04 Jan COTW: The Best Year for Cash in at Least Two Decades
After nearly nine years of short-term interest rates held near zero, the normalization of monetary policy that began in late 2015 and continued in earnest in 2018, finally caught up with capital markets and exposed how competitive the risk/reward tradeoff of cash – that safe, boring proxy for patience – had become. The result: 2018 was the best year for cash on a relative basis in at least the last two decades.
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