November 15th, 1971, the first U.S. money market fund began operations, sparking a new investment trend that over the next 50 years blossomed into a $7 trillion business. Bruce Brown and Henry Brown, two financial advisors, frankly, with scant knowledge of the complexity of even starting a mutual fund, came up with the idea as they debated the recent doubling of the inflation rate at the time to 6% inflation that was depriving bank depositors of any beneficial real rate of interest.
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