Ann: Extension of SPP CLosing Date, page-113

The problem with institutions is that they act in a logical manner, but that is not maximizing gain for investors. If you manage a fund you have career risk. Better fail in a conventional way than to try something funny. So you avoid underperformance and failing is no big deal if you fail when everyone else fails.
It is statistically proven that someone like the Warren Buffett of the old days has way more volatility in his investments than the average investor. He gets a superior end result and pays with larger underperformance along the way. As a normal fund manager he would be toast due to the career risk.