These guys are managing other peoples money and are particularly focusing on capital preservation. Just because in this instance the flight to safety meant underperformance vs the rotation play, doesn't make it the equivalent of betting against Tesla. It could just as easily gone the other way and everyone would be baying for blood.
It is a well know fact that risk adjusted returns are a better way to create long term wealth, not betting on black or red at the market casino.
If anyone says they know what the market is about to do they are kidding themselves.
DYOR
Ann: Funds Under Management and Performance Fees - December 2020, page-31
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