March was a fantastic month for most investors, especially considering the dreariness that preceded it. Still, it was much better for some than others. In total, 92% of investors made money last month, according to Openfolio, a site where users share information about their investments.

That left 8% scratching their heads. What did the losers all have in common? Cash — twice as much allocated to cash (11% vs. 22%) than the winners. Can’t really blame them considering the climate. Oil was crashing, volatility was off the charts, and the Dow DJIA, -0.87% was down almost 2,000 for the year. Bear market signs everywhere.