From CNBC as Noted in Grants:

“In finance, when you’re playing defense, you’re almost certainly losing,” [Ken] Griffin said to Citadel’s new class of summer interns Thursday evening. “There’s no other way to put it. Every time a portfolio manager tells me ‘I’m going on defense,’ I’m waiting to watch the red because that tends to be what happens next.”

Griffin, whose hedge fund oversees $66 billion in assets as of June 1, thinks cash would be a better place to hide out than what are often considered “safe trades” in a risk-off environment.

“If you are going on defense, just go to cash. Otherwise, you’re just in the ‘safe trades,’ where everyone else has already gone — and the safe trades are often where the losses are,” he said.