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And a failing fund isn't very unusual.
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The implication is that failing funds drop off the radar before they report even bigger losses or close altogether, thereby excluding their poor performance from indexes.
This massively reduces the systemic risk.As he points outhistory is not littered with examples of failing funds wreaking havoc in financial markets.
"They lied over and over again to lull those investors into a false sense of confidence and make them think that these failing funds continued to be a good investment when the exact opposite was true".
However, the inherent information asymmetry among project creators, investors, and the platform may lead to inefficient funding outcomes including failing to fund a worthy project and/or funding an unworthy one.
The president of the National Union of Students, Megan Dunn, thinks the UUK's call is only more proof of a "failing" funding system and said: "The Treasury is approaching the point at which it will get zero financial reward from the tripling of tuition fees".
The Tories have come under sustained criticisms for failing to fund defence spending properly.
Susan Seenan, of the National Infertility Awareness Campaign, said: "It is unacceptable that some PCTs are still failing to fund fertility treatment.
But doing it while increasing demand for its services by failing to fund local government properly is like piling too many people into a life raft.
In this era of punishingly tough financial choices, every frittered resource leaves the NHS failing to fund something else that's important.
Students of the financial press will also be entertained by Mallaby's comparison of Goldman Sachs's treatment of the failing hedge fund Long-Term Capital Management to "a hyena feeding on a trapped but living antelope".
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CEO of Professional Science Editing for Scientists @ prosciediting.com