That's right, fund managers expect their clients to take 100% of the downside risk and tax their clients 20% on the up side. Where I disagree with you is that

That's right, fund managers expect their clients to take 100% of the downside risk and tax their clients 20% on the up side. Where I disagree with you is that fund managers regularly take risk. They never take risk themselves, rather they supply all of the risk to their clients.