. . it's going to be a loooooooooong time to even break even if you can't recover your principal - and for that, you need an active market.

Well, you could pass the investment on to your descendants if you're into that, but what if you have a sudden need for cash? For that you need a market.

I get calls every week from guys trying to sell me shares in oil and gas well drilling. The returns can be pretty good, but I'll have nothing to do with them, because I know it's almost impossible to cash out.

I've also carefully read the terms for these, and other private placement investments (medical stuff, etc.). The company has all the rights, and the investor has practically no rights at all.

On the open market you buy and sell as you please - the company and it's terms aren't involved at all.

Liquidity is king.