[austenallred]

The advice to build a war chest is often quite pessimistic. For example, if you think the market is going to bottom out by the next time you're going to raise money, you might as well raise it now. With all else being the same, it would have been a whole lot easier to raise money in 2000 than at then end of 2001.

[tim333]

>The advice to build a war chest is often quite pessimistic

I think cautious / sensible might be a better description. Few people look back regretting having too much money in the bank. As long as you can avoid blowing it on dumb stuff.