Financial and utility stocks were excluded because of their unique nature and special cash holding requirements.
Cash creates problems because holding excessive cash is often just as bad as holding excessive debt.
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And it depends in part on his business's cash flow holding up.
As we discussed in last month Monetary Watch , the recent acceleration in uncovered money substitutes is no longer just about depositors liquidating time and other term deposits in favor of instantly redeemable demand and savings deposits (in Austrian speak, bank depositors liquidating credit claims, raising cash, then depositing and holding that cash in money substitute form with those same banks).
Holding cash, Miller says, was the single biggest detractor to his performance in 2012.
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With the cash, the holding company has reduced its debt and enhanced its net asset value.
Low yields remain problematic for many individual investors, particularly those investing in bonds or holding cash.
Like Britain's Marconi, the group moved too swiftly from holding cash to having crushing debts.
When investors are uncertain (risk-averse), they have a preference for holding cash and the price of shares falls.
Many respondents said they are holding cash to protect against ongoing market volatility.
The low interest rate environment also makes holding gold funds better than holding cash or money market funds, he says.
But there is a case for holding cash on the ground that things may get worse before they get better.
Holding cash-on-deposit now guarantees a loss of real value.
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Holding cash and waiting for an opportunity to buy low can provide some peace of mind, and those triple digit ups and downs will have a smaller impact on your overall wealth.
However, there is another potential downside for investors: If the bonds are paid back early because of a lower-rate environment, owners could be left holding cash with no good places to put it.
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And for a lot of our clients that have a short-term need, some of those folks are holding cash and are able to dip into that savings for the cash for the short-term needs.
While a fortress balance sheet is appealing in times of crisis, many investors see a massive cash cushion in calmer times as a waste, particularly given the open debt markets for large liquid issuers and the negligible returns from holding cash.
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People now prefer cash to investments because holding it earns them a good return: things cost less tomorrow than they do today.
Leading the charge of India corporates holding onto cash are Reliance Industries , Infosys (INFY), Coal India and Wipro (WIT).
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Does that sound like a reasonable alternative for holding your cash?
What enabled us to take on projects that might not have been hugely profitable but gave us a critical clients and credibility was our holding onto cash.
The market seems to get a boost from earnings season every time around, with corporations holding onto cash and cutting costs rather than hiring aggressively in this uncertain environment.
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The government relaxed the rule in January, but by then economic gloom had settled over Malaysia, and anyone with cash to spare was holding it as tightly as they could.
Whether it is harvesting cash flows during the holding period or levering up operations and re-selling it after significant growth, private equity companies are looking primarily for targets with impressive cash flows.
His reply was pretty grumpy, especially when I told him that Mr Sants had said to me that banks like his were holding more cash than the regulator was insisting they had to do.
Some asset prices have been inflated (especially gold and bonds), but overall inflation has remained relatively low because people and businesses have been holding large cash balances, and banks have parked their excess reserves at the Fed for a risk-free return.
If we had to single out one story in yesterday's events as suggestive of the depth of the desperation it was Bank of New York Mellon's announcement that it would start charging very large corporate and institutional depositors for the privilege of simply holding their cash.
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