#流动性环境 Seeing the news that Strategy has built a $2.2 billion cash reserve, I am reminded of many investor stories I have encountered over the years.

Many people ask me, why keep cash in the account? This case clearly illustrates that—cash is like an "airbag" in asset allocation. Strategy does not sell Bitcoin; instead, it maintains sufficient liquidity to handle debt and dividend payments. The logic behind this approach is worth considering.

When liquidity environments change, forced sales are often the least advantageous. Without a buffer, unexpected situations can easily disrupt your rhythm. Conversely, planning liquidity reserves in advance allows you to stay firm during market volatility and stick to your long-term plan.

This is also what I have always wanted to share: position management is not just about reducing risk; it’s about protecting your options at critical moments. Whether individual or institutional, the principle is the same—moderate liquidity arrangements can often help you get through the most testing times.

Think about your asset allocation—have you left enough buffer space for yourself?