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Money Market Fund Breaks a buck
Old 09-16-2008, 06:12 PM   #1
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Money Market Fund Breaks a buck

Now this is kind of interesting...

"<IMG class=pixelTracking height=1 width=1 border=0>RFIXX) , a $64 billion fund managed by money market fund inventor The Reserve, said late Tuesday that its $785 million holding of Lehman Brothers Holdings debt has been valued at zero.
As of 4 p.m., the value of the fund's share was 97 cents. The Reserve said that redemption requests received before 3 p.m. will be paid out at $1 a share. "

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Old 09-16-2008, 06:25 PM   #2
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Originally Posted by ejman View Post
Now this is kind of interesting...
I'll bet that's not how owners of this MMkt fund are phrasing it:

"One of the first and largest money market funds has put a seven-day freeze on investor redemptions after the net asset value of its shares fell below $1, in a rare instance in the fund industry of what is called "breaking the buck."

Money market fund breaks the buck, freezes redemptions

Numbers is hard.

Retired in 2005 at age 58, no pension

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Old 09-16-2008, 06:41 PM   #3
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For what its worth, I just took a fast look at vanguards MM fund holdings and didnt see anything thats rolled over or looks about to roll over or was otherwise icky.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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