Liquidity is different. For example, in the stock market, if any company can go public, it would be a disaster for the stock market. Too many junk companies would issue shares to deceive investors and steal assets. Even for good companies, it would be a form of weakening, as funds become dispersed. The primary and secondary markets serve different functions. If the secondary market operates like the primary market, with insider trading, scams, and easy listings, then the secondary market is doomed to fail.

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