A resilient portfolio usually has a liquidity hierarchy, not just a return hierarchy. Three quick checks before you act: 1. Name the mechanism in plain English: Some assets are there to compound. Others are there so you do not have to disturb the compounding assets at the worst possible time. 2. Say why it matters for behavior or portfolio decisions: That is one reason portfolio design should account for cash needs and rebalance friction ahead of time. 3. Set the review question: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. In practice: Liquidity planning often matters more during stress than small differences in expected return. Watch for: The mistake is building everything for return and nothing for optionality. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.