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Money Market Funds - Breaking the Buck
One fund did break the buck and it was a really big deal. Its value fell to brace yourself 97 cents, so it was down 3%. If you're an equity investor, that would be like a one hour move. But for a money market fund, that was a world shattering disaster. So people pull their money out because if you break the buck, you've broken the code of conduct in a way. And then I guess people get scared about other money market funds, don't they? And that's right. Then you get the contagion. Yeah.
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