Well I had two supposedly "qualified portfolio managers". None of them saw the burst of the internet bubble in 2000, neither the sub-prime crisis...
My two partners, who were in the same situation than me, proceeded differently: one invested in real-estate, now he's stuck with over-evaluated assets that he can't hardly sell, the other decided to be his own fortfolio manager, bought the books and software, and learnt. He really managed well the 2000 crisis, but not this one.
Problem is, nobody REALLY saw it coming. The supposedly best analysts in the world have been all taken by surprise. That's because these guys use tools that are suitable for an economic model that doesn't exist anymore.
I don't want to pay someone for making the mistakes that I'm perfectly capable of doing myself.