That’s their guess, and they may know more about it than I do. But I don’t see why. Investors are relying on this illusion that the asset value is fixed. We ought to do away with the illusion. I know this would be painful for the money market industry to move to a floating NAV, but it would not eliminate the industry. That’s absurd. I don’t think enough people are standing back and saying, “What’s the reality here?”

The industry isn’t providing a competitive return now, but that will change over time. If there is a floating net asset value, people will understand that asset values do float, if only a tiny bit. And if a company runs a money fund very conservatively, you can still keep the asset value stable every day of the year.

But there’s always the chance of something going wrong in this technology-driven system. After what happened in 2008, we now know that there’s an immediate contagion if something happens to a money-market fund. Even though only one of the funds gets pneumonia, every money fund gets a cold.