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> I don't know that fund families "guarantee" a constant NAV

> To date there have been a couple of money funds which lost a cent or two
> off of their typical $1 share price, but the fund families contributed
> cash of their own to keep the share price stable.

Well, that's exactly the action that I was talking about as "guaranteeing" the NAV. I don't know if they do it explictly, but in practice, when it happens, they typically kick cash back in for exactly the reasons you mentioned.
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