Hurdle rate still to high to not stack and ve fine with it

Hmmm, not sure how this links to the liquidity narrative that is all the rage recently. Sort of goes against it. Also why choose 5 year over 4 year? Does 4 year have some small negative return?

CAGR doesn't matter so much when nominal value is what you're able to spend. Other assets are viewed solely in CAGR because you can't spend them directly.