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Ripple Effect

Cash Is Still King

Addison WigginAddison Wiggin

March 3, 2026 • 1 minute, 28 second read


Cashmargin debt

Cash Is Still King

Institutional investors continue to trim stock positions. A post-Buffett Berkshire Hathaway is adding to its hoard of T-bills.

But retail investors? They  haven’t gotten the caution memo.

Following their robotic “buy any and all dips” policy, retail investors now have an incredibly low cash allocation today, of about 14% of assets:

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Retail investors programmed to buy any market dip are running low on reserve cash. (Source: i3 Invest)

Retail investors learned they could successfully buy the Liberation Day drop last April. But that was a 20% broad-based sell-off, a single event.

Today is a different year, a different setup. Retail “buy the dippers” are going to struggle in a market near all-time highs that is also rotating out of the AI trade.

Hold some cash to find bargains during a broader, sustained correction.

~ Addison

P.S. Thank you if you joined us on Friday for a special Grey Swan Live! from inside the Rarcoa Vault in Chicago. The reserved Silver Eagle set we had reserved was quite popular, and just a few more remain.

Grey Swan Live! returns to its regular time this week, 2 p.m. ET on Thursday.

John Robb, author of Brave New War and Grey Swan Investment Fraternity contributor, joins us for a discussion on the war with Iran, how it’s being fought, and what it means for the dollar and other assets.

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With market volatility on the rise and a new set of global challenges arising from this conflict, you won’t want to miss out on this week’s Grey Swan Live!

Robb’s expertise on network warfare is central to understanding the Trump strategy for disrupting operations by killing 40 top Iranian leaders. In a globally-connected tech economy in the 21st century, the strategies and weapons of warfare are evolving rapidly.


One Sign that Government Spending Is At a Crisis Point

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Debts and deficits will eventually cause a crisis. Treasury Secretary Scott Bessent’s effort to help bail out the Japanese Yen this week is entirely motivated by self-preservation. The contagion signal flashing in Japanese bonds since late ‘25 is infecting the BOJ, which may be forced to sell U.S. Treasurys to stabilize its own currency.

One Sign that Government Spending Is At a Crisis Point
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Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

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What’s happening? The Bank of Japan and the U.S. Treasury are making a coordinated effort to support Japanese yen; a move last attempted nearly 30 years in the height of the Asian Financial contagion (1998).

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