Wall Street finds new value in cash as global fears weigh on markets

Concerns about the war in Ukraine, China’s Covid-19 outbreak, a US or European recession and rising global inflation are making a long-despised asset more and more popular among Wall Street’s best money managers these days: cash.

As stock and bond prices have been pulled back from records in the tumult of headlines, several asset managers said they are seeks to move funds to low-risk, cash-like assets. It marks a shift from recent years, with steadily rising stock indices training investors to buy every fall and not miss out on gains by holding cash.

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