Texas Teachers' CIO Auby is underweight stocks, says investors should hold cash despite inflation

A general view of the city of Austin along the Colorado River in Austin, Texas, U.S., October 25, 2021. Picture taken with a drone.
Mike Blake | Reuters

The investment chief at the Teacher Retirement System of Texas is 'marginally' underweight equities, and recommends investors hold onto cash even if it erodes with inflation.