I’ve posted Podcast #132 to the “RobCasts” section of the site. It’s called Cash Is A Strategic Asset Class.
Investing in safe asset classes lets you hold onto your assets at times of insane stock prices. That leaves you with more to invest in stocks when they are being sold at reasonable prices. So it’s not right to count only the return you earn directly on the safe investment class as the return for that asset class. You also need to count thee indirect return you earn from that asset class because investing in it permits you to earn more from stocks.