1) The document discusses the benefits of maintaining cash reserves as a strategic asset to hedge against risk and allow for opportunistic buying during downturns. 2) While most investment managers currently allocate only small portions (0-6% on average) to cash, maintaining adequate cash reserves can provide insurance against unexpected events and protection of asset values. 3) The document cautions that not all cash equivalents, such as some money market funds, provide the same level of stability and liquidity due to recent regulatory changes.