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Cash Isn’t Trash Compared to Stocks and Bonds

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Stocks and long-term Treasurys are making cash an attractive haven. WSJheard explains. WSJWhatsNow

Stock valuations are incredibly high, but the long-term Treasurys that investors typically use to safeguard their portfolios are shockingly expensive. Under these circumstances, the better hedge might be old-fashioned cash.

Almost any way you look at them, stocks seem quite expensive. The S&P 500 trades at about 22 times its expected earnings over the next year, its richest forward price/earnings ratio since the dot-com bubble. Against its inflation-adjusted earnings over the past decade—the valuation method popularized by...

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