I'm impressed! Protter is a heavyweight! I missed this post at the time, only just saw it when referencing this thread in pm's. This is a good question. I think there is a good answer for it, but not a simple one. Let me think about it for a while and come back on it.
%% YES,2nd sentence; most full time fund managers underperform SPY benchmark. Bear funds profitable are so uncommon, over time , so its not just ''turn your Up charts upside down joke '' LOL .Contrary to climate change crooks, polar bear population is fine + stable. Having said that\ BA is down \downtrend from $444 area LOL. Nothing like a union + sloppy management to help down. BUT that's a real tough business\ a very hi percent success rate is not good enough ; even though commercial planes are much , much safer than auto.