Do you believe Stocks will outperform Bonds over the next 5 years?
Do you believe money you do not need for 3-5 years will outperform the 5 year Treasury at maturity (.5%)?
Do you have money you do not need for 5 years in cash?
Did you also know:
The S&P 500 dividend is higher than the 5 year Treasury interest rate.
That a balanced 60/30/10 portfolio of Stocks, bonds and cash has 100% of the time, on a monthly rolling 5 year period since 1950, had a rate of return above zero.
And 39% of the time had a rate of return over 10%.
Hopefully this helps your long term perspective regarding all that cash you have.