Let me decode the "trader-speak" used here. For "ideas", read "potential equity positions" - they're called "ideas" in order to distinguish them from existing positions in the portfolio.

"Liquid" refers to the quality of the market such securities are traded in - the more liquid, the easier (and cheaper) to trade into and out of positions. As an example, it's easier to trade SAP or Microsoft than some second-line, small-cap technology issue.

Finally, active position-takers always try to determine the quality of indicators, signals or other parameters (such as their gut feeling... *g*) they use as a basis for their decisions - "high conviction" refers to an =>idea they're pretty certain of.

HTH - best regards, Ralf