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Or, when a better investment opportunity is on the horizon. If an economic recession serious enough to affect good companies is looming, and if some savvy people with capital know it coming by the data or instinct, they might hold off their investment until the time comes so that the can "invest" or acquire those good companies at a better term.

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There is record private equity dry powder right now. Money is on the sidelines waiting for asset prices to come down and investors are only buying recession safe assets.

If that were the case, why wouldn't the companies just hold onto the cash, wait for the recession, then use the cash reserves to buy back their stock on the cheap?

I was answering to the comment (paywalled by the article), and I believe a few companies do hold onto the cash when they see the opportunity, but probably not many would have the gut or the data.

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