It might not be a bad idea to hold cash 10 years into a bull market.https://twitter.com/garrytan/status/1137374665284866048 …
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Of course. But a firm buying back expensive stock [assuming the end of the cycle theory is correct] to return capital to shareholders who want to sell their shares and keep their $ in cash is just a transfer of wealth from remaining shareholders to the departing shareholders
Yes. Investors need to correctly decide whether they want to hold or sell stock, or else they lose money. That's the game.