The Practical Side of Deflation and Deleveraging

Companies with cash beat those without it. The need for cash rises with economic uncertainty. Sure, cash has a low yield, but so what–there aren’t many better opportunities anyways. Our competitors get it and the central bank gets it. If you don’t get it, try to raise the cash to buy the company? Oh, you cannot? Hmm, perhaps that says something about the value of cash!

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