Interesting perspectives.
I keep my EF (about 18K$ or 6 months) in CDs or MMA, whichever is higher at that time. I've always been of the mind that an EF had to be garanteed capital in case of, well, an emmergency.
I guess it's a question of balancing the risk of having to pull out of stocks in a down market for an emmergency vs risk of lower returns.
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