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Also, fund managers might seek to shun a reputation for intervening in companies' management if they thought it might lose them pensions business in the long run.
ECONOMIST: Institutional investors in Britain: Throwing the book at them | The
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Those who thought they could not lose in a market that was seeing annual increases of up to 20% are getting their fingers burnt.
ECONOMIST: The euro area��s erstwhile star pulls down the whole region
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"I was gutted last year to lose in the final to John because I honestly thought I had it in the bag, " he said.
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In other words they thought Wales would lose the political PR battle if the EBacc and WBacc went head to head.
BBC: Welcoming back 'the repentant sinner'
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Investigators say Kehoe, who also died in the blast, thought he would lose his farm because he couldn't pay property taxes used to build the school.
NPR: History Of US Bombings, Failed Attempts
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Though the Hindu nationalist party was expected to lose in both the Delhi region and Rajasthan, where it was in power, nobody thought it would fare as poorly as it did.
CNN: HOW THE BJP WAS ROUTED
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But he does not appear to think, as many do, that this was because they thought Srebrenica could not be held and that it would be better to lose it in war than give it up at the peace table in exchange for land elsewhere.
ECONOMIST: The Yugoslav war
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The whole mood in Cardiff was very pessimistic and Welsh supporters were saying they thought they were going to lose and this can't help but filter down to the team.
BBC: Jeremy Guscott column
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Economists had thought that for each euro cut from a budget, the economy would lose about 50 cents in growth.
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There were also disputes in the Lords before Christmas over his handling of a change in business which avoided a vote in the Lords on plans to change parliamentary boundaries - a vote which the Conservatives were thought likely to lose.
BBC: Lord Strathclyde resigns from cabinet