The problem
Most treasurers are stuck choosing between underwhelming options:- Bank deposits: Safe, but earning next to nothing. In a world of persistent inflation, parked cash is shrinking cash.
- T-Bills and money market funds: Marginally better, yielding 1–4% in recent years. But these products were designed for a slower era. Redemption delays, rigid structures, and underwhelming returns make them a poor fit for businesses that need both safety and agility.
- Equities and broader markets: Averaging ~9% a year over the long run. Great on paper, disastrous in practice. What looks like yield one month can turn into a loss the next — unacceptable for funds meant to safeguard a business.•

