Regardless of yield, when investments are absent of value, cash is always a better option than permanently losing money.
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Cash really hurts if you hold it very long in an equity market that is compounding at close to 20% per annum.
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One lesson I have learned is to make fewer decisions. Sometimes the best thing to do is to do nothing. The hardest thing to do is to sit with cash. It is very boring.
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Rational investors will part with their cash only when they believe they are properly compensated for the loss of liquidity and the pain of disquietude.
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Mutual fund managers, desperate to put cash to work don’t buy what is cheap but what is working since what is cheap by definition hasn’t been working.
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At times of shock, converting illiquid assets to cash to build flexibility is very expensive. Finding an umbrella in a rain storm might be impossible or very costly.Back to top. Source: Link