This is a great example of accountability, or the lack thereof. I read a book by Ray Dalio called "Principles," where he discusses embracing and learning from failures as much as, if not more than, successes. He explains that this process is a never-ending loop within a cycle.
When you mention how easy it is for GMs to blame the market, I assume they are not learning from those mistakes and therefore not increasing their knowledge within their cycle. Which ultimately leads investors' to lose confidence in them and of course their trust.
It sounds like most LPs prefer GMs who have been through multiple real estate cycles. This preference makes sense because if these GMs are still in business, it likely means they have developed strategies to maximize profits within different economic cycles.
