Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring [ice-hockey player] Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”
I don’t like to opine on the stock market, and again I emphasise that I have no idea what the market will do in the short term. Nevertheless, I will follow the lead of a restaurant that opened in an empty bank building and then advertised: “Put your mouth where your money was.”
Today my money and my mouth both say equities.