MacroGlide on Instagram: "In his guest lecture at Yale (Economics 252, 2008), David Swensen talked about mutual funds and the dot-com bubble crash, showing how investor behavior destroyed returns even when funds appeared to perform okay on paper. He explained that the time-weighted returns of tech funds might show modest gains (e.g. +1.5% per year), but the dollar-weighted returns—which reflect when money was invested or withdrawn—were devastating: out of about $13.7 billion that investors put i