For the first time in a long period I am beginning to think that having some cash (5-10%) is not crazy. We are entering a very turbulent period of the 4th Turning. People say the return on cash is negative with 4% bill rate and 7% M2 growth. Sure. But the optionality of cash in a crash is worth something. Cash in 1929 bought 9x as much stock 4 years later. Similar with summer 2008 or early 2020. Buffet isn’t stupid. Pre Big Print we could see some amazing bargains. No cash, no ability to buy them.