[tim333]

I'm not sure many investors are investing their own money. They are investing other people's money, maybe owned by shareholders of large companies in turn owned by our pension funds.

[sdesol]

It might not be their money, but they are paid a management fee and if they cannot provide some return, people will stop using them.

[tim333]

The kind of thing that happens is Joe Bloggs runs the Fidelity Hot Tech fund, up 50% over the last three years. Then when it crashes that's closed and Joe is switched to the Fidelity Safe Income fund with no down years for the last five years.