BULLS & BEARS: Using investors' cash well belies parking-it theories

When it comes to four-letter words, "cash" is perhaps the most despised in the investment business. Investors are regularly counseled to "remain fully invested at all times." There even is an industry adage that "cash is trash." The primary case against holding cash rolls off the tip of advisers' tongues like a Buddhist chant: "You can't time the market." Industry marketing pieces show that if you were out of the stock market on its best-performing days over the years, your...

 

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