And it will be a challenge deciding who really has cash and what cash really means when the bubble will burst.

I remember that for a short but intense period of time money-market funds were in negative territory in late October 2008, which was really interesting because they were seen as basically cash (rightly or wrongly, that’s another discussion) and a run on them would have made many people very, very unhappy.

This is a pretty good answer. With cash you are total contrarian in the current environment. But this strategy also comes with risk. "Haircut" etc.