The risk aversion sentiment is heating up, and investors are once again engaging in "abandoning stocks and bonds, hoarding cash" operations in 2022 According to BlockBeats, on March 26th, investors are selling stocks and bonds and increasing their cash holdings to avoid the risks of the Iran War, which is similar to the strategy adopted after Russia's invasion of Ukraine in 2022. The latest survey conducted by Bank of America on fund managers this month shows that their cash holdings have experienced the largest increase in six years. Meanwhile, JPMorgan strategists stated this week that the position adjustments made in response to conflicts may still be far from over. The JPMorgan team, led by Nicholas Panigzzoglu, stated in a report that as long as geopolitical and macro uncertainties remain high and cash allocation remains below historical levels, it will have a negative impact on future stock and bond markets. Investors have been selling stocks, bonds, and gold simultaneously, and are more inclined to increase their holdings of cash. However, compared with the outbreak of the Russia-Ukraine conflict, the cash level in the portfolio is still at a moderate level. (Golden Ten)