Hedge fund guru Barton Biggs says he’s only 20% net long on equities in this market, and says we may be on the eve of another financial crisis. Biggs says policymakers have tools at their disposal to help, but have failed to come together to do so in Europe or the U.S. “In times like this, there’s nothing the matter with cash,” Biggs says. “I don’t think any place is a place to invest right now.” He adds that “When there is clarity, and when the authorities move and do something, emerging markets will be a fabulous place to invest. … But I’m not ready to make that bet yet.”

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