Positive political surprises could be the impetus for idle cash to begin creating a virtuous cycle of more jobs and higher equity returns begetting consumption and even greater job creation.

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However, these ETFs continue to cycle their cash as bonds expire, choosing new muni investments, and adding the element of choice relating to the decisions of the managers and the underlying indexes.

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Sometimes it may be best for companies to hoard cash at the top of the stock-market cycle and use it in the next trough to buy back shares at a discount.

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As the business cycle turns up, companies draw down cash and borrow to finance increasing investment.

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Interestingly, accounts receivable days for manufacturers is not high compared to other industries, so they do not necessarily have a long cash conversion cycle.

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Here, shortening the period to five years would help by encouraging partners to make their investments early in the development cycle, when the cash may do the most good.

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