I'd also say that "cash" includes a lot of things like savings/sweep accounts, short term treasuries (5.3%), and even CDs. Those are usually losing (eg not the

I'd also say that "cash" includes a lot of things like savings/sweep accounts, short term treasuries (5.3%), and even CDs. Those are usually losing (eg not the last 20 years!?!) only a couple of points to stocks much less inflation.