@Epi Why should he have a lot of cash? You lose more money waiting for the crash than in the crash. And if he's fully invested and the washing machine is broken, my goodness, he'll just have to sell something 🤷
@DonkeyInvestor Oh, but then the war chest and the emergency fund are always identical to the total value of the custody account. Because if necessary, you can always sell some or all of it. 🤷