The Achilles heel of alternative investments has always been the lack of liquidity. Yes, they offer un-correlated returns, additional yield, higher returns and more excitement – but they often are risky and the lack of liquidity compounds that risk because it makes exiting the investment difficult. Liquidity (particularly the lack of it) was a theme that ran throughout 2013. The benefits of liquidity are pretty obvious: you can buy and sell more easily, more frequently and more cheaply. In this article, Daniel Kiernan discusses one of the main issues that the FCA has with alternative investments, a lack of liquidity….