"Cash is king for investors" writes the Associated Press. The oddly contrarian piece says, "That old saying 'cash is king' certainly rings true these days. Investors can't seem to get enough of it, which ultimately could be bad news for the stock market and the economy. In the past, investors would cling to cash until the market's prospects brightened and then money would pour back into stocks. That's just what the bulls today are hoping will drive a surge on Wall Street in the months ahead." The article adds, "[T]here is recent evidence from some big-name investors that argues otherwise, at least on the margins. The California Public Employees' Retirement System, also known as CalPERS, announced June 15 that it had boosted the target cash exposure of its $183 billion investment portfolio from zero to 2 percent." See also, ICI's weekly "Money Market Mutual Fund Assets", which says money fund assets fell $45.52 billion to $3.664 trillion in the latest week. Finally, see Forbes "Money Market Investors Getting Chance To Sound Off", which is the first article we've seen that that mentions a theoretical floating-rate NAV for money funds in a favorable light. It says, "Want to be able to cash in your money fund investment for precisely what it's worth? Now's the time to pipe up and tell the powers-that-be how you feel."

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