swedroe rule', which says that you should extend the term of the CD only until adding one additional year would result in a rate smaller than .2% (20 basis points). In your instance, increasing the term by six months is adding .5%, which would be a slam dunk according to this rule. The...
by Doc
Sun Oct 07, 2018 9:24 am
Forum: Investing - Theory, News & General
Topic: 2-Year Treasury Note Auction
Replies: 102
Views: 9356

Re: 2-Year Treasury Note Auction

Just to understand the math. Just as an example: Why would I want to replace an existing Treasury with a Treasury of the same maturity? I'm thinking IF I had a 5 yr Treasury and I was 3 years into it, I would want to replace it with a 2 yr Treasury as opposed to a 5 yr Treasury. No BIG reason. That...
by Doc
Sat Oct 06, 2018 4:28 pm
Forum: Investing - Theory, News & General
Topic: 2-Year Treasury Note Auction
Replies: 102
Views: 9356

Re: 2-Year Treasury Note Auction

I guess, as an example, if I sold the second Treasury I'd lose $666.00. Without getting into the nitty gritty if you sold that T at a $666 loss and reinvested the proceeds in a newer note with similar maturity you would have $666 capital loss and you will gain $666 in extra coupon payment over the ...
by Doc
Tue Oct 02, 2018 7:31 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

Great thread. Thoughts on how an AON (all or none) impacts limit order execution? I have typically used them to buy in taxable because I want to minimize the number of lots I hold. May be a hold over from another era as I still track cost basis myself. Not sure but I have a recollection that lots b...
by Doc
Mon Oct 01, 2018 12:48 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

In the example we are discussing (a large order for a highly liquid but infrequently traded ETF), you can be 99% sure that order is going to a either a designated market maker or is being filled internally. The problem I have is grasping the idea of "highly liquid but infrequently traded". Thanks f...
by Doc
Mon Oct 01, 2018 9:05 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

Sorry, but it seems that you still misunderstand: market makers CAN see market orders before they execute. Yes I do not understand. We are having trouble communicating on this. I've reversed my own thoughts several times based on your remarks. Can you please provide a link to a reliable source sour...
by Doc
Mon Oct 01, 2018 7:51 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

Yes but if the spread of that instantaineous execution is 40 bps between the first 100 shares and the last 100 shares in the trade I don't consider that very liquid. Good, because that spread will never happen. In the book grab I posted last week there was a very large spread increase about 3000 sh...
by Doc
Mon Oct 01, 2018 7:39 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

If I place a better limit order than almost everyone else in the book, have I "front run" them? The front running issue was based on a misunderstanding that the market makers could see market offers before or while they were executing. Vineviz has clarifed the misunderstanding. They cannot see the ...
by Doc
Sun Sep 30, 2018 6:05 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

I don't think it is fair to describe a market maker stepping in to provide additional shares at the NBBO as "front running", since they're not offering better than the market price. OK. But what if the NBBO is only for 100 shares and the market maker puts in an offer for 1000. Did the investors wit...
by Doc
Sun Sep 30, 2018 4:06 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

↑Sun Sep 30, 2018 1:33 pm You say he is not aware of my market order. Did I say that? I don't think I said that. Of course market orders don't show up in the order book as a "quote". Why would they? They'll show up as a crossed trade if you have access to that kind of data, but only after they've e...
by Doc
Sun Sep 30, 2018 1:33 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

We may be starting to make some progress. No. The "small sellers orders" are not getting filled because they are limit orders with prices too far from NAV. If they were market orders they'd have been filled at the best available price, just like your order. There are three limit orders on the book. ...
by Doc
Sun Sep 30, 2018 12:55 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

And your question is what happens to your order? It is not about MY buy order. It's the small sellers orders that are not getting filled from my order because the Big Guy somehow got non public information available to him that allowed him to jump ahead of them. My order executed better in my favor...
by Doc
Sun Sep 30, 2018 11:20 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

I don't know what you mean by "take away that third offer", but if you are asking whether a market maker has the ability to supply all the shares you need at a price lower than the second or third best "ask" at the time you enter your market order then the answer is "yes". Huh? I illustrated this u...
by Doc
Sun Sep 30, 2018 10:25 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

I can not believe the SEC allows the Big Guys to trade at the expense of the little guys. Market makers are not trading "at the expense of the little guys": they are providing liquidity that allows the "little guys" to buy and sell their shares. Right, thank you. But if I have a buy market order in...
by Doc
Sun Sep 30, 2018 8:03 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

Market makers and/or arbitragers (often one in the same) are not going to publish bids for all the shares they are willing to buy or asks for all the shares they are willing to sell. They would get front-runned by other market participants. This is even true for transactions of individual stocks wh...
by Doc
Sat Sep 29, 2018 6:24 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

If ETFs could ONLY be traded on the secondary market, that'd be true. In reality, a market maker is likely to step in and provide liquidity such that you get all 300 @ $143. I don't understand that. Not saying you are wrong. I just don't have the knowledge. If you are correct I don't have the under...
by Doc
Sat Sep 29, 2018 4:34 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

It's true that all open orders must be treated equitably, but there is nothing to prevent my broker from executing my market order at a price that is better than the limit order price that you gave your broker. Not the issue. Say that I place a market order to buy for 300 shares. At the time I plac...
by Doc
Sat Sep 29, 2018 1:00 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

This post highlights where I get messed up. BGs work both market and limit orders. How can they see the market order? It is my understanding that market orders fill immediately and you seem to agree. Market orders will execute immediately in full. OK if the BGs already have a bid in the "cue" it wil...
by Doc
Sat Sep 29, 2018 10:37 am
Forum: Investing - Theory, News & General
Topic: Vanguard - You'll need to sign up for security codes soon
Replies: 177
Views: 22320

Re: Vanguard - You'll need to sign up for security codes soon

Does anybody else use Mint, and if so, any recent reports of how well it's handling the Vanguard security code situation? When I tried activating Vanguard security codes last year, it seemed to work with Mint... in theory you only have to give Mint one of the security codes and then it should be go...
by Doc
Sat Sep 29, 2018 9:59 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

If I place an all or none order for 100 shares some authorized participant is going to take that order? If the creation unit is 25000 shares is the A P really going to respond to a 100 share order? If so I really need to rethink this whole thing. Sure, why not? It's not as if the market maker (or A...
by Doc
Fri Sep 28, 2018 8:02 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

B) Small order execution: If you place similar limit but smaller order with the same "all or none" restriction you will not attract that authorized participant response and your order may or may not be filled. If you drop the all or none restriction you might get a partial fill. This is a false con...
by Doc
Fri Sep 28, 2018 5:22 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

But see my earlier post about a trade I made in ISZE last week: what was essentially a market buy order for 3x the average daily volume executed immediately at the ask price (with 340x the indicated ask quantity). That's amazing. Might it have something to do with whether European exchanges were op...
by Doc
Fri Sep 28, 2018 5:14 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 9947

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

Both points seem intuitive. Both points are at least partially incorrect. We have been talking past each other for the last several days. Most of the problem concerns what "liquidity" means. A) Large order execution: If you place a limit with an "all or none" restriction for a large number of share...