Why don't business use marketable securities more extensively to finance their activities?

Businesses often avoid using marketable securities extensively for financing due to their inherent volatility and the associated risk of fluctuating market values. Additionally, relying heavily on marketable securities can limit a company's liquidity and flexibility, as these assets may need to be sold at a loss during unfavorable market conditions. Furthermore, the costs and complexities of managing a portfolio of marketable securities can outweigh the benefits, leading firms to prefer more stable financing options like loans or retained earnings.