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And lower fees could cause fund companies to compensate for a reduction in revenue by cutting costs in other ways not beneficial to shareholders.
Changing market conditions may cause fund managers' preferences for early or late stage investments to drift away from the stage focus stated in the fund's partnership agreements.
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While Mr. Schubert said the recession might cause fund-raising problems for both sides, he noted that anti-Proposition 8 protests after the election and recent support for same-sex marriage elsewhere had generated enthusiasm among Californians in the opposing camp.
The continued arbitrage activity "also may harm shareholders because it may cause funds to manage their portfolio in a disadvantageous manner," the letter said.
Despite some initial changes put in place in 2010, resulting from big losses suffered by the Reserve Fund in 2008, money funds still suffer from "structural weakness" that could cause funds to lose significant value again, she said.
A ban on trade with the West, he said in an interview, would cause funds to dry up that go to supporting the hatcheries, while black market fishing would persist.
Each circuit around the board is considered a year, and as players move around the board, they set off events that cause funds to rise and fall in value.
"Still, regardless of the cause, funding a deficit of this size makes the UK vulnerable in a year when political uncertainty is relatively high," he added.
Too much money can lead to financial over-exuberance and pump up asset bubbles, while too little money can cause funding problems for individuals and companies.
On Thursday in ScienceInsider, Yudhijit Bhattacharjee wrote about changes to NASA's planetary science funding program that, by disrupting the timing of the grant cycle, could cause funding delays for some scientists for up to a year, and this in turn could cause layoffs.
Lottery supporters say the money goes to a good cause — funding schools.
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CEO of Professional Science Editing for Scientists @ prosciediting.com