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The institute's figures show that fund investors behaved just as they have over the last couple of months — withdrawing assets, on balance, from stock mutual funds.
In New York, the stock market is down, investors are withdrawing assets from his fund, and he has borrowed four hundred million dollars, from a financial-world friend, to cover the hole in his balance sheet.
What is more, rich countries can expect a surge in the numbers of retired folk, starting in a decade's time, as the world's baby boomers start withdrawing assets for consumption.
For the Duke contest, the students were asked to design a portfolio for an investor who was expecting to retire or begin withdrawing assets around 2020, just seven years away.
Those with the biggest differences are likely to lose a lot of weight in the index, and funds using it as a benchmark will respond by withdrawing assets from them and reinvesting elsewhere.
Selling or withdrawing assets during those down years will mean you have fewer assets to participate in the up years.
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Libya also cut off all oil supplies to Switzerland and withdrew assets from Swiss banks.
"In our view, customers may withdraw assets first, and ask questions later," he wrote.
As Lehman's troubles grew last year, many funds began to withdraw assets, switching to larger, more stable banks.
As Lehman's troubles grew this year, many funds began to withdraw assets, switching to larger banks like Credit Suisse.
A number of fund firms have warned of tougher conditions as investors become more cautious and withdraw assets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com