Barely a year ago, cash was a dangerous thing to accumulate: activist investors stalked companies, urging boards to return it to investors, to pay special dividends or to buy back shares.

• 不到一年以前，现金仍是人人弃之而后快的危险藏品，不安分的投资者紧追企业，催促董事会将现金以特殊分红或是回购股票的形式返还给他们。