Classification of large numbers of stocks into categories is widespread in financial markets. Traders classify assets as liquid securities such as stocks and bonds. They may also do the same with illiquid securities, such as real estate and venture capital. Stocks may be classified as domestic or international, small or large, growth or value, “old economy" or “new economy", cyclical or non-cyclical. Such groups of securities are often called “asset classes" or “styles”. Portfolio allocation based on selection among styles rather than among individual securities is known as “style investing."