I guess it is a matter of semantics. Technically, my AA, as tracked by The Speadsheet, doesn't include cash. And I don't have a set % of our AA that I want to be in cash, so that makes sense. As our net worth/stache grows, I don't feel a need to increase our cash holdings. If anything, the opposite is true. So it would be weird to track it along with the % I want in domestic large cap funds, because it doesn't really work as a % and I'd be constantly adjusting it downward.