i agree with your comments - i disagree (not with you) but with regard to any notion of a 200k cap
as an aside, it would be easy to fall foul of being deemed a trader but presumably, if you invested in a retail fund, they would buy / sell quite a bit to maintain your entitlements within their set asset class % ranges
active investing (as opposed to trading) with the use of stop losses etc would no doubt have saved many this year (myself included) of significant paper losses and would therefore no doubt outperform most retail funds
