Monetary transactions between people are described by fluctuating rates. People team up in organizations (recognized by brands) that transact money at lower rates than outside the organization. When organizations become intransparent about money that belongs to owners, and "report" quarterly, people ought to take that discount into mind compared to private stakes, which are transparent.
To describe the rates on the money transacted, there is "credit risk", which reflects fear of illiquidity, which reflects fear of insolvency. How can the rate on money not reflect credit risk? It can't. Hence equity stake can be called a kind of credit stake. The interest rate on "stocks" is so subject to credit-risk frenzy ("volatile") that we don't even call it an interest rate, it a rate of return. (Conventionally thought of as "interest rate" on stocks rather than interest rate on "stocks"). The stock interest rate leads interest rates and the Treasury follows.
Interest denotes positive reinforcement: approach more than absence-of-avoidance. But the connotation is different: the financial world equates low interest rates with safety through the concept of credit risk. To those who are educated rather than willfully ignorant about bankruptcy, credit risk can be understood completely through illiquidity. For these believers, "interest" earnestly means "interest". Low interest rates on stocks (high "forward P/E") pretend to safety but they indicate exertion and over-extended asset prices, while high interest in stocks indicate perceived danger at a time when near-term (predictable) cash flows are more substantial.
The value investor is a master operator of liquidity because he always has his eye on the ball. Liquidity also eventually makes oneself respected (creditworthy). Everybody else is thinking about gains because, frankly, their fears do not include pennilessness, so they hold negative-reinforcement financial attitudes, including speculation. But the man who knows that the specter of bankruptcy is everywhere precisely because it is seen nowhere is the man who exploits the illiquid. Liquidity is the vehicle through which something becomes more.