It has been quite some time since the phrase “cash is king” has been uttered. In general, the idiom has been used to make the case for investing in cash securities, despite the unremarkable growth potential of the asset class. The benefits of investing in an asset that is likely to preserve its value in a broad stock market downturn can be underappreciated until that downturn actually occurs. In a market environment where stock market valuations are largely higher than average and bond prices are also exceptionally high, cash should be considered as an appropriate investment allocation in a balanced portfolio. The problem has been that the yield on cash securities has been nearly non-existent for almost a decade. But that’s beginning to change.