Think of cash as a call option premium for being able to buy future investments at a lower price. People tout the "cash loses to inflation" mantra as an absolu

Think of cash as a call option premium for being able to buy future investments at a lower price. People tout the "cash loses to inflation" mantra as an absolute - they forget that in large market downturns, cash availability compresses while assets become in greatly less demand. So cash being available when everyone desperately needs it, but few have it, gives cash a value explodes on a opportunity basis for a window of time.