Is 20% cash a lot?

When people and money managers say they're holding cash what is considered average?

For example, a few weeks ago I was 50% cash and now I'm about 20%.

When money managers come on and say “we're holding a lot of cash” what do you think they mean when they say a lot?

Do they mean 10% cash is a lot?

Or are they holding 50% cash for example?

I realize money managers and retail don't operate in the same way or have the same rules and restraints.

Of course “a lot” is subjective.

Do you think 20% is a lot of cash?

To me a lot is at least 50%.

I also forgot that “cash” can also be equivalents like short bonds and CDs I think

Good luck all!