Dry Powder is a term referring cash reserves kept on hand by a company. This usually done in a market that is either too competitive or has grown overvalued. Companies will hold cash reserves and wait longer to find the best deal possible.
A great example of what Dry Powder is with Warren Buffet. According to CNBC, Buffets company, Berkshire Hathaway, has 110 Billion dollars in cash as of May 2019. He and his company are keeping a large amount of cash, readily available when the right opportunity presents itself.
Dry Powder 