That's an interesting thought, Tom, but you've set up a decision between only two possibilities: (1) ask fund to actively manage short-term volatility and drawdown, or (2) free them to use active management in other ways. What about (3) abandon active management altogether? Perhaps that would be best, given that--as you and Jason pointed out in your earlier articles as well as in this one--active management decisions are frequently motivated by behavioral and cognitive biases that damage returns.