This article is tangential to the two issues that drive behavior.

First, most advisers and asset management companies have no edge.  So regardless of behavior, will fail to produce above market long term returns.  High costs just make the hill higher still.  Perhaps the 40% who say that senior management have no vision are really saying skill.  This is the 900 pound gorilla for the CFA Institute.

Second,  winning in markets is about managing complexity to create a series of moderately weighted bets.  Bets that win in the long run, but can look foolish in the short run.  Some of these bets come from strategies that move investors out of the realm of zero sum games. But, even the win-win games have losses for periods.  Investors, consultants and  journalists are reticent to let this statistical process runs its course.  Further employers continue to structure compensation in a "trader's option" manner that encourages big bets rather than the prudence of lots of small bets over time.