The U.S. markets open at 10:30 p.m. in Tokyo. So, unless I want to stay up all night, I’m only there for the first hour or so of trading. Another reason — and this is important — is because… well, read to the end. It’s the answer to the last student question.
For companies, it might not be physical cash, but it’s definitely actual money that can be accessed at any time as opposed to a guaranteed IOU such as accounts receivable. It is not surprising that some investors always look at cash flow.