Why Hold Cash? by Christopher Pavese, The View from the Blue Ridge
There’s a lot to be said when the world is going a little crazy around you, to at least put yourself in a position that if something really unpleasant happens, that it might be unpleasant but will be a non-event in terms of changing your life.”
- Charlie Munger, Wesco 2006 Annual Meeting
In our view, the best way to prepare for a “non-event” is to keep some dry powder on hand. With that in mind, here are a few points from a recent Long Leaf white paper on The Benefits of Periodic Cash in Equity Portfolios:
- In order to commit capital, we must believe we...
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