Should I move my money into cash to avoid stock market volatility?

How much cash should I keep as a proportion of my investments, beyond a fund for emergencies? Inflation would suggest as little as possible, but I know lots of people who have moved a big proportion of their assets into cash as stocks have fallen, both to mitigate losses and be ready to buy when things pick up again. What’s the best cash strategy in a high-inflation environment?

Paul Surguy, managing director and head of investment…