MFD I don't think you're 'fascinated by the psychology' whatsoever.
You just don't like it. You don't like fund managers. Many don't.
I don't like Lawyers myself but I still use them, despite their fees.
I'll throw you bone..stop thinking about managed funds and start thinking about shares. That's all these instruments are.
Shares go up and shares go down. We each chose when we buy and sell.
It's a market place.
Follow your own words and ignore the rest.