I fully agree that investors need to exercise patience when it comes to market cycles.   However, I have my doubts that many people are prematurely firing their under performing money manager.  If anything the problem is that most people wait far too long and out of built up frustration inevitably blindly walk across the street to merely repeat the cycle in 5+ years time.

Individuals who rely on money managers still need to be engaged in the process.  Simply allowing your advisor to chalk up under performance to market cycles is a pretty good indication that your portfolio isn't getting much attention relative to the fees you are paying.