diff --git a/main.cc b/main.cc
index e343c90e..f5e7d2cf 100644
--- a/main.cc
+++ b/main.cc
@@ -213,11 +213,14 @@ int parse_and_report(int argc, char * argv[], char * envp[])
 
   if (config.init_file.empty())
     config.init_file  = home + "/.ledgerrc";
-  if (config.cache_file.empty())
-    config.cache_file = home + "/.ledger-cache";
   if (config.price_db.empty())
     config.price_db   = home + "/.pricedb";
 
+  if (config.cache_file.empty())
+    config.cache_file = home + "/.ledger-cache";
+  else if (config.cache_file == "<none>")
+    config.cache_file = "";
+
   if (config.data_file == config.cache_file)
     config.use_cache = false;
   DEBUG_PRINT("ledger.config.cache", "2. use_cache = " << config.use_cache);