It is amazing that after 29 years in the stock market, there is still something new to learn. In the recent market sell-down, I am quite surprised by the speed at which the market freezes. By this, I don't mean the drop in stock prices, but rather the rapid decline in liquidity at such an early stage of a bear market. For less actively traded stocks, the bid-ask spread can be as much as 2-3 cents, which is quite significant for stocks priced below a dollar. Not only that, the bid-ask volume is also quite small. Usually, such low liquidity is only observed near the depth of a bear market. So far, the rapid decline in liquidity has not signficantly affected me, as I have not really started buying. But it did spring an attack on my cash reservoirs. As discussed in Behind Every Successful Bear Market Recovery is ......