Core Idea
The quote warns that easy access to cash seems unimportant in good times, but becomes critically valuable and potentially life-saving only when it suddenly disappears.
Practical Application
As an investor, build ample cash reserves and avoid excessive leverage, because liquidity seems unnecessary in bull markets but becomes your only protection when opportunities or crises suddenly appear.
Why It Matters
The insight is that liquidity is a paradoxical asset: it appears wasteful in prosperity yet becomes uniquely priceless when markets freeze, credit vanishes, or urgent opportunities suddenly emerge.