Why This Portfolio Manager is Sitting on a Mountain of Cash

Are you chasing returns while smart money waits on the sidelines? In this episode of In the Money with Amber Kanwar, portfolio manager Mike Vinokur of Propellus Wealth explains why he’s holding 37% cash in his equity portfolio and why that might be the most rational move in today’s volatile market. Mike shares why “cash is not trash” when U.S. T-bills are yielding over 4%, and why he refuses to invest without a clear margin of safety. He unpacks how high valuations, weak equity risk premiums, and recency bias are setting up investors for disappointment and what history tells us about markets that ignore risk for too long.