Golden Rabbit  26 December 2016 at 08:29:00 GMT+8 Can we look at cash rotting in the bank as a "separate" asset investment from stock portfolio? Cash: A Call Option With No Expiration Date. Hmm .... For those with earned income; cash as a call option with no expiration will not have any significant impact even over prolong market cycle; but for those retirees like Uncle8888 who is depending on his portfolio and net worth's asset to generate cash flow to support his household expenses is a different story. Retirees' cash as call option must have expiry date near the bottom of Bear or beginning of Bull; otherwise this call option without expiry over market cycles will eventually cause him to draw down on his net worth's assets to meet household expenses. Once into aggressive asset down; his sustainable retirement income for life will be doom!......