Answering your question is like going back to the final exam of the university, and it must be a short answer to the last question of 20 points.

Liquidity means transferability? In this case, some stocks and bonds are liquid. The fund is unclear and the teacher didn't teach it.

I can only analyze the rate of return from the financing cost of the enterprise. The stock financing cost is the lowest, and the bond financing cost is the highest. Fund is the lowest that investors entrust funds to a third party for investment and then enjoy the benefits, and only need to pay the fund management fee. To sum up, the yield should be bonds, funds and stocks.

Because bonds are a form of debt, debt is a derivative right of ownership and an absolute right. When an enterprise goes bankrupt, it gives priority to repayment, and all risks are the lowest. Secondly, funds, because funds invest under extremely low risk conditions, investors can make choices for fund managers to ensure the safety of funds. Finally, stocks are the riskiest.

If you touch them, they are all financial investment tools.