Which investment has the least liquidity?

When considering liquidity in investments, it's important to understand that liquidity refers to how quickly and easily an asset can be converted into cash without affecting its market price.

1. Cash and Cash Equivalents: These are the most liquid assets, such as savings accounts and money market accounts, as they can be quickly accessed.

2. Stocks and ETFs: Publicly traded stocks and exchange-traded funds (ETFs) are generally liquid, allowing investors to sell them quickly on the stock market.

3. Bonds: While bonds can be sold, they are usually less liquid than stocks due to potential market conditions and require a market buyer.

4. Real Estate: Real estate transactions can take a significant amount of time to complete, making it much less liquid than stocks or bonds.

5. Collectibles and Art: Items like antiques, art, and collectibles have very low liquidity as they can take a long time to find a buyer and might require appraisals or auctions to establish value.

6. Private Equity or Venture Capital Investments: These investments are generally illiquid, as they are held for several years before any return, and they do not have a public market for resale.

In summary, among the options listed, private equity or venture capital investments typically have the least liquidity as they require a long-term commitment and do not offer easy exit strategies.