Cash Is King

Cash is king. And not just because these are uncertain times. For most of the post-Lehman era, cash wasn't viable as an asset class. It was "trash," as Ray Dalio is fond of putting it. It yielded nothing, which meant that as long as there was any inflation at all, you lost money in real terms, but more importantly, the performance disparity between cash and every other asset was typically vast. Central banks' efforts to conjure real economy inflation didn't pan out, but they succeeded in inflat