A useful way to think about this: a resilient portfolio usually has a liquidity hierarchy, not just a return hierarchy. What is happening: Some assets are there to compound. Others are there so you do not have to disturb the compounding assets at the worst possible time. Why it matters: That is one reason portfolio design should account for cash needs and rebalance friction ahead of time. 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. Useful lens: On the next portfolio review, separate what feels urgent from what is structurally important. The point is not to memorize the label. The point is to know what variable is actually doing the work.