Cash: A Renaissance Tale

A few days ago, while summarizing and otherwise closing the book on another remarkable year for money market fund inflows, I noted that the last time cash posted comparable back-to-back returns (i.e., consecutive years of returns at or around 5%) was 2006-2007, and before that 2000-2001. Maybe that's ominous maybe it isn't, but my point wasn't to suggest a cataclysm's in the offing, although I'd be remiss not to remind readers that Fed hiking cycles (almost) always end in tears for someone, som