It sounds like they're simply critically evaluating the claims of beating the market. If you can't beat the market with your own money, you shouldn't be trying

It sounds like they're simply critically evaluating the claims of beating the market. If you can't beat the market with your own money, you shouldn't be trying to do it with someone else's. If you can beat the market with your own money, why are you so worried about the downside? There should be little risk for someone who claims to be able to beat the market. If they say that's too much risk, they likely don't think they can consistently beat the market.