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In 2008, investors fled asset classes that were perceived as risk', illiquid, or nontransparent, gravitating toward asset classes that were perceived as safe. Investors that chose to remain in riskier asset classes often chose less expensive vehicles such as exchange-traded funds (ETF5) instead of staying with actively managed products. Money market funds, cash deposits, and ETF5 were beneficiaries of the crisis. From the end of 2007 through the end of 2008, global equity allocations lost 9 percentage points.
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