Richard Weiss, City National Bank’s Chief Investment Officer, asked the panel what the biggest lessons learned from last year were, and more importantly, the implications for portfolios. John Workman, Convergent’s Chief Investment Strategist, contributed his thoughts on illiquidity risk. John stated that as the subset of assets that investors used in their portfolios became more and more limited, diversification was disrupted at the exact point in which it is needed most in a portfolio.