&gt;<i>You don&#x27;t have to take advantage of every opportunity.</i><p>That&#x27;s irrelevant.  The point is, strategies like, &quot;always have cash on hand to take advantage of opportunities&quot; don&#x27;t really make sense, because the more you do of one means the less you can do of the other.<p>This is economics in a nutshell; determining the tradeoffs between two scarce resources, in this case cash and &quot;opportunities&quot;.  The solution isn&#x27;t &quot;more of both&quot; unless the resources are infinite.