"Holding Cash" in 2k8 <- turns out to have been the best investment strategy

http://online.wsj.com/article/SB123127778549758603.html

He held up to 30% of his fund in cash when he couldn't find enough good bargains. Most mutual fund managers have to be fully invested, all the time.

"Quite frankly," he says, "the consultants and the (financial) advisers don't like to see anybody who's not 100% in the market all the time." Advisers tell fund managers, he adds, "we don't need you to manage cash for us, we can do it. But they don't do it."