[layer8]

It depends on your time horizon. Over a period of say ten years, cash is unlikely to lose almost all of its value, whereas for stocks the likelihood can be higher. The stock market may crash (like it has in the past) at an inconvenient moment where you’ll then be happy to have some cash on hand.

[nine_k]

In 10 years, at 3% inflation, cash loses about 26% of its value, and at 5% inflation, about 40% of its value.

Not "almost all", but that bucket is quite leaky.