There are also a lot more liquidity providers than there were in the past, no? I know there are concerns that the high-frequency traders will turn off the computers in a crash, but if the index funds have to sell their small holdings at a deep discount, that’s an opportunity for someone to step in and buy them on the cheap.

I guess there are more legitimate concerns for funds that hold bonds or real estate or other less-liquid assets. But the solution to that is just, don’t put yourself in a position where you have to liquidate those funds in a crunch.