You need to look at the returns of a portfolio, not an individual investment. Most of the investors in these bad deals were investors in very very good deals ba

You need to look at the returns of a portfolio, not an individual investment. Most of the investors in these bad deals were investors in very very good deals based on very similar signaling. Most pension funds would be crawling over each other to get into top funds — which means a fund that’s going to blow up half its portfolio.