It was Christmas break and Eli was home from school for two weeks. He had gotten fixated on having fires in our fireplace during that time: the fire, the matches, the kindling, the logs we'd find at a park ... every detail he was taken by, and the ritual of starting a fire was something he repeated and repeated. Around that time, he got attached to one of the logs and would not let us burn it. He liked its size, the knobs, the natural handles it had. He suggested we make some pictures with it.
Timothy Archibald / Redux Pictures
By timestaff
March 15, 2013

Own a money-market fund?

When you next check your balance, you may see a lot more digits. Fidelity, Schwab, and other firms managing 40% of U.S. money fund assets said in January they would disclose the exact per-share value of their funds’ holdings daily, in place of reports they’ve issued monthly since 2010.

Don’t be confused: Shares you trade will still be priced at the standard net asset value (NAV) of $1 apiece.

So why the new detail?

The firms are responding to proposals aimed at protecting investors from a repeat of 2008, when one fund’s NAV hit 97¢.

One such idea (which stalled at the SEC last year) is to have funds trade at a floating NAV like other mutual funds.

Related: Money 70 – Best mutual funds and ETFs

Wall Street hopes the daily disclosure will reassure people that values stay very close to $1. As low as the funds’ risk may be nowadays, though, it may not be offset by their reward: an average yield of just 0.05%.

Unless you need a brokerage sweep account, keep your cash in an FDIC-insured bank account.

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