The year in question, when they decided to hold some cash for a few months, it was because they had been researching new giving opportunities that were 10x cash and wanted to be able to use the money for that, rather than dropping the bar. (GiveDirectly criticised them for this and said they should’ve effectively lowered their bar to 1x cash in order to use the funds as soon as possible; they thought GiveWell’s decision would be indefensible to the world’s poorest people.)
The year in question, when they decided to hold some cash for a few months, it was because they had been researching new giving opportunities that were 10x cash and wanted to be able to use the money for that, rather than dropping the bar. (GiveDirectly criticised them for this and said they should’ve effectively lowered their bar to 1x cash in order to use the funds as soon as possible; they thought GiveWell’s decision would be indefensible to the world’s poorest people.)