James, The highest cash balance was at 26% in Sep 2011. Over the past 1.5 years the cash portion has remained between 18-20%. Unfortunately, we do not have references pre-GFC (as we only started this survey in 2011) but I am confident cash levels would have been a lot lower in those days. I still think 20% cash is a lot and probably reflective of the cautious mindset of investors post-GFC. We haven't seen this lower than 18% as yet, and that's a telling stat too, in my opinion.
Rudi, some interesting trends in the results. Thanks for sharing and writing up the results. Out of interest from the historical surveys it doesn't look like the cash balances vary too much? Have you seen periods where cash balances fluctuate dramatically from this survey?