The case for cash

Investors need to be careful what lessons they learn from the incredible and, in all likelihood, fairly unique market downturn of 2008/09. The stockmarket (and most investors’ portfolios) fell by more than 50% between November 2007 and March 2009.Our lazy minds naturally seek the easiest-to-find lessons. Our brains' hardwiring tends to encourage us to prepare for the last war, so to speak, rather than soberly assessing future risks.That’s why we have former property trust investors swearing off all listed property (as opposed to just overpriced and overleveraged property) and buying mining stocks or bank stocks instead. Meanwhile, those who lost...

Investors need to be careful what lessons they learn from the incredible and, in all likelihood, fairly unique market downturn of 2008/09. The stockmarket (and most investors’ portfolios) fell by more than 50% between November 2007 and March 2009.

Our lazy minds naturally seek the easiest-to-find lessons. Our brains' hardwiring tends to encourage us to prepare for the last war, so to speak, rather than soberly assessing future risks.

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