The article explores how investors with different levels of experience allocate their assets, especially when dealing with hard-to-sell and hard-to-understand investments like private equity and hedge funds. Less experienced investors tend to avoid these assets at first but gradually increase their holdings as they gain more knowledge. Surprisingly, lower transaction costs for these assets can actually lead to a bigger initial avoidance of them. Inexperienced investors may end up holding a lot of these assets later on, even if they don't expect great returns. When these alternative assets are hard to sell, investors tend to trade more in easily sellable assets like stock indexes, which can have a big impact on the market.