The thing people forget about.

Things go up. They go down. And after they swing, attitudes are different. If a company has money, you generally don't care much about what it's doing. The company has money, that's all that matters. But when cash gets tight for a publicly traded company, a whole new set of rules apply, regardless of direction or earnings.

I would say drowning in cash, especially for a well established company (like Apple) bears caution. Look at what they are doing with the cash. Using it wisely, or diversifying needlessly? How is the core business?

One thing's for sure: when the market is up, and companies are up. People get careless. The good plan, for companies and people, is to have cash at hand to expand or invest when markets are down and everyone is selling.

Obvious yes. But we forget how powerful this fact of psychology powers us.