FMS Cash Balance and S&P 500 BofA Fund Manager Survey cash levels fall to a new six-year low of 4.0%. Image: BofA Global Fund Manager Survey

Performance vs. S&P 500 by Uses of Cash S&P 500 companies using cash for mergers and acquisitions have outperformed since December 2017. Image: Goldman Sachs Global Investment Research

Cash – Banknotes and Coins in Circulation as a Percentage of GDP This chart suggests that negative interest rates can increase the demand for cash. Image: Deutsche Bank Global Research

Fund Manager Survey Cash Balance BofA Fund Manager Survey cash levels hold to 4.2%, the lowest cash balance since March 2013. Image: BofA Merrill Lynch Global Fund Manager Survey

Equity Yields vs. Bond Yields vs. Cash Yields Chart showing the large gap in yields between equities, bonds and cash. Image: J.P. Morgan

Buybacks and S&P 500 Use of Cash Goldman Sachs expects buybacks will fall 5% to $675 billion in 2020. Image: Goldman Sachs Global Investment Research

U.S. Equity Fund Flows vs. Bonds and Cash This chart puts into perspective the rotation from equities to bonds and cash, as investors become cautious about further growth. Image: Goldman Sachs Global Investment Research

S&P 500 Cash Balances and Debt Levels During the past 12 months, non-financial S&P 500 cash balances have declined by -11% and debt levels have inflected higher by +9%. Image: Goldman Sachs Global Investment Research

S&P 500 Cash Spending According to Goldman Sachs, cash spending by S&P 500 companies is likely to fall by 6% in 2019, the largest year-over-year decline since 2009. Image: Goldman Sachs Global Investment Research

Shareholder Return vs. Free Cash Flow Thanks to low interest rates, shareholder return has exceeded free cash flow levels again. U.S. companies cannot spend more than they earn indefinitely. Image: Goldman Sachs Global Investment Research