ll11

Remember that liquidity is cash oriented or short term oriented

Returns could be rebalancing or total return approach , also could mean an ending value needed e.g TVM calculation given initial , spending and time horizon

Slightly different things implied , even if they arise from same/similar need. In Liquidity part you just state what needs to come out of portfolio ( e.g. if portfolio NOT providing living expense then no Liquidity needed for living expenses)