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I have my Kiwi Saver in cash as well. 5% plus return isn't bad short term in the current environment. I have already made 11% in the first 3 months of the year before switching. With all the gyrations around the world with the global reset on interest rates I am sitting, waiting for s pullback. My downside or lost opportunity is probably very little.
I also trade other money so it's not like I'm not exposed to the market and holding money back looking for opportunities. Too many times I have been over invested and missed out on huge opportunities of buying in after massive pullbacks.
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I have experience in all settings. People have urgent needs. In two occasions, I was in real trouble by not keeping some cash. Long term investment is not an easy task. For me to consider long term investment, at least I should have some knowledge about the industry and companies that I am going to invest. Once I follow nearly 10 to 15 years on any industry or commodity, then I am comfortable with taking positions on them. Also if we pick 5 stocks, we aren't going to get same return from all stocks.