> invested in financial instruments Which is what most people mean when they say "cash" in the context of company financials. As long as it's reasonably liquid

> invested in financial instruments Which is what most people mean when they say "cash" in the context of company financials. As long as it's reasonably liquid, I consider it "cash". Investing in the company, on the other hand, is not liquid (e.g. hiring, buying planes, etc).