[mastratton3]

^This.. I don't see why people thinking hoarding cash when capital is cheap is a bad strategy. It totally ignores the fact that ease of raising and cost of capital is time dependent. If you had a war chest of cash in 2008/2009, that'd be insanely valuable.

[ptr]

On the other hand, that's timing the market. But as the common wisdom goes, time in market pays better. Or does it? Do these companies know something that we don't? Is it different when you have piles of money?