The case for and against illiquid assets is hotly debated. Indeed, other than fees, the battle between industry funds and retail super funds has been heavily fought around significantly differing levels of exposures to the main illiquid asset classes.
Slides and video from my narrative at IMCA Conference 2015 "Innovate... disrupt or be disrupted".
According to a Harvard Business School study, the percentage of US GDP attributable to the financial industry tripled from 1950 to the 2000s. Has any of this increase improved the services rendered by the financial services industry to the real economy?
The idea that financial markets are too focused on the short term is gaining ground in the media, academics and now, politicians. Upon closer inspection, the supposed negative consequences of investor short-termism appear not to be happening at all.