Most competent investment advisors recommend maintaining enough cash and money markets to meet immediate needs. For example, people who anticipate closing on a house usually liquidate the stocks and bonds they need to do so; why take the risk that those investments would drop before your escrow funds with the title company? Such exceptions aside, investors are usually coached to put almost all their funds to work with 5%, if that, in cash and equivalents.
When advisors say, “almost all your funds to work” they usually recommend some ratio of equities and bonds (or funds