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If I'm worried about a sharp market downturn, I don't see anything wrong with holding onto cash for a few days.
If I'm worried about inflation of the Argentine peso, my country's local currency, I can access an instrument that protects me from inflation and allows me to earn a little over 6% annually, which matures before the end of the year.
If I'm worried about inflation, I protect myself from it; I don't need to take on more risk in stocks.