As market volatility returns some investors will seek a safe place for their cash. Since the 1980s money market mutual funds (MMFs) have been the “go to place” to park idle cash. I remember the great migration of funds from the old bank pass book savings accounts yielding 4% into the money funds that paid rates of up to 8%. The managers of the funds invested in high yielding short-term investments, collected a fee, and passed on the rest of the return to their investors. This worked for years and, with no money ever being loss by investors, the market became complacent. MMFs were seen as completely safe. The belief a dollar invested would always be returned in full gave investors a feeling of security.