Which investment has the least liquidity?

To determine which investment has the least liquidity, we need to understand the concept of liquidity in financial terms. Liquidity refers to how quickly and easily an asset can be converted into cash without significantly affecting its price.

Common Types of Investments and Their Liquidity:

1. Cash and Cash Equivalents: These are the most liquid assets, as they can be readily used or converted into cash.
2. Stocks: Generally liquid, as they can be sold on the stock market relatively quickly.
3. Bonds: Typically less liquid than stocks, especially if they are not traded on a major exchange.
4. Real Estate: Considered less liquid because selling property can take a significant amount of time and may involve substantial transaction costs.
5. Private Equity and Hedge Funds: Often have lock-up periods and are not easily sold, making them less liquid.
6. Collectibles and Art: These are among the least liquid investments, as finding a buyer can be time-consuming and prices can be highly subjective.

Final Answer:

Real estate, private equity, and collectibles typically have the least liquidity among common investment types.