Ask the expert

Several panicked multimillionaires and financiers asked me recently if they should liquidate all their investments and go to cash.

My answer? "Beats me" :-/

Standard questions:

1) are you going to be able to time the bottom? what's your investment timescale?

2) what kind of cash? Treasuries? Swiss Francs? Renminbi?

Generally I'm not a big believer in timing the market. On the other hand, I can think of numerous plausible scenarios for the next couple of years in which (some kind of) cash is by far the best asset. I can't think of very many in which it's not :-(