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My wife and I are perhaps 5 years from retirement and just went through the exercise of consolidating several investment accounts. Since some of our investments were converted to cash before the transfer we now are in the situation of having, for us, a fairly large cash position.

My question is this: with all the talk of a potential recession -- read 'market correction' -- in 2008, should we just put the cash in short-term CDs and wait and see?

I know (and believe) the advice against market timing and in favor of remaining invested, but this is a case of not having to sell any positions -- it's already cash.

I'd love to hear what people are thinking.
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