Cash is the call option over every asset class

Just because cash is not ‘high returning’ does not mean it is not valuable. A major assumption regarding the attraction of the ‘yield trade’ is cash is an impaired asset class because it is earning such a low return. We strongly disagree. Despite cash providing little return, it provides an optionality that has value.Warren Buffet for example, thinks of cash as a call option over every asset class and with no expiration date. The question Buffet asks is “how much can the cash return if I have it when I need it to buy other assets that are cheap, versus the...

Just because cash is not ‘high returning’ does not mean it is not valuable. A major assumption regarding the attraction of the ‘yield trade’ is cash is an impaired asset class because it is earning such a low return. We strongly disagree. Despite cash providing little return, it provides an optionality that has value.

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