At some point nearly everyone has owned a piece of VMMXX, Vanguard’s prime money market fund. Despite over $125 billion in assets, last Thursday Vanguard announced its demise and reorganization.
“The move comes as the fallout from the coronavirus has brought back memories of the 2008-2009 financial crisis, when the oldest money fund broke the buck, with a per-share net asset value of less than $1. Regulators have since taken steps to prevent that from happening again,” according to Reshma Kapadia.
Joshua Holt is the founder of FIREwire, a site that aggregates personal finance, investing and financial independence stories. He is also the creator of