Liquidity comes from those investors who are willing and able to buy and sell. Sentiment, monetary and fiscal policy, and a host of other factors affect the willingness and ability of investors.

Over the past $20$ years, the Fed has played a more prominent role in regulating liquidity. There is no sign the Fed's current quest to remove liquidity is close to ending. Liquidity is fading due to the Fed, and therefore, volatility is on the rise.

Your client was just watching CNBC and the commentator said $$Illiquid and volatile markets are not conducive to long$-$term wealth generation$.$ They are saving for retirement in $30$ years. How would you explain this statement to the client?