Individual investors vs. fund managers (people investing other people’s money)

In extreme markets or bear markets, the biggest difference is this:

Survival vs. responsibility.

Individual investors can wait. They don’t face redemptions, margin calls from clients, or career risk. If they manage risk well, time is their ally.

Fund managers must answer to investors. Drawdowns trigger withdrawals, mandates force selling, and even being “right later” doesn’t save you if you’re wrong now.

In brutal markets, the game isn’t about who’s smartest — it’s about who can stay in the game the longest.