It does not matter how long there period is, if you need to get out and can't it's illiquid. And there were plenty of people who got caught out this way in the last recession.
You obviously missed this statement:
Because there are very very few investors that are that good. Every thing we have seen from the OP would suggest he is not in that league.
The reason that so many Irish investors got wipe out in the last crash was because they ignored those very generalities. People can blame it on the banks, the economy etc... but the reality is that had they not ignored those generalities as you call them they would not have been in a position where they would have had to take that hit in the first place. I see nothing to respect in repeating the failures of the past.