Quote of the Day: Cash is King

While we’re presently actively exploring safe ways to generate better yields on the historically (for us) high level of cash we’re sitting on, I want to reiterate here the point I’ve been making of late to some of our largest investors: Yes, we’re sitting on an atypically for us large chunk of cash, but, like everything else we do — while, sure, it’s defensive too — it’s strategic. 

Listening to an interview this morning with macro expert Rauol Pal (he’s on my list — it’s a very short list — of truly independent/credible macro actors), I’m inspired to quote something I just heard him say, as it jibes with our current positioning:

“He who has cash in a recession is king. Because you’re the guy who can buy something when everybody has to sell it. You said “well if I really have to sell my gold in a crisis then I’ve got it for that.” Great, then I want to be the guy who buys it off you.”

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