If you don't have a certain amount of self-confidence, you probably shouldn't be in business. But there are over confident people out there who have done well merely because their boat has been in the rising tide. There'll be a shakeout among companies. A large cash entry on the balance sheet is no longer appealing. It has relatively little return.
Liquidity is costly.
Instead, companies are reinvesting all surplus cash in their operations. They've got to, just to keep up. A big share of the cash will go into people. Companies have grown so fast over the last two years that they're in a whole new world. Companies should also invest in technology that will improve productivity and speed the spin of their cash conversion cycle.