I read that the Montgomery Private Fund has held on average 30% cash since inception, but still managed to outperform their index benchmarks.
For value investors looking to buy more stocks when they go on sale, what % of your portfolio do you hold in cash for this purpose?
I find that whenever I have any spare cash available my tendency is to find a place for it to be invested very quickly (as long as there is some value there) so as not to have any funds sitting idle.
But in the process probably miss out on days where there are much bigger bargains on offer.
How do others approach this issue?