The Wall Street Journal writes that, "Investors Are Sitting on the Biggest Pile of Cash Ever." They tell us, "Investors have rarely been this flush with cash. Grappling with the most economic uncertainty in decades and a head-​spinning stretch of volatility in the U.​S. stock market, many investors have rushed into money-​market funds. Assets in the funds recently swelled to about $​4.​6 trillion, the highest level on record, according to data from Refinitiv Lipper going back to 1992." The article quotes, "It is a '​pantry-​loading and survival' mentality, said Peter Crane, founder of Crane Data, which tracks the industry. 'It'​s blown the lid off the previous record high.' Assets in money-​market funds are one, but not the only, measure of cash holdings, and investors have socked away cash in other places, too. Other measures, like bank deposits, are also at a high." The piece adds, "Analysts attribute the flight to cash to the coronavirus pandemic, which spurred a rush out of stocks, bonds and commodities. Meanwhile, stimulus checks sent to millions of Americans as part of the economic rescue package helped add to the heap.... Few can agree on what the giant pile of cash means for markets. Many investors, nervous about the economic downturn, are questioning if stocks have soared too far, too fast, and have chosen the safety of cash over investing in the market. Others are keeping cash on the sidelines, ready to deploy when they spot an attractive buying opportunity."

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