Started 2023 with 75% cash being indicated !!! I suspect that high level is somewhat a reflection of US taxation policy changes in the mid 1980's to incite more of earnings being retained rather than paid in dividends - somewhat accelerating price appreciation ??? Or maybe a wise AIM decision :) When it seems quite popular at present for some to be loading heavily into TIPS/iBonds ladders that are yielding positive real yields following large declines in bond prices in 2022