An agent holding liquid assets may believe that by doing so he would buy time to ascertain more definitely the parameters relating to investment in plant, equipment or real estate I.e., investments which are either irreversible or can be reversed only at substantial cost. We show that this consideration is sufficient to generate a positive demand for liquid assets, although such assets provide a lower (often zero) yield. The individual is assumed to be completely ignorant about the furture and accordingly uses the maximin criterion to choose among various alternatives. We also examine the implications for aggregate demand for money, bonds and 'real' investment and compare them with the Keynesian formulation which models the demand for liquidity (money) as arising out of fear of capital loss in the bond portfolio.