The term “buck” first appeared in print in 1748. Conrad Weiser, a Pennsylvania Dutch explorer who frequently interacted with Native Americans, recorded the theft of goods worth $300 in his diary. He added that five dollars were equal to one barrel of whisky at the time. The name “buck” persisted as a colloquial phrase for one dollar after American money took the place of animal skins as a form of payment.
Money market fund net asset values (NAV) below $1 are referred to as “breaking the buck.” The value of a fund, such as a mutual fund, is determined by subtracting the entire value of the fund’s obligations and operating expenses from the net asset value, which is the sum of the fund’s assets (i.e., securities) and liabilities. When the investments in the money market fund cannot pay the operational costs or any investment losses, this is known as breaking the buck.
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